Fmr LLC Purchases 652 Shares of City Holding (NASDAQ:CHCO)

Fmr LLC increased its position in City Holding (NASDAQ:CHCO) by 36.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,437 shares of the bank’s stock after buying an additional 652 shares during the quarter. Fmr LLC’s holdings in City were worth $286,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of City in the third quarter valued at about $59,000. Crossmark Global Holdings Inc. bought a new stake in City during the 3rd quarter valued at approximately $199,000. Intech Investment Management LLC purchased a new position in City in the 2nd quarter worth approximately $208,000. Quantbot Technologies LP bought a new position in City in the 3rd quarter worth approximately $214,000. Finally, Commonwealth Equity Services LLC grew its holdings in City by 4.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,126 shares of the bank’s stock valued at $226,000 after buying an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

City Stock Performance

NASDAQ:CHCO opened at $121.39 on Friday. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 15.58 and a beta of 0.49. City Holding has a 1 year low of $97.50 and a 1 year high of $137.28. The stock’s 50 day simple moving average is $125.63 and its two-hundred day simple moving average is $117.29. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.82 and a quick ratio of 0.82.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.10. City had a net margin of 31.18% and a return on equity of 16.60%. The company had revenue of $98.40 million for the quarter, compared to analysts’ expectations of $73.90 million. As a group, equities analysts anticipate that City Holding will post 7.84 earnings per share for the current fiscal year.

City Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Wednesday, January 15th. City’s payout ratio is 40.56%.

Insider Buying and Selling

In other news, EVP John A. Derito sold 1,243 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $136.93, for a total value of $170,203.99. Following the sale, the executive vice president now owns 28,757 shares of the company’s stock, valued at approximately $3,937,696.01. This represents a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Charles R. Hageboeck sold 6,065 shares of City stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $130.03, for a total transaction of $788,631.95. Following the transaction, the chief executive officer now directly owns 44,974 shares of the company’s stock, valued at approximately $5,847,969.22. This represents a 11.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,092 shares of company stock worth $1,196,697. Corporate insiders own 2.45% of the company’s stock.

Wall Street Analysts Forecast Growth

CHCO has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of City from $120.00 to $130.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler reiterated a “neutral” rating and issued a $135.00 price target on shares of City in a research note on Friday, November 8th.

About City

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.