Prudential Financial Inc. Boosts Stake in City Holding Company (CHCO)
Prudential Financial Inc. raised its stake in shares of City Holding Company (NASDAQ:CHCO) by 21.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 32,193 shares of the bank’s stock after purchasing an additional 5,640 shares during the quarter. Prudential Financial Inc. owned 0.21% of City worth $2,315,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of the company. Crossmark Global Holdings Inc. bought a new position in shares of City during the 3rd quarter worth about $248,000. Piedmont Investment Advisors LLC bought a new position in shares of City during the 2nd quarter worth about $222,000. Susquehanna International Group LLP bought a new position in shares of City during the 2nd quarter worth about $241,000. Scotia Capital Inc. increased its holdings in shares of City by 14.1% during the 2nd quarter. Scotia Capital Inc. now owns 16,047 shares of the bank’s stock worth $1,057,000 after purchasing an additional 1,985 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of City by 2.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 152,590 shares of the bank’s stock worth $10,051,000 after purchasing an additional 3,457 shares during the period. Institutional investors own 64.97% of the company’s stock.
Several research analysts have recently issued reports on the stock. BidaskClub downgraded shares of City from a “strong-buy” rating to a “buy” rating in a report on Friday, October 20th. Zacks Investment Research downgraded shares of City from a “buy” rating to a “hold” rating in a report on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $70.33.
In related news, CFO David L. Bumgarner sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were 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 $800,445. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.88% of the company’s stock.
Shares of City Holding Company (NASDAQ CHCO) opened at $70.59 on Tuesday. The firm has a market cap of $1,093.26, a PE ratio of 18.23, a P/E/G ratio of 1.83 and a beta of 0.83. City Holding Company has a 52 week low of $58.80 and a 52 week high of $74.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.90 and a quick ratio of 0.90.
City (NASDAQ:CHCO) last posted its earnings results on Wednesday, October 18th. The bank reported $0.89 earnings per share 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 analysts’ expectations of $47.18 million. City had a net margin of 29.25% and a return on equity of 12.34%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 earnings per share. equities analysts expect that City Holding Company will post 3.83 EPS for the current year.
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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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