Bessemer Group Inc. Increases Position in City Holding Company (NASDAQ:CHCO)

Bessemer Group Inc. lifted its holdings in City Holding Company (NASDAQ:CHCO) by 69.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 280 shares of the bank’s stock after buying an additional 115 shares during the period. Bessemer Group Inc.’s holdings in City were worth $33,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sterling Capital Management LLC boosted its stake in shares of City by 781.3% in the 4th quarter. Sterling Capital Management LLC now owns 423 shares of the bank’s stock worth $50,000 after buying an additional 375 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of City by 710.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 462 shares of the bank’s stock worth $56,000 after purchasing an additional 405 shares during the period. First United Bank & Trust bought a new stake in shares of City in the 1st quarter worth approximately $78,000. PNC Financial Services Group Inc. raised its holdings in shares of City by 10.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,366 shares of the bank’s stock worth $162,000 after purchasing an additional 131 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of City by 10.8% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,437 shares of the bank’s stock worth $170,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 72.43% of the company’s stock.

City Trading Up 1.2%

NASDAQ:CHCO opened at $128.86 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $1.87 billion, a PE ratio of 16.15 and a beta of 0.54. The firm’s 50 day moving average is $119.53 and its 200 day moving average is $118.08. City Holding Company has a 12 month low of $102.22 and a 12 month high of $137.28.

City (NASDAQ:CHCO) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.22. The company had revenue of $74.55 million for the quarter, compared to analysts’ expectations of $73.28 million. City had a net margin of 30.62% and a return on equity of 16.15%. Sell-side analysts expect that City Holding Company will post 7.58 earnings per share for the current year.

City Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Tuesday, July 15th will be issued a $0.79 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.45%. City’s dividend payout ratio (DPR) is presently 39.60%.

Insider Buying and Selling at City

In other City news, CFO David L. Bumgarner sold 441 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $118.00, for a total transaction of $52,038.00. Following the sale, the chief financial officer owned 10,195 shares of the company’s stock, valued at $1,203,010. The trade was a 4.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael T. Quinlan, Jr. sold 1,400 shares of the business’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 sale, the executive vice president directly owned 2,830 shares in the company, valued at $328,902.60. The trade was a 33.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,899 shares of company stock valued at $339,590 in the last 90 days. 1.87% 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.