Key Points
- CEO sale: City CEO Charles Hageboeck sold 2,017 shares at an average of $120.68 for a total of $243,411.56, reducing his ownership by 3.85% to 50,359 shares (worth about $6.08M).
- Dividend hike: City raised its quarterly dividend to $0.87 from $0.79, equal to a $3.48 annualized payout and roughly a 2.8% yield with a 40% payout ratio.
- Mixed quarter and analyst view: Q3 EPS beat expectations ($2.41 vs. $2.15) but revenue missed ($61.29M vs. $80.17M); the stock trades near $122 with a $1.77B market cap and a consensus analyst rating of "Hold" (target $133.25).
City Holding Company (NASDAQ:CHCO - Get Free Report) CEO Charles Hageboeck sold 2,017 shares of City stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $120.68, for a total transaction of $243,411.56. Following the completion of the transaction, the chief executive officer owned 50,359 shares of the company's stock, valued at $6,077,324.12. This represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
City Trading Up 1.6%
NASDAQ:CHCO opened at $122.64 on Wednesday. City Holding Company has a 1 year low of $102.22 and a 1 year high of $134.53. The stock's fifty day moving average price is $121.34 and its two-hundred day moving average price is $122.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.82 and a quick ratio of 0.81. The company has a market cap of $1.77 billion, a P/E ratio of 14.10 and a beta of 0.54.
City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported $2.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.26. The company had revenue of $61.29 million for the quarter, compared to analyst estimates of $80.17 million. City had a return on equity of 16.66% and a net margin of 32.33%. As a group, analysts expect that City Holding Company will post 7.58 EPS for the current year.
City Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Wednesday, October 15th were given a dividend of $0.87 per share. This is a boost from City's previous quarterly dividend of $0.79. This represents a $3.48 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Wednesday, October 15th. City's dividend payout ratio (DPR) is currently 40.00%.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Quarry LP purchased a new stake in City in the third quarter valued at approximately $32,000. CWM LLC increased its holdings in shares of City by 43.9% in the 1st quarter. CWM LLC now owns 282 shares of the bank's stock worth $33,000 after buying an additional 86 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of City by 113.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank's stock valued at $46,000 after buying an additional 198 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of City by 463.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 428 shares of the bank's stock worth $52,000 after acquiring an additional 352 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in City by 28.4% in the second quarter. Smartleaf Asset Management LLC now owns 497 shares of the bank's stock worth $61,000 after acquiring an additional 110 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities analysts have recently commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of City in a research report on Wednesday, October 8th. Zacks Research cut shares of City from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 23rd. Finally, Wall Street Zen lowered shares of City from a "hold" rating to a "sell" rating in a research report on Sunday, November 16th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $133.25.
Get Our Latest Research Report on CHCO
About City
(
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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.
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