Legal & General Group Plc Lowers Stock Position in City Holding (NASDAQ:CHCO)

Legal & General Group Plc trimmed its position in City Holding (NASDAQ:CHCO) by 0.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 41,968 shares of the bank’s stock after selling 370 shares during the period. Legal & General Group Plc’s holdings in City were worth $4,972,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of City by 0.8% during the fourth quarter. Invesco Ltd. now owns 76,100 shares of the bank’s stock valued at $9,016,000 after acquiring an additional 594 shares during the last quarter. Envestnet Asset Management Inc. purchased a new position in City in the fourth quarter valued at approximately $246,000. Dynamic Technology Lab Private Ltd bought a new position in City during the fourth quarter valued at $402,000. Wells Fargo & Company MN increased its position in City by 6.5% in the fourth quarter. Wells Fargo & Company MN now owns 24,940 shares of the bank’s stock worth $2,955,000 after buying an additional 1,530 shares during the last quarter. Finally, ExodusPoint Capital Management LP bought a new stake in shares of City in the fourth quarter valued at $1,130,000. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Analysts Set New Price Targets

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 report on Friday, January 24th.

City Price Performance

Shares of NASDAQ CHCO opened at $112.29 on Tuesday. The stock has a fifty day moving average of $115.98 and a 200-day moving average of $120.12. The stock has a market cap of $1.65 billion, a PE ratio of 14.23 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.82 and a current ratio of 0.82. City Holding has a fifty-two week low of $99.63 and a fifty-two week high of $137.28.

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

City Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.81%. City’s dividend payout ratio (DPR) is currently 40.05%.

Insider Buying and Selling

In other City news, Director Charles W. Fairchilds sold 500 shares of the business’s stock in a transaction that occurred on 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 owns 1,014 shares of the company’s stock, valued at $122,187. The trade was a 33.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David L. Bumgarner sold 556 shares of City stock in a transaction 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 sale, the chief financial officer now directly owns 9,395 shares of the company’s stock, valued at $1,127,400. This represents a 5.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,226 shares of company stock worth $147,200. Corporate insiders own 1.87% of the company’s stock.

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.