TrueMark Investments LLC Makes New $2.25 Million Investment in City Holding Company $CHCO

TrueMark Investments LLC acquired a new stake in City Holding Company (NASDAQ:CHCO) during the second quarter, HoldingsChannel.com reports. The fund acquired 18,369 shares of the bank’s stock, valued at approximately $2,249,000.

Several other institutional investors have also modified their holdings of CHCO. Bessemer Group Inc. grew its stake in shares of City by 69.7% during the first quarter. Bessemer Group Inc. now owns 280 shares of the bank’s stock worth $33,000 after purchasing an additional 115 shares in the last quarter. CWM LLC boosted its position in shares of City by 43.9% during the 1st quarter. CWM LLC now owns 282 shares of the bank’s stock worth $33,000 after acquiring an additional 86 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of City by 69.0% in the 2nd quarter. GAMMA Investing LLC now owns 546 shares of the bank’s stock valued at $67,000 after acquiring an additional 223 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of City in the 1st quarter valued at about $104,000. Finally, ZWJ Investment Counsel Inc. acquired a new stake in shares of City during the 2nd quarter worth about $206,000. 72.43% of the stock is owned by hedge funds and other institutional investors.

City Price Performance

CHCO stock opened at $119.42 on Friday. The company has a market capitalization of $1.73 billion, a P/E ratio of 14.37 and a beta of 0.53. City Holding Company has a twelve month low of $102.22 and a twelve month high of $137.28. The business has a 50 day simple moving average of $124.65 and a 200-day simple moving average of $121.34. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.20.

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

City Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Wednesday, October 15th will be issued a $0.87 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This is an increase from City’s previous quarterly dividend of $0.79. This represents a $3.48 annualized dividend and a dividend yield of 2.9%. City’s dividend payout ratio is currently 41.88%.

Insider Activity at City

In other news, EVP Jeffrey Dale Legge sold 2,500 shares of the company’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 transaction of $327,650.00. Following the completion of the sale, the executive vice president owned 7,037 shares in the company, valued at $922,269.22. This represents a 26.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the stock in a transaction 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 sale, the executive vice president directly owned 1,830 shares of the company’s stock, valued at approximately $239,949.60. This represents a 35.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 721 shares of company stock valued at $87,518 over the last three months. Corporate insiders own 1.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CHCO. Hovde Group upped their price target on City from $130.00 to $136.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. DA Davidson upped their price target on City from $128.00 to $137.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of City in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their price target on City from $125.00 to $135.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. Finally, Zacks Research downgraded City from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 23rd. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $133.25.

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.