KLP Kapitalforvaltning AS Acquires New Stake in City Holding (NASDAQ:CHCO)

KLP Kapitalforvaltning AS bought a new position in shares of City Holding (NASDAQ:CHCO) during the 4th quarter, Holdings Channel reports. The fund bought 3,100 shares of the bank’s stock, valued at approximately $367,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC raised its holdings in shares of City by 36.5% in the third quarter. FMR LLC now owns 2,437 shares of the bank’s stock worth $286,000 after acquiring an additional 652 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of City by 54.7% during the third quarter. BNP Paribas Financial Markets now owns 5,430 shares of the bank’s stock worth $637,000 after acquiring an additional 1,919 shares during the last quarter. Centiva Capital LP bought a new stake in shares of City in the third quarter worth $295,000. Point72 Asset Management L.P. raised its position in shares of City by 34.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,900 shares of the bank’s stock valued at $340,000 after acquiring an additional 748 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in City during the third quarter worth $134,000. Institutional investors and hedge funds own 72.43% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler lowered their target price on shares of City from $135.00 to $125.00 and set a “neutral” rating for the company in a research note on Friday, January 24th.

Insider Buying and Selling

In other City news, CFO David L. Bumgarner sold 556 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $120.00, for a total value of $66,720.00. Following the completion of the sale, the chief financial officer now directly owns 9,395 shares in the company, valued at $1,127,400. This represents a 5.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles W. Fairchilds sold 500 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $120.50, for a total value of $60,250.00. Following the transaction, the director now directly owns 1,014 shares of the company’s stock, valued at approximately $122,187. The trade was a 33.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,226 shares of company stock valued at $147,200 over the last 90 days. 2.45% of the stock is currently owned by company insiders.

City Trading Down 0.2 %

Shares of NASDAQ CHCO opened at $112.43 on Friday. City Holding has a 12-month low of $97.50 and a 12-month high of $137.28. The company has a market cap of $1.65 billion, a price-to-earnings ratio of 14.25 and a beta of 0.48. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.21. The stock’s 50 day simple moving average is $117.82 and its 200 day simple moving average is $120.56.

City (NASDAQ:CHCO) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share for the quarter, beating 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%. Equities research analysts expect that City Holding will post 7.58 EPS for the current year.

City Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Tuesday, April 15th. City’s dividend payout ratio is currently 40.05%.

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.