Pictet Asset Management Holding SA Buys 570 Shares of City Holding (NASDAQ:CHCO)

Pictet Asset Management Holding SA lifted its stake in City Holding (NASDAQ:CHCO) by 30.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,470 shares of the bank’s stock after acquiring an additional 570 shares during the period. Pictet Asset Management Holding SA’s holdings in City were worth $293,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in shares of City by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 550,755 shares of the bank’s stock valued at $65,253,000 after purchasing an additional 22,226 shares during the period. Geode Capital Management LLC grew its stake in City by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 355,940 shares of the bank’s stock valued at $41,792,000 after buying an additional 1,065 shares during the last quarter. JPMorgan Chase & Co. grew its stake in City by 24.2% in the 4th quarter. JPMorgan Chase & Co. now owns 262,243 shares of the bank’s stock valued at $31,071,000 after buying an additional 51,055 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in City by 0.8% in the 4th quarter. Axxcess Wealth Management LLC now owns 109,418 shares of the bank’s stock worth $12,964,000 after acquiring an additional 885 shares during the period. Finally, American Century Companies Inc. lifted its position in City by 3.2% during the 4th quarter. American Century Companies Inc. now owns 92,244 shares of the bank’s stock worth $10,929,000 after acquiring an additional 2,903 shares during the last quarter. 72.43% of the stock is currently owned by institutional investors and hedge funds.

City Stock Down 4.2 %

CHCO opened at $108.93 on Friday. City Holding has a 1-year low of $97.50 and a 1-year high of $137.28. The business has a 50 day moving average of $116.96 and a 200-day moving average of $120.23. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 13.81 and a beta of 0.48. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.21.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.03. City had a net margin of 30.83% and a return on equity of 16.49%. As a group, sell-side analysts anticipate that City Holding will post 7.58 earnings per share for the current year.

City Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Tuesday, April 15th. City’s dividend payout ratio (DPR) is presently 40.05%.

Insider Activity at City

In other City news, Director Charles W. Fairchilds sold 500 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $120.50, for a total value of $60,250.00. Following the completion of the transaction, the director now directly owns 1,014 shares of the company’s stock, valued at approximately $122,187. The trade was a 33.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David L. Bumgarner sold 556 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $120.00, for a total transaction of $66,720.00. Following the transaction, the chief financial officer now owns 9,395 shares in the company, valued at $1,127,400. The trade was a 5.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,226 shares of company stock worth $147,200 over the last three months. Company insiders own 2.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered their price target on City from $135.00 to $125.00 and set a “neutral” rating on the stock in a research report on Friday, January 24th.

City 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.