KLP Kapitalforvaltning AS Takes Position in City Holding (NASDAQ:CHCO)

KLP Kapitalforvaltning AS purchased a new stake in City Holding (NASDAQ:CHCO - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,100 shares of the bank's stock, valued at approximately $367,000.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC increased its holdings in City by 125.3% during the third quarter. Barclays PLC now owns 28,845 shares of the bank's stock worth $3,385,000 after buying an additional 16,044 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of City by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 9,362 shares of the bank's stock worth $1,116,000 after purchasing an additional 404 shares during the last quarter. Jane Street Group LLC increased its stake in shares of City by 66.6% during the 3rd quarter. Jane Street Group LLC now owns 25,017 shares of the bank's stock worth $2,937,000 after purchasing an additional 9,999 shares during the last quarter. Apollon Wealth Management LLC bought a new stake in shares of City in the 4th quarter valued at about $227,000. Finally, Charles Schwab Investment Management Inc. increased its position in City by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 550,755 shares of the bank's stock worth $65,253,000 after buying an additional 22,226 shares during the last quarter. Institutional investors and hedge funds own 72.43% of the company's stock.

Wall Street Analyst Weigh In

Separately, Piper Sandler reduced their target price on City from $135.00 to $125.00 and set a "neutral" rating for the company in a research note on Friday, January 24th.

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City Stock Performance

NASDAQ:CHCO traded down $4.75 during mid-day trading on Thursday, reaching $108.93. 120,693 shares of the company's stock were exchanged, compared to its average volume of 59,448. City Holding has a one year low of $97.50 and a one year high of $137.28. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.82 and a current ratio of 0.82. The business's fifty day simple moving average is $116.96 and its two-hundred day simple moving average is $120.23. The firm has a market capitalization of $1.60 billion, a PE ratio of 13.81 and a beta of 0.48.

City (NASDAQ:CHCO - Get Free Report) last released its earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.91 by $0.03. City had a return on equity of 16.49% and a net margin of 30.83%. Analysts anticipate that City Holding will post 7.58 earnings per share for the current fiscal year.

City Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a dividend of $0.79 per share. The ex-dividend date is Tuesday, April 15th. This represents a $3.16 annualized dividend and a dividend yield of 2.90%. City's dividend payout ratio is 40.05%.

Insider Activity at City

In other City news, CFO David L. Bumgarner sold 556 shares of City stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $120.00, for a total value of $66,720.00. Following the transaction, the chief financial officer now owns 9,395 shares in the company, valued at $1,127,400. The trade was a 5.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles W. Fairchilds sold 500 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $120.50, for a total transaction of $60,250.00. Following the completion of the transaction, the director now directly owns 1,014 shares of the company's stock, valued at $122,187. This trade represents a 33.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,226 shares of company stock valued at $147,200 over the last three months. 2.45% of the stock is owned by insiders.

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.