Comerica Bank Trims Position in City Holding Company (CHCO)
Comerica Bank decreased its holdings in City Holding Company (NASDAQ:CHCO) by 5.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,283 shares of the bank’s stock after selling 926 shares during the quarter. Comerica Bank owned about 0.10% of City Holding worth $1,106,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in CHCO. Teachers Advisors LLC raised its position in City Holding by 1.5% in the 4th quarter. Teachers Advisors LLC now owns 27,185 shares of the bank’s stock valued at $1,838,000 after purchasing an additional 413 shares during the last quarter. Louisiana State Employees Retirement System raised its position in City Holding by 5.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 6,300 shares of the bank’s stock valued at $406,000 after purchasing an additional 300 shares during the last quarter. Wells Fargo & Company MN raised its position in City Holding by 6.7% in the 1st quarter. Wells Fargo & Company MN now owns 33,415 shares of the bank’s stock valued at $2,154,000 after purchasing an additional 2,089 shares during the last quarter. Great West Life Assurance Co. Can raised its position in City Holding by 6.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 21,117 shares of the bank’s stock valued at $1,361,000 after purchasing an additional 1,261 shares during the last quarter. Finally, First Trust Advisors LP raised its position in City Holding by 13.5% in the 1st quarter. First Trust Advisors LP now owns 28,769 shares of the bank’s stock valued at $1,855,000 after purchasing an additional 3,427 shares during the last quarter. Hedge funds and other institutional investors own 62.53% of the company’s stock.
In other City Holding news, CEO Charles R. Hageboeck sold 2,000 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $62.78, for a total value of $125,560.00. Following the sale, the chief executive officer now directly owns 72,984 shares in the company, valued at $4,581,935.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jeffrey Dale Legge sold 899 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $67.55, for a total value of $60,727.45. Following the completion of the sale, the chief accounting officer now owns 7,151 shares in the company, valued at $483,050.05. The disclosure for this sale can be found here. Company insiders own 3.88% of the company’s stock.
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A number of equities analysts have commented on the stock. BidaskClub upgraded shares of City Holding from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. ValuEngine upgraded shares of City Holding from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of City Holding from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective for the company in a research report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $70.33.
City Holding Company (NASDAQ:CHCO) opened at 64.70 on Monday. The stock has a market cap of $1.01 billion, a P/E ratio of 16.93 and a beta of 0.85. City Holding Company has a 12 month low of $48.40 and a 12 month high of $74.90. The firm’s 50-day moving average is $63.14 and its 200-day moving average is $65.14.
City Holding (NASDAQ:CHCO) last posted its earnings results on Monday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The company had revenue of $46.18 million for the quarter, compared to analysts’ expectations of $46.45 million. City Holding had a return on equity of 12.62% and a net margin of 29.07%. During the same period last year, the business posted $0.83 earnings per share. On average, equities analysts forecast that City Holding Company will post $3.87 earnings per share for the current fiscal year.
About City Holding
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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