DAVENPORT & Co LLC Acquires 176 Shares of City Holding (NASDAQ:CHCO)

DAVENPORT & Co LLC grew its holdings in shares of City Holding (NASDAQ:CHCO) by 4.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,426 shares of the bank’s stock after acquiring an additional 176 shares during the period. DAVENPORT & Co LLC’s holdings in City were worth $524,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CHCO. AQR Capital Management LLC raised its stake in shares of City by 20.9% during the second quarter. AQR Capital Management LLC now owns 4,038 shares of the bank’s stock valued at $429,000 after acquiring an additional 697 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of City by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 7,455 shares of the bank’s stock valued at $792,000 after acquiring an additional 285 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of City during the third quarter valued at $579,000. Inspire Investing LLC raised its stake in shares of City by 6.8% during the third quarter. Inspire Investing LLC now owns 3,493 shares of the bank’s stock valued at $410,000 after acquiring an additional 222 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of City during the third quarter valued at $59,000. Institutional investors own 72.43% of the company’s stock.

Wall Street Analysts Forecast Growth

CHCO has been the subject of a number of analyst reports. 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. Keefe, Bruyette & Woods lifted their target price on shares of City from $120.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Insiders Place Their Bets

In other news, CEO Charles R. Hageboeck sold 6,065 shares of City stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $130.03, for a total transaction of $788,631.95. Following the completion of the transaction, the chief executive officer now directly owns 44,974 shares in the company, valued at $5,847,969.22. This trade represents a 11.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John A. Derito sold 1,243 shares of City stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $136.93, for a total transaction of $170,203.99. Following the transaction, the executive vice president now owns 28,757 shares of the company’s stock, valued at $3,937,696.01. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,364 shares of company stock worth $1,085,806. 2.45% of the stock is currently owned by company insiders.

City Price Performance

Shares of NASDAQ CHCO opened at $118.90 on Friday. City Holding has a twelve month low of $97.50 and a twelve month high of $137.28. The firm has a fifty day simple moving average of $121.55 and a 200 day simple moving average of $120.27. The company has a market capitalization of $1.75 billion, a PE ratio of 15.07 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 0.21.

City (NASDAQ:CHCO) last announced its earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.03. City had a net margin of 30.83% and a return on equity of 16.49%. On average, sell-side analysts forecast that City Holding will post 7.53 EPS for the current year.

City Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend was Wednesday, January 15th. City’s payout ratio is 40.05%.

City 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.