Franklin Resources Inc. Boosts Stock Holdings in City Holding (NASDAQ:CHCO)

Franklin Resources Inc. raised its holdings in City Holding (NASDAQ:CHCO) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,362 shares of the bank’s stock after purchasing an additional 404 shares during the quarter. Franklin Resources Inc.’s holdings in City were worth $1,116,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CHCO. Barclays PLC lifted its holdings in shares of City by 125.3% in the 3rd quarter. Barclays PLC now owns 28,845 shares of the bank’s stock valued at $3,385,000 after buying an additional 16,044 shares during the period. Alpha DNA Investment Management LLC acquired a new stake in City in the second quarter valued at $483,000. Jane Street Group LLC boosted its position in shares of City by 66.6% during the 3rd quarter. Jane Street Group LLC now owns 25,017 shares of the bank’s stock worth $2,937,000 after purchasing an additional 9,999 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of City by 3.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 528,529 shares of the bank’s stock worth $62,044,000 after purchasing an additional 15,910 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of City by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 355,940 shares of the bank’s stock valued at $41,792,000 after purchasing an additional 1,065 shares in the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.

Insider Activity at City

In related news, CEO Charles R. Hageboeck sold 6,065 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $130.03, for a total transaction of $788,631.95. Following the transaction, the chief executive officer now 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John A. Derito sold 1,243 shares of City stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $136.93, for a total transaction of $170,203.99. Following the completion of the sale, the executive vice president now directly owns 28,757 shares of the company’s stock, valued at $3,937,696.01. The trade was a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,092 shares of company stock valued at $1,196,697 over the last quarter. Insiders own 2.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CHCO. Keefe, Bruyette & Woods boosted their price objective 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 restated a “neutral” rating and issued a $135.00 price target on shares of City in a report on Friday, November 8th.

City Price Performance

Shares of NASDAQ CHCO opened at $121.09 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.20. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 15.54 and a beta of 0.49. The company’s 50-day moving average price is $125.84 and its 200 day moving average price is $118.10. City Holding has a 52 week low of $97.50 and a 52 week high of $137.28.

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

City Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be given a $0.79 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $3.16 annualized dividend and a dividend yield of 2.61%. City’s dividend payout ratio is currently 40.56%.

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.