Wealth Enhancement Advisory Services LLC lifted its stake in shares of City Holding Company (NASDAQ:CHCO - Free Report) by 82.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,226 shares of the bank's stock after buying an additional 5,088 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.08% of City worth $1,319,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of City by 7.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,498 shares of the bank's stock worth $1,481,000 after purchasing an additional 893 shares during the last quarter. SG Americas Securities LLC purchased a new position in City in the first quarter worth $326,000. Charles Schwab Investment Management Inc. raised its position in City by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 550,755 shares of the bank's stock worth $65,253,000 after acquiring an additional 22,226 shares in the last quarter. GAMMA Investing LLC raised its position in City by 13,747.8% in the first quarter. GAMMA Investing LLC now owns 37,943 shares of the bank's stock worth $4,457,000 after acquiring an additional 37,669 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in City by 2.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,247 shares of the bank's stock worth $977,000 after acquiring an additional 235 shares in the last quarter. 72.43% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, CFO David L. Bumgarner sold 1,058 shares of City stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $118.00, for a total transaction of $124,844.00. Following the completion of the sale, the chief financial officer owned 10,636 shares in the company, valued at approximately $1,255,048. This trade represents a 9.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James M. Parsons acquired 2,200 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average price of $122.38 per share, with a total value of $269,236.00. Following the transaction, the director owned 2,700 shares in the company, valued at $330,426. This represents a 440.00% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 2,899 shares of company stock worth $339,590 over the last 90 days. 1.87% of the stock is currently owned by corporate insiders.
City Price Performance
Shares of CHCO stock traded up $1.51 during mid-day trading on Friday, reaching $128.86. The stock had a trading volume of 155,272 shares, compared to its average volume of 62,937. City Holding Company has a 12-month low of $102.22 and a 12-month high of $137.28. The company has a market cap of $1.87 billion, a P/E ratio of 16.15 and a beta of 0.54. The business has a 50-day simple moving average of $119.53 and a 200 day simple moving average of $118.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20.
City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $2.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.84 by $0.22. City had a return on equity of 16.15% and a net margin of 30.62%. The business had revenue of $74.55 million during the quarter, compared to analysts' expectations of $73.28 million. On average, sell-side analysts anticipate that City Holding Company will post 7.58 earnings per share for the current year.
City Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Tuesday, July 15th. City's dividend payout ratio is currently 39.60%.
City Company Profile
(
Free Report)
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.
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