ZWJ Investment Counsel Inc. Acquires New Shares in City Holding Company $CHCO

ZWJ Investment Counsel Inc. bought a new position in shares of City Holding Company (NASDAQ:CHCO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,680 shares of the bank’s stock, valued at approximately $206,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC boosted its stake 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. Bessemer Group Inc. lifted its holdings in City by 69.7% in the 1st quarter. Bessemer Group Inc. now owns 280 shares of the bank’s stock worth $33,000 after purchasing an additional 115 shares during the last quarter. GAMMA Investing LLC boosted its position in City by 69.0% during the second quarter. GAMMA Investing LLC now owns 546 shares of the bank’s stock worth $67,000 after purchasing an additional 223 shares during the period. First United Bank & Trust acquired a new position in City during the first quarter valued at approximately $78,000. Finally, Jones Financial Companies Lllp bought a new position in shares of City in the first quarter valued at approximately $104,000. Institutional investors and hedge funds own 72.43% of the company’s stock.

City Trading Up 0.8%

Shares of CHCO stock opened at $122.74 on Friday. The company has a market capitalization of $1.78 billion, a P/E ratio of 14.77 and a beta of 0.53. City Holding Company has a 12-month low of $102.22 and a 12-month high of $137.28. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.20. The firm has a 50-day moving average price of $124.89 and a 200 day moving average price of $121.19.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $2.29 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.32. The company 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%. Research analysts forecast 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 issued a dividend of $0.87 per share. The ex-dividend date is Wednesday, October 15th. This is a boost from City’s previous quarterly dividend of $0.79. This represents a $3.48 annualized dividend and a dividend yield of 2.8%. City’s dividend payout ratio (DPR) is currently 38.03%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of City in a research note on Saturday, September 27th. Wall Street Zen cut shares of City from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Hovde Group lifted their price objective on City from $130.00 to $136.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods increased their target price on City from $125.00 to $135.00 and gave the company a “market perform” rating in a research note on Wednesday, July 23rd. Finally, Zacks Research downgraded City from a “strong-buy” rating to a “hold” rating in a research 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’s stock. Based on data from MarketBeat.com, City currently has an average rating of “Hold” and a consensus target price of $133.25.

Insiders Place Their Bets

In related news, EVP Jeffrey Dale Legge sold 2,500 shares of City stock in a transaction dated 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 transaction, the executive vice president directly owned 7,037 shares of the company’s stock, valued at $922,269.22. The trade was a 26.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $131.12, for a total transaction of $131,120.00. Following the transaction, the executive vice president owned 1,830 shares in the company, 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. Over the last 90 days, insiders bought 305 shares of company stock valued at $38,750. 1.87% of the stock is currently owned by corporate insiders.

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.