The Manufacturers Life Insurance Company purchased a new position in shares of City Holding Company (NASDAQ:CHCO – Free Report) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 6,850 shares of the bank’s stock, valued at approximately $909,000.
Other hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its position in City by 35.2% in the 1st quarter. First Trust Advisors LP now owns 61,693 shares of the bank’s stock worth $7,374,000 after purchasing an additional 16,060 shares during the period. Renaissance Technologies LLC boosted its position in shares of City by 55.0% during the first quarter. Renaissance Technologies LLC now owns 61,686 shares of the bank’s stock valued at $7,373,000 after buying an additional 21,898 shares during the period. Virtu Financial LLC purchased a new position in shares of City during the fourth quarter valued at approximately $1,353,000. BlackRock Inc. bought a new position in shares of City during the second quarter valued at approximately $270,231,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of City by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 470,344 shares of the bank’s stock worth $56,217,000 after buying an additional 8,992 shares during the period. 72.43% of the stock is currently owned by institutional investors.
City Price Performance
Shares of CHCO opened at $145.57 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50 day moving average price of $140.91 and a 200-day moving average price of $129.70. City Holding Company has a fifty-two week low of $113.21 and a fifty-two week high of $148.99. The stock has a market capitalization of $2.05 billion, a PE ratio of 15.93 and a beta of 0.48.
Insiders Place Their Bets
In related news, CEO Charles Hageboeck sold 4,485 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $144.96, for a total transaction of $650,145.60. Following the completion of the sale, the chief executive officer directly owned 43,998 shares in the company, valued at $6,377,950.08. This represents a 9.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Sharon H. Rowe sold 400 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $143.96, for a total value of $57,584.00. Following the sale, the director directly owned 10,576 shares in the company, valued at approximately $1,522,520.96. The trade was a 3.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have purchased a total of 444 shares of company stock valued at $59,740 over the last 90 days. 1.75% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on CHCO. Hovde Group raised their price target on City from $135.00 to $143.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Weiss Ratings raised City from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, August 24th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $136.50.
View Our Latest Stock Analysis on CHCO
City Company Profile
City Holding Company (NASDAQ:CHCO) is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.
The company’s product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.
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