City Holding Company (NASDAQ:CHCO – Get Free Report) Director Javier Reyes bought 95 shares of the firm’s stock in a transaction that occurred on Friday, October 23rd. The shares were purchased at an average cost of $142.13 per share, with a total value of $13,502.35. Following the acquisition, the director directly owned 2,463 shares of the company’s stock, valued at approximately $350,066.19. This trade represents a 4.01% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
City Price Performance
Shares of NASDAQ CHCO opened at $142.01 on Friday. The business’s 50 day moving average price is $142.51 and its 200 day moving average price is $134.91. The firm has a market cap of $2.00 billion, a P/E ratio of 15.54 and a beta of 0.49. City Holding Company has a 52 week low of $113.21 and a 52 week high of $148.99. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19.
City (NASDAQ:CHCO – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. City had a net margin of 32.58% and a return on equity of 16.34%. The company had revenue of $81.52 million for the quarter, compared to the consensus estimate of $80.64 million. On average, sell-side analysts expect that City Holding Company will post 9.32 earnings per share for the current year.
City Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 15th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, October 15th. This is a positive change from City’s previous quarterly dividend of $0.87. City’s dividend payout ratio (DPR) is presently 43.76%.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in City in the 2nd quarter worth approximately $270,231,000. Bank of New York Mellon Corp acquired a new stake in shares of City during the 2nd quarter worth approximately $15,012,000. Legal & General Group Plc purchased a new position in shares of City during the 2nd quarter valued at approximately $4,585,000. Bank of America Corp DE purchased a new position in shares of City during the 2nd quarter valued at approximately $4,181,000. Finally, Man Group plc purchased a new position in shares of City during the 2nd quarter valued at approximately $3,558,000. 72.43% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on CHCO shares. Keefe, Bruyette & Woods increased their price objective on shares of City from $135.00 to $145.00 and gave the stock a “market perform” rating in a research note on Thursday, October 1st. Hovde Group raised their target price on shares of City from $135.00 to $143.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of City from a “buy (a-)” rating to a “buy (a)” rating in a research report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $139.33.
Get Our Latest Analysis on City
About City
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.
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