Royal Bank of Canada lifted its position in shares of City Holding (NASDAQ:CHCO) by 35.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 68,865 shares of the bank’s stock after buying an additional 18,050 shares during the quarter. Royal Bank of Canada owned about 0.42% of City worth $5,251,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of CHCO. AQR Capital Management LLC raised its stake in City by 2.6% during the second quarter. AQR Capital Management LLC now owns 5,841 shares of the bank’s stock worth $445,000 after acquiring an additional 148 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in City by 3.8% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,193 shares of the bank’s stock worth $320,000 after acquiring an additional 152 shares in the last quarter. Aperio Group LLC raised its stake in City by 2.0% during the second quarter. Aperio Group LLC now owns 16,525 shares of the bank’s stock worth $1,260,000 after acquiring an additional 319 shares in the last quarter. Advisors Preferred LLC acquired a new position in City during the second quarter worth about $26,000. Finally, Advisory Services Network LLC acquired a new position in City during the second quarter worth about $35,000. 66.79% of the stock is owned by institutional investors.
In related news, EVP Craig G. Stilwell sold 2,700 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $74.92, for a total value of $202,284.00. Following the sale, the executive vice president now directly owns 15,696 shares in the company, valued at $1,175,944.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David L. Bumgarner sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $76.65, for a total value of $76,650.00. Following the completion of the sale, the chief financial officer now owns 8,936 shares in the company, valued at $684,944.40. The disclosure for this sale can be found here. Insiders own 3.36% of the company’s stock.
Several research analysts have commented on CHCO shares. Zacks Investment Research raised City from a “sell” rating to a “hold” rating in a research note on Thursday. Boenning Scattergood restated a “neutral” rating on shares of City in a report on Thursday, June 20th. Finally, BidaskClub upgraded City from a “sell” rating to a “hold” rating in a report on Thursday, September 12th.
NASDAQ:CHCO opened at $75.04 on Friday. The stock has a market cap of $1.23 billion, a P/E ratio of 14.54 and a beta of 0.78. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. The stock’s 50-day moving average is $75.42 and its 200-day moving average is $76.14. City Holding has a 1-year low of $65.32 and a 1-year high of $83.04.
City (NASDAQ:CHCO) last released its quarterly earnings results on Monday, July 22nd. The bank reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.08. The company had revenue of $58.74 million for the quarter, compared to analysts’ expectations of $57.24 million. City had a return on equity of 14.52% and a net margin of 30.14%. As a group, equities analysts forecast that City Holding will post 5.35 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.57 per share. This is a boost from City’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Friday, October 11th. City’s payout ratio is 41.09%.
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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