UBS Group AG Sells 24,561 Shares of City Holding Company $CHCO

Key Points

• UBS Group AG cut its stake in City Holding Company by 27.3% in the fourth quarter, selling 24,561 shares and leaving it with 65,478 shares valued at about $7.8 million.
• City reported better-than-expected quarterly earnings of $2.20 per share, topping estimates by $0.03, while revenue matched Wall Street expectations at $79.25 million.
• The bank continues to return capital to shareholders through a $0.87 quarterly dividend and a new 1 million-share buyback program, signaling management confidence in the stock.

UBS Group AG trimmed its holdings in shares of City Holding Company (NASDAQ:CHCO - Free Report) by 27.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,478 shares of the bank's stock after selling 24,561 shares during the quarter. UBS Group AG owned 0.45% of City worth $7,805,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Horizon Corp lifted its holdings in shares of City by 146.0% during the fourth quarter. First Horizon Corp now owns 246 shares of the bank's stock worth $29,000 after purchasing an additional 146 shares during the period. Quarry LP acquired a new stake in City in the third quarter valued at $32,000. Geneos Wealth Management Inc. raised its position in City by 113.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank's stock worth $46,000 after purchasing an additional 198 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in City by 463.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 428 shares of the bank's stock worth $52,000 after buying an additional 352 shares during the period. Finally, CWM LLC grew its position in shares of City by 45.9% in the 3rd quarter. CWM LLC now owns 467 shares of the bank's stock valued at $58,000 after buying an additional 147 shares during the last quarter. 72.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler lifted their price objective on City from $125.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, January 23rd. Hovde Group increased their target price on shares of City from $133.00 to $135.00 and gave the company a "market perform" rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $134.25.

City Stock Up 1.4%

Shares of NASDAQ:CHCO opened at $123.08 on Tuesday. City Holding Company has a 1 year low of $113.21 and a 1 year high of $133.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.84. The business's 50-day moving average is $122.08 and its 200-day moving average is $122.43. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 13.56 and a beta of 0.50.

City (NASDAQ:CHCO - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $2.20 earnings per share for the quarter, topping analysts' consensus estimates of $2.17 by $0.03. City had a return on equity of 16.58% and a net margin of 32.72%.The business had revenue of $79.25 million during the quarter, compared to the consensus estimate of $79.25 million. Equities research analysts predict that City Holding Company will post 8.99 earnings per share for the current year.

City Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th were paid a $0.87 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $3.48 annualized dividend and a dividend yield of 2.8%. City's payout ratio is currently 38.33%.

City declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 25th that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Insider Activity at City

In related news, EVP Michael T. Quinlan, Jr. sold 1,210 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $126.09, for a total transaction of $152,568.90. Following the transaction, the executive vice president directly owned 3,314 shares of the company's stock, valued at $417,862.26. This represents a 26.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles R. Hageboeck sold 5,855 shares of the firm's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $125.30, for a total transaction of $733,631.50. Following the completion of the sale, the chief executive officer owned 50,341 shares of the company's stock, valued at $6,307,727.30. The trade was a 10.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have purchased 1,008 shares of company stock worth $121,099 and have sold 9,117 shares worth $1,143,121. 1.75% of the stock is owned by corporate insiders.

City Profile

City Holding Company NASDAQ: CHCO is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company's product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.

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