Axxcess Wealth Management LLC Buys 92,276 Shares of City Holding (NASDAQ:CHCO)

Axxcess Wealth Management LLC increased its stake in City Holding (NASDAQ:CHCO) by 577.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 108,268 shares of the bank’s stock after purchasing an additional 92,276 shares during the quarter. Axxcess Wealth Management LLC owned approximately 0.73% of City worth $11,938,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHCO. Charles Schwab Investment Management Inc. grew its stake in shares of City by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 397,782 shares of the bank’s stock worth $35,940,000 after acquiring an additional 16,123 shares during the last quarter. Dupree Financial Group LLC acquired a new position in shares of City in the fourth quarter valued at $1,165,000. Jackson Creek Investment Advisors LLC acquired a new stake in City during the fourth quarter worth $1,047,000. SG Americas Securities LLC acquired a new position in shares of City in the 3rd quarter valued at $806,000. Finally, State Board of Administration of Florida Retirement System increased its stake in City by 205.3% in the third quarter. State Board of Administration of Florida Retirement System now owns 13,189 shares of the bank’s stock valued at $1,192,000 after acquiring an additional 8,869 shares during the period. Institutional investors and hedge funds own 72.43% of the company’s stock.

City Price Performance

CHCO traded down $0.29 during midday trading on Friday, hitting $104.47. The company had a trading volume of 60,433 shares, compared to its average volume of 58,936. The company has a market capitalization of $1.55 billion, a PE ratio of 13.14 and a beta of 0.50. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.81 and a current ratio of 0.82. The firm’s 50-day simple moving average is $102.01 and its 200-day simple moving average is $101.66. City Holding has a twelve month low of $82.53 and a twelve month high of $115.89.

City Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Monday, April 15th were given a dividend of $0.715 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $2.86 annualized dividend and a dividend yield of 2.74%. City’s payout ratio is currently 35.97%.

Analyst Ratings Changes

Several research firms have recently weighed in on CHCO. Hovde Group upped their price objective on City from $110.00 to $113.00 and gave the company a “market perform” rating in a research note on Thursday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $110.00 target price (up previously from $100.00) on shares of City in a report on Thursday, April 25th. Stephens cut their price target on shares of City from $100.00 to $99.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Finally, Piper Sandler upped their price objective on shares of City from $103.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $106.75.

Insider Transactions at City

In other City news, EVP John A. Derito sold 1,309 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $101.25, for a total transaction of $132,536.25. Following the completion of the transaction, the executive vice president now owns 28,620 shares in the company, valued at approximately $2,897,775. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP John A. Derito sold 1,309 shares of City stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $101.25, for a total value of $132,536.25. Following the sale, the executive vice president now owns 28,620 shares of the company’s stock, valued at $2,897,775. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Charles R. Hageboeck sold 8,899 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $101.00, for a total value of $898,799.00. Following the transaction, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at $5,375,018. The disclosure for this sale can be found here. Insiders have sold a total of 15,980 shares of company stock valued at $1,634,286 over the last three months. 2.45% of the stock is currently owned by corporate insiders.

City Company Profile

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust, and investment management, and other financial solutions in the United States. The company offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.