JPMorgan Chase & Co. Decreases Stake in City Holding (NASDAQ:CHCO)

JPMorgan Chase & Co. decreased its position in City Holding (NASDAQ:CHCO - Free Report) by 5.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 211,188 shares of the bank's stock after selling 11,372 shares during the period. JPMorgan Chase & Co. owned approximately 1.44% of City worth $24,791,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its position in shares of City by 4.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,126 shares of the bank's stock valued at $226,000 after acquiring an additional 91 shares during the period. Victory Capital Management Inc. boosted its position in shares of City by 1.6% during the 3rd quarter. Victory Capital Management Inc. now owns 8,676 shares of the bank's stock worth $1,018,000 after purchasing an additional 137 shares in the last quarter. Inspire Investing LLC grew its stake in shares of City by 6.8% in the 3rd quarter. Inspire Investing LLC now owns 3,493 shares of the bank's stock valued at $410,000 after buying an additional 222 shares during the period. The Manufacturers Life Insurance Company increased its position in City by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,455 shares of the bank's stock valued at $792,000 after buying an additional 285 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in City by 14.8% during the 3rd quarter. Intech Investment Management LLC now owns 2,243 shares of the bank's stock worth $263,000 after buying an additional 290 shares during the period. 72.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other City news, Director C Dallas Kayser sold 1,784 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were 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 in the company, valued at $3,151,521.21. The trade was a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John A. Derito sold 1,243 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $136.93, for a total transaction of $170,203.99. Following the sale, the executive vice president now owns 28,757 shares of the company's stock, valued at approximately $3,937,696.01. The trade was a 4.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,092 shares of company stock valued at $1,196,697 over the last three months. Corporate insiders own 2.45% of the company's stock.

Analyst Upgrades and Downgrades

CHCO has been the subject of a number of research reports. Keefe, Bruyette & Woods boosted their price objective on City from $120.00 to $130.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler restated a "neutral" rating and set a $135.00 price objective on shares of City in a report on Friday, November 8th.

City Stock Up 0.4 %

Shares of City stock traded up $0.45 on Thursday, hitting $116.96. The company had a trading volume of 40,044 shares, compared to its average volume of 71,049. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 15.01 and a beta of 0.51. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.82 and a current ratio of 0.82. City Holding has a 1 year low of $97.50 and a 1 year high of $137.28. The stock has a 50 day moving average of $126.05 and a 200-day moving average of $119.06.

City (NASDAQ:CHCO - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $73.90 million. As a group, sell-side analysts forecast that City Holding will post 7.84 earnings per share for the current year.

City Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Wednesday, January 15th. City's payout ratio is 40.56%.

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.