State Street Corp Sells 12,930 Shares of City Holding (NASDAQ:CHCO)

State Street Corp lessened its stake in shares of City Holding (NASDAQ:CHCO - Free Report) by 1.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 659,311 shares of the bank's stock after selling 12,930 shares during the period. State Street Corp owned 4.49% of City worth $77,397,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. nVerses Capital LLC bought a new stake in shares of City during the third quarter valued at approximately $59,000. Point72 DIFC Ltd bought a new stake in City during the 3rd quarter valued at $134,000. Crossmark Global Holdings Inc. acquired a new position in City during the third quarter worth $199,000. Intech Investment Management LLC bought a new position in shares of City in the second quarter valued at $208,000. Finally, Quantbot Technologies LP bought a new position in shares of City in the third quarter valued at $214,000. 72.43% of the stock is owned by institutional investors.

City Stock Down 5.1 %

Shares of CHCO stock traded down $6.44 on Wednesday, hitting $121.00. The stock had a trading volume of 77,710 shares, compared to its average volume of 56,815. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50 day moving average of $125.53 and a 200 day moving average of $117.27. City Holding has a 12-month low of $97.50 and a 12-month high of $137.28. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 15.53 and a beta of 0.49.

City (NASDAQ:CHCO - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $2.02 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $73.90 million. As a group, analysts expect that City Holding will post 7.84 EPS for the current year.

City Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Wednesday, January 15th. City's payout ratio is 40.56%.

Insider Buying and Selling

In other news, Director C Dallas Kayser sold 1,784 shares of City stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total transaction of $237,860.72. Following the sale, the director now directly owns 23,637 shares in the company, valued at $3,151,521.21. The trade was a 7.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John A. Derito sold 1,243 shares of the business's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $136.93, for a total transaction of $170,203.99. Following the completion of the transaction, the executive vice president now directly owns 28,757 shares in the company, valued at $3,937,696.01. This trade represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,092 shares of company stock worth $1,196,697. 2.45% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Piper Sandler restated a "neutral" rating and issued a $135.00 target price on shares of City in a report on Friday, November 8th. Keefe, Bruyette & Woods increased their price objective on City from $120.00 to $130.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th.

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.