Norges Bank Invests $5.20 Million in City Holding (NASDAQ:CHCO)

Norges Bank purchased a new position in City Holding (NASDAQ:CHCO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 43,912 shares of the bank's stock, valued at approximately $5,203,000. Norges Bank owned about 0.30% of City at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHCO. PNC Financial Services Group Inc. boosted its position in shares of City by 10.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,366 shares of the bank's stock worth $162,000 after acquiring an additional 131 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in shares of City by 4.1% in the 4th quarter. DAVENPORT & Co LLC now owns 4,426 shares of the bank's stock valued at $524,000 after purchasing an additional 176 shares during the last quarter. KBC Group NV grew its stake in shares of City by 60.3% during the 4th quarter. KBC Group NV now owns 843 shares of the bank's stock valued at $100,000 after buying an additional 317 shares during the period. Quantbot Technologies LP increased its holdings in shares of City by 21.0% during the 4th quarter. Quantbot Technologies LP now owns 2,207 shares of the bank's stock worth $261,000 after buying an additional 383 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of City by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 9,362 shares of the bank's stock worth $1,116,000 after buying an additional 404 shares during the period. Hedge funds and other institutional investors own 72.43% of the company's stock.

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City Trading Up 1.7 %

Shares of CHCO stock traded up $1.86 during mid-day trading on Tuesday, reaching $112.40. The company's stock had a trading volume of 4,270 shares, compared to its average volume of 69,536. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $1.65 billion, a PE ratio of 14.25 and a beta of 0.48. The company's 50 day simple moving average is $116.60 and its 200-day simple moving average is $120.18. City Holding has a 12-month low of $97.50 and a 12-month high of $137.28.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.91 by $0.03. City had a return on equity of 16.49% and a net margin of 30.83%. On average, research analysts predict that City Holding will post 7.58 EPS for the current fiscal year.

City Announces Dividend

The business 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. This represents a $3.16 annualized dividend and a yield of 2.81%. The ex-dividend date is Tuesday, April 15th. City's dividend payout ratio (DPR) is presently 40.05%.

Insiders Place Their Bets

In related news, CFO David L. Bumgarner sold 556 shares of City stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $120.00, for a total transaction of $66,720.00. Following the sale, the chief financial officer now owns 9,395 shares of the company's stock, valued at $1,127,400. The trade was a 5.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles W. Fairchilds sold 500 shares of the company's stock in a transaction dated Thursday, February 6th. The shares were 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 approximately $122,187. The trade was a 33.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,226 shares of company stock worth $147,200 in the last 90 days. 2.45% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

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.