City Holding (NASDAQ:CHCO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in City Holding (NASDAQ:CHCO - Free Report) by 6.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,284 shares of the bank's stock after selling 5,273 shares during the quarter. Principal Financial Group Inc. owned about 0.51% of City worth $8,838,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CHCO. QRG Capital Management Inc. increased its holdings in shares of City by 18.6% in the 3rd quarter. QRG Capital Management Inc. now owns 4,109 shares of the bank's stock worth $482,000 after buying an additional 644 shares during the last quarter. Nisa Investment Advisors LLC raised its position in City by 16.7% during the third quarter. Nisa Investment Advisors LLC now owns 2,794 shares of the bank's stock valued at $328,000 after purchasing an additional 400 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of City by 11.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,002 shares of the bank's stock valued at $1,051,000 after purchasing an additional 947 shares during the last quarter. Nicholson Wealth Management Group LLC bought a new position in shares of City during the 3rd quarter valued at approximately $1,449,000. Finally, nVerses Capital LLC purchased a new stake in City during the 3rd quarter valued at $59,000. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

City Trading Down 0.8 %

Shares of CHCO traded down $1.07 during trading hours on Tuesday, reaching $127.74. 15,622 shares of the company traded hands, compared to its average volume of 56,792. City Holding has a 12-month low of $95.39 and a 12-month high of $136.51. The stock's fifty day moving average price is $119.62 and its 200 day moving average price is $113.30. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 16.54 and a beta of 0.46. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.20.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, beating analysts' consensus estimates of $1.92 by $0.10. The business had revenue of $98.40 million for the quarter, compared to analysts' expectations of $73.90 million. City had a net margin of 31.18% and a return on equity of 16.60%. Sell-side analysts forecast that City Holding will post 7.84 earnings per share for the current year.

City Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Tuesday, October 15th were given a $0.79 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $3.16 dividend on an annualized basis and a yield of 2.47%. This is a positive change from City's previous quarterly dividend of $0.72. City's dividend payout ratio is currently 40.56%.

Insiders Place Their Bets

In other City news, Director C Dallas Kayser sold 1,784 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the completion of the transaction, the director now directly owns 23,637 shares of the company's stock, valued at approximately $3,151,521.21. The trade was a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Charles R. Hageboeck sold 6,065 shares of the company's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $130.03, for a total value of $788,631.95. Following the completion of the sale, the chief executive officer now owns 44,974 shares in the company, valued at approximately $5,847,969.22. This represents a 11.88 % decrease in their position. The disclosure for this sale can be found here. 2.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Piper Sandler reiterated a "neutral" rating and set a $135.00 price objective on shares of City in a research report on Friday, November 8th.

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.