TD Asset Management Inc Sells 6,900 Shares of City Holding Company (NASDAQ:CHCO)

Key Points

• TD Asset Management Inc reduced its holdings in City Holding Company by 16.9%, selling 6,900 shares and retaining 34,000 shares valued at approximately $3,994,000.
• City Holding Company announced a quarterly dividend of $0.79 per share, resulting in an annualized dividend of $3.16 and a yield of 2.6%.
• City reported earnings of $2.29 per share that exceeded analysts' expectations, highlighting a net margin of 31.35% and revenue of $78.16 million for the quarter.

TD Asset Management Inc reduced its holdings in shares of City Holding Company (NASDAQ:CHCO - Free Report) by 16.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,000 shares of the bank's stock after selling 6,900 shares during the period. TD Asset Management Inc owned about 0.23% of City worth $3,994,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. CWM LLC raised its position in shares of City by 43.9% during the first quarter. CWM LLC now owns 282 shares of the bank's stock worth $33,000 after acquiring an additional 86 shares during the last quarter. Guggenheim Capital LLC boosted its position in shares of City by 1.3% in the 4th quarter. Guggenheim Capital LLC now owns 8,838 shares of the bank's stock worth $1,047,000 after purchasing an additional 114 shares during the last quarter. Bessemer Group Inc. increased its holdings in City by 69.7% in the first quarter. Bessemer Group Inc. now owns 280 shares of the bank's stock valued at $33,000 after purchasing an additional 115 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in shares of City by 10.8% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,437 shares of the bank's stock valued at $170,000 after acquiring an additional 140 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of City by 2.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,247 shares of the bank's stock worth $977,000 after purchasing an additional 235 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on CHCO. Hovde Group upped their price objective on City from $130.00 to $136.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Wall Street Zen upgraded City from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. DA Davidson upped their target price on shares of City from $128.00 to $137.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of City from $125.00 to $135.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $133.25.

City Price Performance

City stock traded down $0.09 during trading hours on Tuesday, reaching $120.86. 34,675 shares of the stock were exchanged, compared to its average volume of 82,841. The stock has a 50 day moving average of $122.22 and a two-hundred day moving average of $119.02. The company has a market cap of $1.75 billion, a P/E ratio of 14.52 and a beta of 0.56. The company has a current ratio of 0.81, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20. City Holding Company has a twelve month low of $102.22 and a twelve month high of $137.28.

City (NASDAQ:CHCO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $2.29 EPS for the quarter, topping analysts' consensus estimates of $1.97 by $0.32. The company had revenue of $78.16 million during the quarter, compared to analysts' expectations of $76.10 million. City had a return on equity of 16.30% and a net margin of 31.35%. Equities analysts expect that City Holding Company will post 7.58 EPS for the current fiscal year.

City Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Tuesday, July 15th. City's payout ratio is 38.03%.

Insider Transactions at City

In other news, Director James M. Parsons purchased 2,200 shares of the company's stock in a transaction dated Monday, May 12th. The shares were purchased at an average price of $122.38 per share, for a total transaction of $269,236.00. Following the transaction, the director owned 2,700 shares of the company's stock, valued at approximately $330,426. This trade represents a 440.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of City stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $131.12, for a total transaction of $131,120.00. Following the transaction, the executive vice president directly owned 1,830 shares of the company's stock, valued at $239,949.60. This represents a 35.34% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 2,625 shares of company stock worth $321,993. Insiders own 1.87% of the company's stock.

City Profile

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust, and investment management, and other financial solutions in the United States. The company offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.