PNC Financial Services Group Inc. Has $125,000 Stake in City Holding (NASDAQ:CHCO)

PNC Financial Services Group Inc. reduced its holdings in City Holding (NASDAQ:CHCO) by 55.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,138 shares of the bank’s stock after selling 1,439 shares during the period. PNC Financial Services Group Inc.’s holdings in City were worth $125,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CHCO. Axxcess Wealth Management LLC increased its position in shares of City by 577.0% in the fourth quarter. Axxcess Wealth Management LLC now owns 108,268 shares of the bank’s stock valued at $11,938,000 after acquiring an additional 92,276 shares during the last quarter. Norges Bank acquired a new position in shares of City during the 4th quarter worth approximately $10,953,000. American Century Companies Inc. raised its stake in shares of City by 4.4% during the 3rd quarter. American Century Companies Inc. now owns 69,998 shares of the bank’s stock worth $6,324,000 after purchasing an additional 2,924 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of City by 8.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 40,092 shares of the bank’s stock valued at $3,622,000 after buying an additional 3,007 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its stake in shares of City by 73.8% in the fourth quarter. Rafferty Asset Management LLC now owns 15,505 shares of the bank’s stock valued at $1,710,000 after buying an additional 6,583 shares in the last quarter. 72.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on CHCO. Hovde Group upped their price target on shares of City from $110.00 to $113.00 and gave the stock a “market perform” rating in a research report on Thursday, May 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $110.00 target price (up from $100.00) on shares of City in a research note on Thursday, April 25th. Finally, Stephens reduced their price target on City from $100.00 to $99.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $106.75.

City Price Performance

City stock opened at $105.51 on Friday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 13.27 and a beta of 0.48. The stock’s 50 day moving average is $103.57 and its 200-day moving average is $103.75. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. City Holding has a 12 month low of $86.56 and a 12 month high of $115.89.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.13. The firm had revenue of $72.60 million for the quarter, compared to analysts’ expectations of $71.45 million. City had a return on equity of 18.31% and a net margin of 33.78%. Equities research analysts expect that City Holding will post 7.65 EPS for the current year.

City Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, July 15th will be issued a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Monday, July 15th. City’s dividend payout ratio is currently 35.97%.

Insiders Place Their Bets

In other City news, Director James M. Parsons purchased 400 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $102.11 per share, for a total transaction of $40,844.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at $51,055. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director James M. Parsons bought 400 shares of City stock in a transaction dated Thursday, May 30th. The shares were bought at an average cost of $102.11 per share, with a total value of $40,844.00. Following the acquisition, the director now owns 500 shares in the company, valued at approximately $51,055. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael T. Quinlan, Jr. sold 1,773 shares of the business’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $104.74, for a total value of $185,704.02. Following the completion of the transaction, the executive vice president now directly owns 3,400 shares of the company’s stock, valued at approximately $356,116. The disclosure for this sale can be found here. Insiders have sold a total of 10,821 shares of company stock worth $1,130,250 in the last quarter. Corporate insiders own 2.39% of the company’s stock.

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.