JPMorgan Chase & Co. Cuts Stock Position in City Holding (NASDAQ:CHCO)

JPMorgan Chase & Co. lessened its holdings in City Holding (NASDAQ:CHCO) by 5.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 211,188 shares of the bank’s stock after selling 11,372 shares during the period. JPMorgan Chase & Co.’s holdings in City were worth $24,791,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CHCO. nVerses Capital LLC bought a new stake in City in the third quarter worth $59,000. Point72 DIFC Ltd bought a new position in shares of City during the 3rd quarter worth $134,000. Crossmark Global Holdings Inc. bought a new position in City during the 3rd quarter worth about $199,000. Intech Investment Management LLC purchased a new stake in shares of City in the 2nd quarter worth approximately $208,000. Finally, Quantbot Technologies LP purchased a new stake in shares of City in the 3rd quarter worth approximately $214,000. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CHCO. Keefe, Bruyette & Woods lifted their target price on City from $120.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler restated a “neutral” rating and issued a $135.00 price target on shares of City in a report on Friday, November 8th.

City Price Performance

City stock opened at $116.96 on Thursday. The company’s 50 day moving average is $126.04 and its two-hundred day moving average is $119.08. The firm has a market cap of $1.72 billion, a PE ratio of 15.01 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 0.20. City Holding has a 52-week low of $97.50 and a 52-week high of $137.28.

City (NASDAQ:CHCO) last posted its earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.10. City had a return on equity of 16.60% and a net margin of 31.18%. The business had revenue of $98.40 million during the quarter, compared to the consensus estimate of $73.90 million. On average, research analysts expect that City Holding will post 7.84 EPS for the current fiscal year.

City Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, January 15th. City’s dividend payout ratio (DPR) is 40.56%.

Insider Activity at City

In related news, EVP John A. Derito sold 1,243 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $136.93, for a total value of $170,203.99. Following the sale, the executive vice president now directly owns 28,757 shares of the company’s stock, valued at approximately $3,937,696.01. This represents a 4.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director C Dallas Kayser sold 1,784 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the transaction, the director now directly owns 23,637 shares of the company’s stock, valued at $3,151,521.21. The trade was a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,092 shares of company stock worth $1,196,697 over the last 90 days. 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.