City Holding (NASDAQ:CHCO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in City Holding (NASDAQ:CHCO) by 6.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 75,284 shares of the bank’s stock after selling 5,273 shares during the period. Principal Financial Group Inc.’s holdings in City were worth $8,838,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Leeward Investments LLC MA lifted its stake in shares of City by 5.6% in the second quarter. Leeward Investments LLC MA now owns 88,957 shares of the bank’s stock worth $9,452,000 after buying an additional 4,725 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new position in City during the second quarter worth about $483,000. Zhang Financial LLC purchased a new position in City during the second quarter worth about $401,000. Squarepoint Ops LLC raised its stake in City by 137.5% during the second quarter. Squarepoint Ops LLC now owns 10,901 shares of the bank’s stock worth $1,158,000 after purchasing an additional 6,312 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in City by 4.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,944 shares of the bank’s stock worth $1,141,000 after purchasing an additional 423 shares during the period. 72.43% of the stock is owned by hedge funds and other institutional investors.

City Price Performance

Shares of CHCO stock opened at $128.81 on Tuesday. City Holding has a 12 month low of $95.39 and a 12 month high of $136.51. The company has a market capitalization of $1.89 billion, a PE ratio of 16.54 and a beta of 0.46. The firm’s 50-day moving average is $119.62 and its two-hundred day moving average is $113.30. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.82 and a quick ratio of 0.82.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, beating 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. Analysts predict that City Holding will post 7.84 earnings per share for the current year.

City Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This is a boost from City’s previous quarterly dividend of $0.72. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.45%. City’s dividend payout ratio (DPR) is currently 40.56%.

Analyst Ratings Changes

Separately, Piper Sandler reaffirmed a “neutral” rating and set a $135.00 target price on shares of City in a research note on Friday, November 8th.

Insider Buying and Selling at City

In related news, CEO Charles R. Hageboeck sold 6,065 shares of City stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $130.03, for a total value of $788,631.95. Following the completion of the transaction, the chief executive officer now owns 44,974 shares in the company, valued at approximately $5,847,969.22. The trade was a 11.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director C Dallas Kayser sold 1,784 shares of City stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $133.33, for a total transaction of $237,860.72. Following the completion of the transaction, the director now owns 23,637 shares of the company’s stock, valued at $3,151,521.21. This trade represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.45% of the company’s stock.

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.