Mirae Asset Global Investments Co. Ltd. Acquires 1,198 Shares of City Holding Company $CHCO

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of City Holding Company (NASDAQ:CHCO) by 10.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,179 shares of the bank’s stock after purchasing an additional 1,198 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.09% of City worth $1,613,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bessemer Group Inc. boosted its stake in City by 69.7% in the first quarter. Bessemer Group Inc. now owns 280 shares of the bank’s stock valued at $33,000 after acquiring an additional 115 shares in the last quarter. CWM LLC boosted its position in shares of City by 43.9% in the 1st quarter. CWM LLC now owns 282 shares of the bank’s stock worth $33,000 after purchasing an additional 86 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of City by 69.0% in the 2nd quarter. GAMMA Investing LLC now owns 546 shares of the bank’s stock worth $67,000 after purchasing an additional 223 shares in the last quarter. First United Bank & Trust acquired a new stake in City in the first quarter worth about $78,000. Finally, Jones Financial Companies Lllp acquired a new stake in City in the first quarter worth about $104,000. Institutional investors own 72.43% of the company’s stock.

City Stock Performance

NASDAQ CHCO opened at $122.19 on Thursday. 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 stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 14.70 and a beta of 0.53. The stock has a 50-day moving average of $124.74 and a 200 day moving average of $121.26. City Holding Company has a twelve month low of $102.22 and a twelve month high of $137.28.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.32. City had a net margin of 31.35% and a return on equity of 16.30%. The company had revenue of $78.16 million during the quarter, compared to analysts’ expectations of $76.10 million. Sell-side analysts anticipate that City Holding Company will post 7.58 EPS for the current fiscal year.

City Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Wednesday, October 15th will be issued a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. This is a positive change from City’s previous quarterly dividend of $0.79. City’s payout ratio is currently 38.03%.

Analyst Upgrades and Downgrades

CHCO has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of City from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Keefe, Bruyette & Woods lifted their price objective on shares of City from $125.00 to $135.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 23rd. Zacks Research cut City from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 23rd. Hovde Group lifted their target price on City from $130.00 to $136.00 and gave the stock a “market perform” rating in a report on Wednesday, July 23rd. Finally, DA Davidson lifted their target price on City from $128.00 to $137.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $133.25.

Insider Transactions at City

In related news, EVP Jeffrey Dale Legge sold 2,500 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $131.06, for a total value of $327,650.00. Following the completion of the sale, the executive vice president owned 7,037 shares of the company’s stock, valued at approximately $922,269.22. This trade represents a 26.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the firm’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $131.12, for a total transaction of $131,120.00. Following the sale, the executive vice president owned 1,830 shares of the company’s stock, valued at approximately $239,949.60. The trade was a 35.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders acquired 305 shares of company stock valued at $38,750. 1.87% of the stock is owned by insiders.

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.