13,385 Shares of City Holding Company $CHCO Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in City Holding Company (NASDAQ:CHCO) in the third quarter, HoldingsChannel.com reports. The fund acquired 13,385 shares of the bank’s stock, valued at approximately $1,862,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in City during the 2nd quarter worth approximately $270,231,000. Dimensional Fund Advisors LP lifted its holdings in shares of City by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,344 shares of the bank’s stock valued at $56,217,000 after buying an additional 8,992 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of City in the 2nd quarter valued at approximately $15,012,000. ProShare Advisors LLC lifted its holdings in shares of City by 3,506.4% in the 3rd quarter. ProShare Advisors LLC now owns 72,597 shares of the bank’s stock valued at $10,100,000 after buying an additional 70,584 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of City by 2.1% in the first quarter. Principal Financial Group Inc. now owns 70,262 shares of the bank’s stock valued at $8,398,000 after buying an additional 1,460 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

City Stock Performance

CHCO opened at $141.49 on Friday. The stock has a market cap of $1.99 billion, a P/E ratio of 15.45 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s 50 day simple moving average is $142.18 and its 200 day simple moving average is $132.03. City Holding Company has a 1-year low of $113.21 and a 1-year high of $148.99.

City (NASDAQ:CHCO) last issued its quarterly earnings data on Monday, October 26th. The bank reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.07. The firm had revenue of $84.04 million during the quarter, compared to analysts’ expectations of $83.07 million. City had a return on equity of 16.34% and a net margin of 32.31%. As a group, equities analysts anticipate that City Holding Company will post 9.37 EPS for the current fiscal year.

City Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Thursday, October 15th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.8%. This is a positive change from City’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Thursday, October 15th. City’s dividend payout ratio is currently 43.67%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on City from $145.00 to $147.00 and gave the stock a “hold” rating in a report on Tuesday, October 27th. Hovde Group raised their target price on City from $135.00 to $143.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Weiss Ratings downgraded City from a “buy (a)” rating to a “buy (a-)” rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $140.00.

Insiders Place Their Bets

In related news, Director Sharon H. Rowe sold 400 shares of the business’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 $1,522,520.96. The trade was a 3.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey Legge sold 512 shares of the business’s stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $145.30, for a total transaction of $74,393.60. Following the completion of the sale, the executive vice president owned 7,656 shares in the company, valued at $1,112,416.80. This represents a 6.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders bought 480 shares of company stock valued at $68,222. Company insiders own 1.75% of the company’s stock.

City Profile

City Holding Company (NASDAQ: CHCO) is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides banking and financial services to individuals, businesses and institutions.

City National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, credit cards, cash-management services, investment products and trust services. Its activities also include wealth management and related financial services designed for retail, business and institutional customers.

The company serves communities primarily in West Virginia, Virginia, eastern Kentucky and southeastern Ohio through a network of branches and other delivery channels.