Schwab Charles Investment Management Inc. grew its stake in shares of City Holding Company (NASDAQ:CHCO) by 5.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,614 shares of the bank’s stock after acquiring an additional 3,569 shares during the period. Schwab Charles Investment Management Inc. owned 0.46% of City worth $5,150,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of City by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 3,052 shares of the bank’s stock valued at $201,000 after purchasing an additional 458 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new position in City during the 2nd quarter worth $222,000. Neuberger Berman Group LLC lifted its position in City by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 3,656 shares of the bank’s stock worth $241,000 after acquiring an additional 28 shares during the last quarter. Susquehanna International Group LLP acquired a new position in City during the 2nd quarter worth $241,000. Finally, Crossmark Global Holdings Inc. acquired a new position in City during the 3rd quarter worth $248,000. 64.97% of the stock is owned by institutional investors and hedge funds.
In other City news, CFO David L. Bumgarner sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $73.00, for a total transaction of $73,000.00. Following the sale, the chief financial officer now directly owns 10,965 shares of the company’s stock, valued at $800,445. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.88% of the stock is currently owned by corporate insiders.
City (NASDAQ:CHCO) last posted its earnings results on Wednesday, October 18th. The bank reported $0.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.01. The business had revenue of $45.90 million for the quarter, compared to analysts’ expectations of $47.18 million. City had a net margin of 29.25% and a return on equity of 12.34%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 earnings per share. equities analysts expect that City Holding Company will post 3.84 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Monday, January 15th will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.68%. This is a boost from City’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, January 11th. City’s dividend payout ratio is currently 47.92%.
A number of research analysts have recently commented on CHCO shares. BidaskClub raised shares of City from a “sell” rating to a “hold” rating in a research report on Thursday, September 21st. Zacks Investment Research lowered shares of City from a “buy” rating to a “hold” rating in a research report on Monday, September 25th. Finally, Sandler O’Neill set a $72.00 price objective on shares of City and gave the company a “hold” rating in a research report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $70.75.
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City Holding Company is a financial holding company. The Company conducts its principal activities through its subsidiary, City National Bank of West Virginia (City National). As of December 31, 2016, the City National provided banking, trust and investment management and other financial solutions through its network of 85 banking offices located in the states of West Virginia, Virginia, eastern Kentucky and southeastern Ohio.
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