Longboard Asset Management LP Purchases Shares of 1,778 City Holding (NASDAQ:CHCO)

Longboard Asset Management LP purchased a new stake in City Holding (NASDAQ:CHCO) during the 4th quarter, Holdings Channel reports. The firm purchased 1,778 shares of the bank’s stock, valued at approximately $211,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new stake in City in the 3rd quarter valued at $59,000. KBC Group NV increased its stake in shares of City by 60.3% during the 4th quarter. KBC Group NV now owns 843 shares of the bank’s stock worth $100,000 after purchasing an additional 317 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of City during the 3rd quarter worth about $134,000. Crossmark Global Holdings Inc. acquired a new position in shares of City during the 3rd quarter worth about $199,000. Finally, Quantbot Technologies LP acquired a new position in shares of City during the 3rd quarter worth about $214,000. 72.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at City

In other City news, CFO David L. Bumgarner sold 556 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $120.00, for a total value of $66,720.00. Following the completion of the sale, the chief financial officer now owns 9,395 shares of the company’s stock, valued at $1,127,400. The trade was a 5.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Charles R. Hageboeck sold 6,065 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 44,974 shares of the company’s stock, valued at $5,847,969.22. This represents a 11.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,864 shares of company stock valued at $1,025,556 in the last quarter. Company insiders own 2.39% of the company’s stock.

City Stock Up 2.1 %

Shares of CHCO opened at $119.14 on Wednesday. City Holding has a 52 week low of $97.50 and a 52 week high of $137.28. The firm has a market cap of $1.75 billion, a P/E ratio of 15.10 and a beta of 0.51. The firm’s 50-day simple moving average is $122.29 and its 200 day simple moving average is $120.30. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.82 and a current ratio of 0.82.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.03. City had a net margin of 30.83% and a return on equity of 16.49%. On average, analysts forecast that City Holding will post 7.53 earnings per share for the current year.

City Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Wednesday, January 15th were paid a $0.79 dividend. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $3.16 dividend on an annualized basis and a yield of 2.65%. City’s dividend payout ratio (DPR) is currently 40.05%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CHCO shares. Piper Sandler lowered their price objective on shares of City from $135.00 to $125.00 and set a “neutral” rating on the stock in a research note on Friday, January 24th. Keefe, Bruyette & Woods boosted their price objective on shares of City from $120.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

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 offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.