City (NASDAQ:CHCO) Issues Earnings Results

City (NASDAQ:CHCO) released its quarterly earnings results on Wednesday. The bank reported $2.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.11), Zacks reports. The business had revenue of $60.83 million during the quarter, compared to the consensus estimate of $81.38 million. City had a return on equity of 16.66% and a net margin of 32.33%.

City Price Performance

Shares of CHCO opened at $124.26 on Thursday. The stock has a market cap of $1.79 billion, a P/E ratio of 14.28 and a beta of 0.52. The stock’s 50-day moving average price is $122.46 and its two-hundred day moving average price is $123.35. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. City has a 1 year low of $102.22 and a 1 year high of $133.59.

City Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 15th will be paid a $0.87 dividend. The ex-dividend date of this dividend is Thursday, January 15th. This represents a $3.48 annualized dividend and a yield of 2.8%. City’s dividend payout ratio is presently 40.00%.

Insider Buying and Selling

In other City news, CEO Charles R. Hageboeck sold 2,017 shares of City stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $120.68, for a total transaction of $243,411.56. Following the transaction, the chief executive officer directly owned 50,359 shares in the company, valued at approximately $6,077,324.12. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On City

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its holdings in shares of City by 5.6% during the first quarter. Royal Bank of Canada now owns 15,586 shares of the bank’s stock worth $1,831,000 after buying an additional 821 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of City by 34.5% during the 1st quarter. AQR Capital Management LLC now owns 8,977 shares of the bank’s stock worth $1,055,000 after acquiring an additional 2,305 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of City by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,634 shares of the bank’s stock worth $1,014,000 after buying an additional 387 shares during the period. Jones Financial Companies Lllp acquired a new position in shares of City in the first quarter valued at approximately $104,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of City by 7.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 38,285 shares of the bank’s stock valued at $4,497,000 after acquiring an additional 2,603 shares during the period. 72.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of City in a research report on Tuesday, December 23rd. Wall Street Zen cut City from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. Finally, Piper Sandler started coverage on shares of City in a research note on Wednesday, December 3rd. They set a “neutral” rating and a $125.00 price target for the company. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $133.25.

About City

City Holding Company (NASDAQ:CHCO) is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company’s product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.