Morgan Stanley Sells 10,628 Shares of City Holding Company (CHCO)
Morgan Stanley decreased its position in shares of City Holding Company (NASDAQ:CHCO) by 13.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,832 shares of the bank’s stock after selling 10,628 shares during the period. Morgan Stanley’s holdings in City Holding were worth $4,373,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of CHCO. Norges Bank acquired a new stake in shares of City Holding during the fourth quarter worth about $12,519,000. Teachers Advisors LLC increased its stake in shares of City Holding by 1.5% in the fourth quarter. Teachers Advisors LLC now owns 27,185 shares of the bank’s stock worth $1,838,000 after buying an additional 413 shares during the last quarter. Bank of Montreal Can increased its stake in shares of City Holding by 11.6% in the first quarter. Bank of Montreal Can now owns 36,041 shares of the bank’s stock worth $2,324,000 after buying an additional 3,733 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of City Holding by 5.0% in the first quarter. Louisiana State Employees Retirement System now owns 6,300 shares of the bank’s stock worth $406,000 after buying an additional 300 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of City Holding by 6.2% in the first quarter. State of Alaska Department of Revenue now owns 1,720 shares of the bank’s stock worth $110,000 after buying an additional 100 shares during the last quarter. 62.38% of the stock is owned by hedge funds and other institutional investors.
Shares of City Holding Company (CHCO) traded down 1.80% on Friday, reaching $60.97. 70,211 shares of the company traded hands. City Holding Company has a 1-year low of $48.17 and a 1-year high of $74.90. The stock has a market capitalization of $952.17 million, a price-to-earnings ratio of 15.95 and a beta of 0.84. The company has a 50-day moving average of $65.42 and a 200-day moving average of $65.70.
City Holding (NASDAQ:CHCO) last announced its earnings results on Monday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.11. City Holding had a net margin of 29.07% and a return on equity of 12.62%. The business had revenue of $46.18 million for the quarter, compared to analyst estimates of $46.45 million. During the same quarter last year, the business earned $0.83 earnings per share. Analysts anticipate that City Holding Company will post $3.87 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Friday, July 14th were given a $0.44 dividend. The ex-dividend date was Wednesday, July 12th. This represents a $1.76 annualized dividend and a dividend yield of 2.89%. City Holding’s dividend payout ratio (DPR) is 45.95%.
A number of equities research analysts have recently issued reports on CHCO shares. Zacks Investment Research raised shares of City Holding from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Friday, April 21st. ValuEngine raised shares of City Holding from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, BidaskClub raised shares of City Holding from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $70.33.
In related news, EVP Craig G. Stilwell sold 7,931 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $64.85, for a total transaction of $514,325.35. Following the transaction, the executive vice president now directly owns 26,865 shares in the company, valued at $1,742,195.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles R. Hageboeck sold 6,821 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $65.71, for a total transaction of $448,207.91. Following the transaction, the chief executive officer now owns 75,080 shares in the company, valued at $4,933,506.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,586 shares of company stock worth $1,726,691. Company insiders own 3.88% of the company’s stock.
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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