City Holding (NASDAQ:CHCO) Shares Sold by Comerica Bank

Comerica Bank cut its holdings in shares of City Holding (NASDAQ:CHCO) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,129 shares of the bank’s stock after selling 129 shares during the period. Comerica Bank’s holdings in City were worth $608,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Sterling Capital Management LLC raised its holdings in shares of City by 781.3% during the fourth quarter. Sterling Capital Management LLC now owns 423 shares of the bank’s stock valued at $50,000 after acquiring an additional 375 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of City by 710.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 462 shares of the bank’s stock valued at $56,000 after acquiring an additional 405 shares during the period. KBC Group NV raised its holdings in shares of City by 60.3% during the fourth quarter. KBC Group NV now owns 843 shares of the bank’s stock valued at $100,000 after acquiring an additional 317 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of City by 10.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,366 shares of the bank’s stock valued at $162,000 after acquiring an additional 131 shares during the period. Finally, Longboard Asset Management LP acquired a new stake in shares of City during the fourth quarter valued at approximately $211,000. 72.43% of the stock is owned by institutional investors and hedge funds.

City Stock Down 0.3%

City stock opened at $121.24 on Thursday. The firm has a market cap of $1.76 billion, a PE ratio of 15.37 and a beta of 0.52. 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 firm’s 50 day moving average price is $115.99 and its two-hundred day moving average price is $120.16. City Holding has a twelve month low of $99.63 and a twelve month high of $137.28.

City (NASDAQ:CHCO) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $2.06 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.22. City had a net margin of 30.83% and a return on equity of 16.49%. The firm had revenue of $74.55 million for the quarter, compared to analyst estimates of $73.28 million. On average, research analysts predict that City Holding will post 7.58 EPS for the current fiscal year.

City Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $3.16 annualized dividend and a dividend yield of 2.61%. City’s dividend payout ratio (DPR) is 39.60%.

Insider Transactions at City

In related news, EVP Michael T. Quinlan, Jr. sold 1,400 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $116.22, for a total transaction of $162,708.00. Following the completion of the sale, the executive vice president now directly owns 2,830 shares of the company’s stock, valued at approximately $328,902.60. This represents a 33.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David L. Bumgarner sold 1,058 shares of the company’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $118.00, for a total transaction of $124,844.00. Following the sale, the chief financial officer now directly owns 10,636 shares of the company’s stock, valued at approximately $1,255,048. This represents a 9.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,069 shares of company stock worth $359,820 in the last 90 days. 1.87% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price objective on shares of City from $135.00 to $125.00 and set a “neutral” rating on the stock in a research note on Friday, January 24th.

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.