City (NASDAQ:CHCO) Issues Earnings Results, Beats Estimates By $0.07 EPS

City (NASDAQ:CHCO) released its earnings results on Monday. The bank reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.07, Zacks reports. City had a return on equity of 16.34% and a net margin of 32.58%.

City Stock Performance

Shares of CHCO opened at $142.01 on Monday. The firm has a 50-day moving average of $142.51 and a 200-day moving average of $135.00. City has a one year low of $113.21 and a one year high of $148.99. The company has a market cap of $2.00 billion, a PE ratio of 15.54 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.83 and a quick ratio of 0.83.

City Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be given a $1.00 dividend. This is a boost from City’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. City’s payout ratio is 43.76%.

Analyst Upgrades and Downgrades

CHCO has been the subject of several recent research reports. Weiss Ratings raised City from a “buy (a-)” rating to a “buy (a)” rating in a research report on Friday, October 16th. Hovde Group increased their price objective on City from $135.00 to $143.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods lifted their target price on City from $135.00 to $145.00 and gave the company a “market perform” rating in a research report on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $139.33.

Insider Activity

In related news, Director Sharon H. Rowe sold 400 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $143.96, for a total value of $57,584.00. Following the completion of the sale, the director directly owned 10,576 shares in the company, valued at approximately $1,522,520.96. This trade represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles R. Hageboeck sold 4,485 shares of City stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $144.96, for a total value of $650,145.60. Following the transaction, the chief executive officer owned 43,998 shares of the company’s stock, valued at $6,377,950.08. The trade was a 9.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have bought a total of 480 shares of company stock worth $68,222 over the last 90 days. 1.75% of the stock is owned by company insiders.

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.