JPMorgan Chase & Co. Has $36.71 Million Stake in City Holding Company (CHCO)
JPMorgan Chase & Co. increased its holdings in City Holding Company (NASDAQ:CHCO) by 3.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 513,118 shares of the bank’s stock after acquiring an additional 15,216 shares during the period. JPMorgan Chase & Co. owned about 3.29% of City worth $36,713,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in City by 4.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,469,229 shares of the bank’s stock worth $96,778,000 after purchasing an additional 57,001 shares during the last quarter. Zacks Investment Management acquired a new position in City in the 2nd quarter worth about $2,178,000. WBI Investments Inc. acquired a new position in City in the 2nd quarter worth about $1,491,000. Northern Trust Corp increased its position in City by 2.2% in the 2nd quarter. Northern Trust Corp now owns 478,138 shares of the bank’s stock worth $31,495,000 after purchasing an additional 10,505 shares during the last quarter. Finally, First Trust Advisors LP increased its position in City by 34.8% in the 2nd quarter. First Trust Advisors LP now owns 38,774 shares of the bank’s stock worth $2,554,000 after purchasing an additional 10,005 shares during the last quarter. 64.97% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have weighed in on CHCO. BidaskClub lowered City from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 20th. Zacks Investment Research lowered City from a “buy” rating to a “hold” rating in a report on Monday, September 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $70.33.
City (NASDAQ:CHCO) last issued its quarterly earnings data on Wednesday, October 18th. The bank reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.01. The business had revenue of $45.90 million for the quarter, compared to analyst estimates of $47.18 million. City had a return on equity of 12.34% and a net margin of 29.25%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.88 EPS. analysts expect that City Holding Company will post 3.83 earnings per share for the current year.
In other City news, CFO David L. Bumgarner sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $73.00, for a total value of $73,000.00. Following the sale, the chief financial officer now owns 10,965 shares of the company’s stock, valued at approximately $800,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.88% of the company’s stock.
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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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