Raymond James & Associates Acquires New Position in City Holding (NASDAQ:CHCO)

Raymond James & Associates acquired a new stake in City Holding (NASDAQ:CHCO) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,532 shares of the bank’s stock, valued at approximately $610,000.

Other hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. grew its holdings in shares of City by 28.0% in the third quarter. Federated Hermes Inc. now owns 1,137 shares of the bank’s stock valued at $103,000 after purchasing an additional 249 shares during the period. CIC Wealth LLC purchased a new stake in shares of City in the fourth quarter valued at about $210,000. Quantbot Technologies LP boosted its stake in City by 206.2% during the third quarter. Quantbot Technologies LP now owns 1,975 shares of the bank’s stock worth $178,000 after buying an additional 1,330 shares during the period. Lido Advisors LLC purchased a new position in City during the third quarter worth about $237,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in City during the third quarter worth about $247,000. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CHCO. Stephens increased their target price on shares of City from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. Piper Sandler increased their target price on shares of City from $103.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 1st.

Insider Activity

In other news, EVP John A. Derito sold 1,309 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $101.25, for a total value of $132,536.25. Following the completion of the transaction, the executive vice president now owns 28,620 shares of the company’s stock, valued at $2,897,775. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other City news, Director Charles W. Fairchilds sold 600 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $106.00, for a total transaction of $63,600.00. Following the sale, the director now owns 2,014 shares of the company’s stock, valued at $213,484. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John A. Derito sold 1,309 shares of City stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $101.25, for a total transaction of $132,536.25. Following the completion of the transaction, the executive vice president now directly owns 28,620 shares in the company, valued at $2,897,775. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,808 shares of company stock valued at $1,094,935. 2.39% of the stock is currently owned by company insiders.

City Trading Up 2.2 %

NASDAQ CHCO opened at $106.14 on Thursday. The firm has a 50 day simple moving average of $101.66 and a 200-day simple moving average of $101.04. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. City Holding has a one year low of $82.53 and a one year high of $115.89. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 13.95 and a beta of 0.51.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $1.84 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.06). City had a net margin of 33.31% and a return on equity of 18.62%. The business had revenue of $86.10 million during the quarter, compared to analysts’ expectations of $72.50 million. Equities research analysts anticipate that City Holding will post 7.43 EPS for the current fiscal year.

City Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 15th will be paid a $0.715 dividend. This represents a $2.86 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Friday, April 12th. City’s payout ratio is 37.58%.

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.