Cerity Partners LLC Acquires 230 Shares of City Holding (NASDAQ:CHCO)

Cerity Partners LLC increased its holdings in shares of City Holding (NASDAQ:CHCO) by 3.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,239 shares of the bank’s stock after purchasing an additional 230 shares during the period. Cerity Partners LLC’s holdings in City were worth $799,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in City by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 397,782 shares of the bank’s stock worth $35,940,000 after purchasing an additional 16,123 shares in the last quarter. SG Americas Securities LLC purchased a new stake in City during the third quarter valued at approximately $806,000. State Board of Administration of Florida Retirement System boosted its stake in City by 205.3% in the third quarter. State Board of Administration of Florida Retirement System now owns 13,189 shares of the bank’s stock valued at $1,192,000 after acquiring an additional 8,869 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new position in City in the third quarter worth $762,000. Finally, Raymond James & Associates acquired a new position in shares of City during the fourth quarter worth $610,000. 72.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Stephens raised their price objective on City from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 25th. Piper Sandler upped their price objective on shares of City from $103.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 1st.

Insider Transactions at City

In other City news, CEO Charles R. Hageboeck sold 8,899 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $101.00, for a total value of $898,799.00. Following the sale, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at $5,375,018. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Charles R. Hageboeck sold 8,899 shares of City stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $101.00, for a total transaction of $898,799.00. Following the completion of the transaction, the chief executive officer now directly owns 53,218 shares in the company, valued at $5,375,018. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John A. Derito sold 1,309 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $101.25, for a total value of $132,536.25. Following the completion of the sale, the executive vice president now owns 28,620 shares in the company, valued at approximately $2,897,775. The disclosure for this sale can be found here. Insiders have sold 10,808 shares of company stock worth $1,094,935 over the last 90 days. 2.39% of the stock is currently owned by company insiders.

City Price Performance

NASDAQ CHCO opened at $103.54 on Tuesday. The stock’s fifty day moving average price is $101.58 and its 200 day moving average price is $100.96. City Holding has a 1 year low of $82.53 and a 1 year high of $115.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 13.61 and a beta of 0.51.

City (NASDAQ:CHCO) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.06). The firm had revenue of $86.10 million during the quarter, compared to analysts’ expectations of $72.50 million. City had a return on equity of 18.62% and a net margin of 33.31%. As a group, equities research analysts forecast that City Holding will post 7.43 earnings per share for the current year.

City Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 15th will be issued a $0.715 dividend. This represents a $2.86 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, April 12th. City’s dividend payout ratio (DPR) is currently 37.58%.

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.