Mirae Asset Global Investments Co. Ltd. Boosts Holdings in City Holding Company (NASDAQ:CHCO)

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of City Holding Company (NASDAQ:CHCO) by 12.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 11,981 shares of the bank’s stock after buying an additional 1,340 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in City were worth $1,408,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in CHCO. Bessemer Group Inc. raised its stake in City by 69.7% in the 1st quarter. Bessemer Group Inc. now owns 280 shares of the bank’s stock valued at $33,000 after acquiring an additional 115 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in City by 6.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,651 shares of the bank’s stock valued at $546,000 after acquiring an additional 301 shares during the period. QRG Capital Management Inc. raised its stake in City by 18.4% in the 1st quarter. QRG Capital Management Inc. now owns 4,468 shares of the bank’s stock valued at $525,000 after acquiring an additional 693 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in City by 82.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,226 shares of the bank’s stock valued at $1,319,000 after acquiring an additional 5,088 shares during the period. Finally, First United Bank & Trust bought a new stake in City in the 1st quarter valued at about $78,000. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Insider Activity

In other City news, Director James M. Parsons acquired 2,200 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $122.38 per share, with a total value of $269,236.00. Following the completion of the acquisition, the director owned 2,700 shares of the company’s stock, valued at $330,426. This trade represents a 440.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Michael T. Quinlan, Jr. sold 1,400 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $116.22, for a total value of $162,708.00. Following the transaction, the executive vice president directly owned 2,830 shares of the company’s stock, 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 a total of 2,899 shares of company stock worth $339,590 over the last ninety days. Company insiders own 1.87% of the company’s stock.

City Trading Up 1.2%

Shares of City stock opened at $128.86 on Friday. The stock’s 50-day simple moving average is $119.53 and its 200 day simple moving average is $118.08. City Holding Company has a 52-week low of $102.22 and a 52-week high of $137.28. The stock has a market capitalization of $1.87 billion, a P/E ratio of 16.15 and a beta of 0.54. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.83.

City (NASDAQ:CHCO) last announced its quarterly earnings results 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 return on equity of 16.15% and a net margin of 30.62%. The firm had revenue of $74.55 million for the quarter, compared to analysts’ expectations of $73.28 million. As a group, research analysts anticipate that City Holding Company will post 7.58 EPS for the current year.

City Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Tuesday, July 15th. City’s dividend payout ratio is presently 39.60%.

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.