City (NASDAQ:CHCO) Sets New 52-Week High Following Better-Than-Expected Earnings

Shares of City Holding Company (NASDAQ:CHCO) reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $139.74 and last traded at $138.58, with a volume of 144599 shares traded. The stock had previously closed at $134.99.

The bank reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.22 by $0.13. City had a return on equity of 16.58% and a net margin of 32.72%.The company had revenue of $81.52 million during the quarter, compared to analysts’ expectations of $80.64 million.

City Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, July 15th. City’s payout ratio is 38.33%.

City declared that its board has approved a share buyback plan on Wednesday, March 25th that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at City

In related news, EVP Michael T. Quinlan, Jr. sold 1,210 shares of City stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $126.09, for a total value of $152,568.90. Following the completion of the transaction, the executive vice president owned 3,314 shares in the company, valued at approximately $417,862.26. The trade was a 26.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Charles R. Hageboeck sold 1,858 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $124.40, for a total transaction of $231,135.20. Following the sale, the chief executive officer directly owned 48,483 shares in the company, valued at approximately $6,031,285.20. The trade was a 3.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 12,975 shares of company stock worth $1,622,853 over the last ninety days. Company insiders own 1.75% of the company’s stock.

Institutional Trading of City

A number of large investors have recently modified their holdings of the stock. First Horizon Corp grew its stake in City by 146.0% during the 4th quarter. First Horizon Corp now owns 246 shares of the bank’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of City in the 4th quarter valued at about $29,000. Quarry LP acquired a new position in shares of City during the third quarter worth about $32,000. Simplex Trading LLC acquired a new position in shares of City during the fourth quarter worth about $36,000. Finally, Geneos Wealth Management Inc. increased its stake in shares of City by 113.1% during the second quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank’s stock worth $46,000 after buying an additional 198 shares during the period. Hedge funds and other institutional investors own 72.43% of the company’s stock.

City Price Performance

The stock’s 50 day moving average is $128.96 and its two-hundred day moving average is $124.91. The stock has a market capitalization of $1.96 billion, a PE ratio of 15.20 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.84.

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.