Invesco Ltd. lessened its stake in shares of City Holding (NASDAQ:CHCO) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 289,753 shares of the bank’s stock after selling 6,440 shares during the quarter. Invesco Ltd. owned approximately 1.79% of City worth $19,278,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CHCO. Federated Hermes Inc. purchased a new stake in shares of City during the 1st quarter valued at $25,000. PNC Financial Services Group Inc. lifted its holdings in shares of City by 30.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 930 shares of the bank’s stock valued at $77,000 after purchasing an additional 217 shares during the last quarter. Man Group plc purchased a new stake in shares of City during the 4th quarter valued at $207,000. ProShare Advisors LLC purchased a new stake in shares of City during the 4th quarter valued at $213,000. Finally, Amalgamated Bank purchased a new stake in shares of City during the 4th quarter valued at $224,000. 67.58% of the stock is currently owned by institutional investors and hedge funds.
In other City news, EVP Craig G. Stilwell sold 818 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $64.60, for a total transaction of $52,842.80. Following the sale, the executive vice president now directly owns 16,339 shares of the company’s stock, valued at approximately $1,055,499.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert D. Fisher purchased 1,632 shares of the business’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $60.99 per share, for a total transaction of $99,535.68. 3.42% of the stock is currently owned by company insiders.
City (NASDAQ:CHCO) last announced its quarterly earnings results on Tuesday, April 28th. The bank reported $0.91 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.20). The company had revenue of $73.76 million for the quarter, compared to analyst estimates of $72.19 million. City had a return on equity of 14.58% and a net margin of 33.89%. As a group, equities research analysts expect that City Holding will post 3.59 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.59%. The ex-dividend date is Tuesday, July 14th. City’s dividend payout ratio is currently 41.76%.
CHCO has been the subject of several analyst reports. DA Davidson decreased their price objective on City from $63.00 to $61.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. TheStreet lowered City from a “b” rating to a “c+” rating in a research note on Monday, March 23rd. Zacks Investment Research lowered City from a “hold” rating to a “sell” rating in a research note on Tuesday, June 9th. ValuEngine lowered City from a “hold” rating to a “sell” rating in a research note on Tuesday, May 26th. Finally, BidaskClub upgraded City from a “sell” rating to a “hold” rating in a research note on Thursday, May 28th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. City has an average rating of “Hold” and a consensus target price of $77.17.
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 accepts various deposit products, such as checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.
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