City (NASDAQ:CHCO) Issues Earnings Results

City (NASDAQ:CHCO) issued its quarterly earnings results on Wednesday. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.13, Zacks reports. City had a return on equity of 16.58% and a net margin of 32.72%.

City Stock Down 0.7%

NASDAQ CHCO opened at $134.99 on Wednesday. City has a 1-year low of $113.21 and a 1-year high of $138.18. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average is $128.96 and its two-hundred day moving average is $124.91. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 14.87 and a beta of 0.49.

City Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be issued a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, July 15th. City’s dividend payout ratio (DPR) is presently 38.33%.

City declared that its board has initiated a stock buyback program on Wednesday, March 25th that allows the company to repurchase 1,000,000 shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Hovde Group boosted their price target on shares of City from $133.00 to $135.00 and gave the company a “market perform” rating in a report on Tuesday, April 28th. Weiss Ratings raised City from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, City presently has an average rating of “Hold” and an average target price of $134.25.

Insider Buying and Selling

In related news, EVP Jeffrey Dale Legge sold 1,309 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $125.00, for a total transaction of $163,625.00. Following the completion of the sale, the executive vice president owned 7,656 shares in the company, valued at $957,000. This trade represents a 14.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO David L. Bumgarner sold 1,161 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $124.50, for a total value of $144,544.50. Following the sale, the chief financial officer owned 10,666 shares in the company, valued at approximately $1,327,917. This trade represents a 9.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 12,975 shares of company stock valued at $1,622,853. 1.75% of the stock is owned by insiders.

Hedge Funds Weigh In On City

Large investors have recently modified their holdings of the stock. Kestra Advisory Services LLC acquired a new stake in shares of City in the 4th quarter valued at $29,000. Quarry LP bought a new position in City during the third quarter worth about $32,000. Simplex Trading LLC acquired a new position in City during the fourth quarter valued at approximately $36,000. Geneos Wealth Management Inc. increased its position in shares of City by 113.1% in 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. Finally, Global Retirement Partners LLC bought a new stake in shares of City in the fourth quarter worth about $52,000. 72.43% of the stock is currently owned by institutional investors and hedge funds.

City Company Profile

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.