Key Points
- City Holding EVP Jeffrey Dale Legge sold 512 shares for $74,393.60 at an average price of $145.30, reducing his stake by 6.27% to 7,656 shares.
- City reported quarterly EPS of $2.43, above the $2.36 estimate, and revenue of $84.04 million, also ahead of expectations.
- The company raised its quarterly dividend from $0.87 to $1.00 per share, equivalent to a $4.00 annual dividend and a 2.8% yield.
City Holding Company (NASDAQ:CHCO - Get Free Report) EVP Jeffrey Legge sold 512 shares of the company's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $145.30, for a total transaction of $74,393.60. Following the transaction, the executive vice president owned 7,656 shares of the company's stock, valued at approximately $1,112,416.80. This represents a 6.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
City Stock Performance
Shares of NASDAQ CHCO opened at $142.05 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $2.00 billion, a P/E ratio of 15.51 and a beta of 0.49. The firm's fifty day moving average is $142.21 and its two-hundred day moving average is $131.93. City Holding Company has a 52-week low of $113.21 and a 52-week high of $148.99.
City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings data on Monday, October 26th. The bank reported $2.43 EPS for the quarter, beating the consensus estimate of $2.36 by $0.07. City had a net margin of 32.31% and a return on equity of 16.22%. The business had revenue of $84.04 million during the quarter, compared to the consensus estimate of $83.07 million. As a group, analysts anticipate that City Holding Company will post 9.36 EPS for the current fiscal year.
City Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 15th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend 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 payout ratio is presently 43.67%.
Wall Street Analyst Weigh In
A number of brokerages recently commented on CHCO. Hovde Group increased their price target on City from $135.00 to $143.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Weiss Ratings downgraded City from a "buy (a)" rating to a "buy (a-)" rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on City from $145.00 to $147.00 and gave the stock a "hold" rating in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, City presently has a consensus rating of "Moderate Buy" and an average price target of $140.00.
View Our Latest Stock Analysis on City
Institutional Investors Weigh In On City
Hedge funds have recently bought and sold shares of the business. R Squared Ltd bought a new position in City during the third quarter valued at $258,000. Maryland State Retirement & Pension System grew its stake in shares of City by 51.3% in the 3rd quarter. Maryland State Retirement & Pension System now owns 3,097 shares of the bank's stock worth $431,000 after buying an additional 1,050 shares in the last quarter. Heritage Family Offices LLP bought a new stake in shares of City in the 3rd quarter worth about $116,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of City in the 3rd quarter worth about $1,862,000. Finally, ProShare Advisors LLC increased 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 worth $10,100,000 after buying an additional 70,584 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company's stock.
City Company Profile
(
Get Free Report)
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.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
