QRG Capital Management Inc. Grows Stock Holdings in City Holding Company $CHCO

QRG Capital Management Inc. raised its holdings in shares of City Holding Company (NASDAQ:CHCO) by 8.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,841 shares of the bank’s stock after buying an additional 373 shares during the period. QRG Capital Management Inc.’s holdings in City were worth $593,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CHCO. Westwood Holdings Group Inc. increased its holdings in City by 24.3% during the first quarter. Westwood Holdings Group Inc. now owns 631,584 shares of the bank’s stock valued at $74,192,000 after buying an additional 123,394 shares during the last quarter. Nuveen LLC bought a new position in shares of City in the first quarter worth approximately $4,883,000. Charles Schwab Investment Management Inc. boosted its position in shares of City by 5.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 580,057 shares of the bank’s stock worth $68,139,000 after purchasing an additional 29,302 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of City in the first quarter worth approximately $1,493,000. Finally, Jane Street Group LLC boosted its position in shares of City by 82.3% in the first quarter. Jane Street Group LLC now owns 25,559 shares of the bank’s stock worth $3,002,000 after purchasing an additional 11,537 shares during the period. 72.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CHCO has been the subject of a number of recent analyst reports. Hovde Group upped their price target on shares of City from $130.00 to $136.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 23rd. DA Davidson upped their price target on shares of City from $128.00 to $137.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Zacks Research lowered shares of City from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 23rd. Keefe, Bruyette & Woods upped their target price on shares of City from $125.00 to $135.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of City in a research report on Wednesday. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, City has a consensus rating of “Hold” and an average target price of $133.25.

Insider Buying and Selling at City

In related news, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the firm’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $131.12, for a total value of $131,120.00. Following the transaction, the executive vice president owned 1,830 shares of the company’s stock, valued at $239,949.60. This trade represents a 35.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey Dale Legge sold 2,500 shares of the firm’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $131.06, for a total transaction of $327,650.00. Following the completion of the transaction, the executive vice president directly owned 7,037 shares in the company, valued at $922,269.22. This represents a 26.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders bought 305 shares of company stock worth $38,750. Insiders own 1.87% of the company’s stock.

City Trading Down 0.6%

Shares of CHCO opened at $121.40 on Friday. City Holding Company has a twelve month low of $102.22 and a twelve month high of $137.28. The company has a market cap of $1.76 billion, a P/E ratio of 14.61 and a beta of 0.53. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.20. The company’s fifty day simple moving average is $124.73 and its 200-day simple moving average is $121.27.

City (NASDAQ:CHCO) last announced its earnings results on Tuesday, July 22nd. The bank reported $2.29 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.32. City had a net margin of 31.35% and a return on equity of 16.30%. The business had revenue of $78.16 million for the quarter, compared to the consensus estimate of $76.10 million. As a group, analysts expect that City Holding Company will post 7.58 EPS for the current year.

City Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Wednesday, October 15th will be paid a $0.87 dividend. This is an increase from City’s previous quarterly dividend of $0.79. This represents a $3.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. City’s payout ratio is currently 38.03%.

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.