Principal Financial Group Inc. Has $8.84 Million Holdings in City Holding (NASDAQ:CHCO)

Principal Financial Group Inc. trimmed its holdings in shares of 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 (SEC). 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 quarter.

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

Wall Street Analysts Forecast Growth

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

City Stock Performance

Shares of NASDAQ CHCO traded down $2.16 during mid-day trading on Wednesday, hitting $118.48. The company had a trading volume of 69,661 shares, compared to its average volume of 57,276. City Holding has a 12 month low of $97.50 and a 12 month high of $137.28. The firm has a market cap of $1.74 billion, a P/E ratio of 15.21 and a beta of 0.49. The business's 50-day simple moving average is $125.98 and its 200-day simple moving average is $118.59. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.82 and a quick ratio of 0.82.

City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $2.02 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.10. The company had revenue of $98.40 million during the quarter, compared to the consensus estimate of $73.90 million. City had a return on equity of 16.60% and a net margin of 31.18%. As a group, analysts predict that City Holding will post 7.84 earnings per share for the current fiscal year.

City Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.67%. The ex-dividend date is Wednesday, January 15th. City's dividend payout ratio (DPR) is presently 40.56%.

Insider Buying and Selling at City

In related news, CEO Charles R. Hageboeck sold 6,065 shares of the business's stock in a transaction 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 sale, the chief executive officer now owns 44,974 shares of the company's stock, valued at $5,847,969.22. The trade was a 11.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director C Dallas Kayser sold 1,784 shares of the stock in a transaction 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 transaction, the director now owns 23,637 shares of the company's stock, valued at $3,151,521.21. This represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,092 shares of company stock valued at $1,196,697 in the last 90 days. 2.39% of the stock is currently owned by company insiders.

About City

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.