Carolina Wealth Advisors LLC Cuts Holdings in City Holding (NASDAQ:CHCO)

Carolina Wealth Advisors LLC trimmed its position in shares of City Holding (NASDAQ:CHCO) by 1.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 45,821 shares of the bank’s stock after selling 770 shares during the quarter. City makes up 2.9% of Carolina Wealth Advisors LLC’s holdings, making the stock its 13th largest holding. Carolina Wealth Advisors LLC’s holdings in City were worth $5,429,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CHCO. nVerses Capital LLC bought a new stake in City during the third quarter valued at about $59,000. Point72 DIFC Ltd purchased a new position in City in the third quarter worth about $134,000. Crossmark Global Holdings Inc. purchased a new position in City in the third quarter worth about $199,000. Quantbot Technologies LP purchased a new position in shares of City during the third quarter valued at approximately $214,000. Finally, Intech Investment Management LLC purchased a new position in shares of City during the second quarter valued at approximately $208,000. 72.43% of the stock is owned by institutional investors.

City Price Performance

Shares of CHCO opened at $119.47 on Thursday. City Holding has a twelve month low of $97.50 and a twelve month high of $137.28. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 15.34 and a beta of 0.51. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.20. The firm’s fifty day simple moving average is $125.74 and its 200-day simple moving average is $119.50.

City (NASDAQ:CHCO) last issued its earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.10. City had a net margin of 31.18% and a return on equity of 16.60%. The company had revenue of $98.40 million for the quarter, compared to analyst estimates of $73.90 million. Equities analysts forecast that City Holding will post 7.84 EPS for the current fiscal year.

City Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Wednesday, January 15th. City’s payout ratio is currently 40.56%.

Insider Transactions at City

In related news, Director C Dallas Kayser sold 1,784 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $133.33, for a total transaction of $237,860.72. Following the completion of the sale, the director now directly owns 23,637 shares in the company, valued at approximately $3,151,521.21. This trade represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Charles R. Hageboeck sold 6,065 shares of City stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $130.03, for a total transaction of $788,631.95. Following the completion of the transaction, the chief executive officer now directly owns 44,974 shares in the company, valued at approximately $5,847,969.22. This represents a 11.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,092 shares of company stock valued at $1,196,697 over the last 90 days. Corporate insiders own 2.45% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CHCO. Piper Sandler reaffirmed a “neutral” rating and set a $135.00 price target on shares of City in a research note on Friday, November 8th. Keefe, Bruyette & Woods lifted their price target on shares of City from $120.00 to $130.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

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.