McKinley Carter Wealth Services Inc. Reduces Stock Position in City Holding Company $CHCO

McKinley Carter Wealth Services Inc. lessened its stake in City Holding Company (NASDAQ:CHCO) by 15.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,715 shares of the bank’s stock after selling 2,502 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in City were worth $1,679,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CHCO. KLP Kapitalforvaltning AS grew its holdings in shares of City by 3.2% in the second quarter. KLP Kapitalforvaltning AS now owns 3,200 shares of the bank’s stock worth $392,000 after acquiring an additional 100 shares during the period. Carolina Wealth Advisors LLC boosted its position in City by 2.3% in the second quarter. Carolina Wealth Advisors LLC now owns 46,209 shares of the bank’s stock worth $5,657,000 after purchasing an additional 1,057 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of City by 8.3% during the 2nd quarter. QRG Capital Management Inc. now owns 4,841 shares of the bank’s stock valued at $593,000 after purchasing an additional 373 shares during the period. ZWJ Investment Counsel Inc. purchased a new stake in shares of City during the 2nd quarter valued at about $206,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of City by 10.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,179 shares of the bank’s stock worth $1,613,000 after purchasing an additional 1,198 shares during the period. 72.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CHCO. Hovde Group boosted their target price on shares of City from $130.00 to $136.00 and gave the company a “market perform” rating in a research report on Wednesday, July 23rd. DA Davidson upped their price objective on City from $128.00 to $137.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Zacks Research cut City from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 23rd. Wall Street Zen lowered shares of City from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of City in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $133.25.

Insider Transactions at City

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

City Stock Performance

NASDAQ:CHCO opened at $121.40 on Friday. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 14.61 and a beta of 0.53. City Holding Company has a 1 year low of $102.22 and a 1 year high of $137.28. The stock’s 50 day simple moving average is $124.73 and its two-hundred day simple moving average is $121.27. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.81 and a quick ratio of 0.81.

City (NASDAQ:CHCO) last posted its earnings results on Tuesday, July 22nd. The bank reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.32. The firm had revenue of $78.16 million during the quarter, compared to analyst estimates of $76.10 million. City had a net margin of 31.35% and a return on equity of 16.30%. As a group, equities analysts anticipate that City Holding Company will post 7.58 earnings per share for the current fiscal year.

City Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.87 per share. The ex-dividend date is Wednesday, October 15th. This represents a $3.48 annualized dividend and a dividend yield of 2.9%. This is a positive change from City’s previous quarterly dividend of $0.79. City’s dividend payout ratio is currently 41.88%.

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.