Mirae Asset Global Investments Co. Ltd. Acquires 1,639 Shares of City Holding (NASDAQ:CHCO)

Mirae Asset Global Investments Co. Ltd. increased its stake in City Holding (NASDAQ:CHCO) by 18.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 10,641 shares of the bank’s stock after purchasing an additional 1,639 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in City were worth $1,289,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. nVerses Capital LLC bought a new stake in City in the third quarter valued at $59,000. KBC Group NV grew its stake in shares of City by 60.3% in the 4th quarter. KBC Group NV now owns 843 shares of the bank’s stock valued at $100,000 after buying an additional 317 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of City in the 3rd quarter valued at about $134,000. Crossmark Global Holdings Inc. bought a new stake in City in the 3rd quarter valued at about $199,000. Finally, Longboard Asset Management LP bought a new position in City in the fourth quarter worth approximately $211,000. Institutional investors own 72.43% of the company’s stock.

Analyst Upgrades and Downgrades

CHCO has been the subject of several research reports. Piper Sandler reduced their price target on shares of City from $135.00 to $125.00 and set a “neutral” rating for the company in a research report on Friday, January 24th. Keefe, Bruyette & Woods upped their price target on City from $120.00 to $130.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

City Price Performance

City stock opened at $120.39 on Wednesday. City Holding has a 52 week low of $97.50 and a 52 week high of $137.28. The company’s 50 day moving average price is $121.09 and its two-hundred day moving average price is $120.22. The stock has a market cap of $1.77 billion, a P/E ratio of 15.26 and a beta of 0.51. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.91 by $0.03. City had a return on equity of 16.49% and a net margin of 30.83%. On average, equities analysts predict that City Holding will post 7.58 earnings per share for the current year.

City Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th were paid a dividend of $0.79 per share. The ex-dividend date was Wednesday, January 15th. This represents a $3.16 annualized dividend and a dividend yield of 2.62%. City’s payout ratio is currently 40.05%.

Insiders Place Their Bets

In related news, Director Charles W. Fairchilds sold 500 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $120.50, for a total transaction of $60,250.00. Following the sale, the director now directly owns 1,014 shares in the company, valued at approximately $122,187. This represents a 33.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David L. Bumgarner sold 556 shares of City stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $120.00, for a total transaction of $66,720.00. Following the completion of the transaction, the chief financial officer now owns 9,395 shares of the company’s stock, valued at $1,127,400. This represents a 5.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,364 shares of company stock valued at $1,085,806 over the last ninety days. 2.45% of the stock is currently owned by insiders.

City Company 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.