Bank of Montreal Can decreased its position in City Holding (NASDAQ:CHCO) by 72.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 9,264 shares of the bank’s stock after selling 24,172 shares during the period. Bank of Montreal Can’s holdings in City were worth $624,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of CHCO. Piedmont Investment Advisors LLC acquired a new position in City in the 2nd quarter worth approximately $222,000. Crossmark Global Holdings Inc. acquired a new stake in shares of City during the 3rd quarter valued at $248,000. Asset Management One Co. Ltd. acquired a new stake in shares of City during the 3rd quarter valued at $315,000. Municipal Employees Retirement System of Michigan boosted its stake in shares of City by 59.0% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the bank’s stock valued at $421,000 after buying an additional 2,170 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of City by 27.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 6,461 shares of the bank’s stock valued at $426,000 after buying an additional 1,400 shares during the period. 65.88% of the stock is owned by hedge funds and other institutional investors.
CHCO has been the subject of a number of research reports. Zacks Investment Research raised shares of City from a “sell” rating to a “hold” rating and set a $78.00 target price for the company in a research note on Friday, December 22nd. BidaskClub lowered shares of City from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Sandler O’Neill set a $72.00 target price on shares of City and gave the company a “hold” rating in a research note on Thursday, January 4th. Finally, Boenning Scattergood reissued a “hold” rating on shares of City in a research note on Wednesday, January 24th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $70.75.
City (NASDAQ:CHCO) last issued its earnings results on Tuesday, January 23rd. The bank reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.11. The company had revenue of $47.96 million during the quarter, compared to analyst estimates of $47.43 million. City had a net margin of 26.25% and a return on equity of 12.40%. equities research analysts expect that City Holding will post 4.48 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 31st. Stockholders of record on Monday, January 15th were issued a dividend of $0.46 per share. The ex-dividend date was Thursday, January 11th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.70%. This is an increase from City’s previous quarterly dividend of $0.44. City’s dividend payout ratio (DPR) is currently 52.72%.
In other news, CFO David L. Bumgarner sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $73.00, for a total transaction of $73,000.00. Following the transaction, the chief financial officer now owns 10,965 shares in the company, valued at approximately $800,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.88% of the stock is currently owned by company insiders.
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City Company Profile
City Holding Company is a financial holding company. The Company conducts its principal activities through its subsidiary, City National Bank of West Virginia (City National). As of December 31, 2016, the City National provided banking, trust and investment management and other financial solutions through its network of 85 banking offices located in the states of West Virginia, Virginia, eastern Kentucky and southeastern Ohio.
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