City (CHCO) Reaches New 12-Month High and Low on Strong Earnings

Shares of City Holding (NASDAQ:CHCO) hit a new 52-week high and low during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as low as $75.00 and last traded at $74.60, with a volume of 25396 shares. The stock had previously closed at $74.80.

The bank reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.11. City had a return on equity of 12.40% and a net margin of 26.25%. The company had revenue of $47.96 million during the quarter, compared to analysts’ expectations of $47.43 million.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Friday, April 13th will be given a $0.46 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.49%. City’s dividend payout ratio is currently 46.70%.

A number of analysts have weighed in on the company. Boenning Scattergood reaffirmed a “hold” rating on shares of City in a research report on Wednesday, January 24th. Zacks Investment Research cut City from a “buy” rating to a “hold” rating in a research report on Tuesday, February 20th. Sandler O’Neill set a $72.00 price target on City and gave the stock a “hold” rating in a research report on Thursday, January 4th. Finally, BidaskClub raised City from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 18th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $74.50.

In other news, CEO Charles R. Hageboeck sold 5,114 shares of City stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $68.29, for a total value of $349,235.06. Following the transaction, the chief executive officer now directly owns 70,863 shares in the company, valued at $4,839,234.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.83% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Lbmc Investment Advisors LLC bought a new position in shares of City in the fourth quarter worth about $202,000. Xact Kapitalforvaltning AB bought a new position in shares of City in the fourth quarter worth about $213,000. McKinley Carter Wealth Services Inc. bought a new position in shares of City in the fourth quarter worth about $225,000. Asset Management One Co. Ltd. bought a new position in shares of City in the third quarter worth about $315,000. Finally, Teacher Retirement System of Texas bought a new position in shares of City in the fourth quarter worth about $361,000. Institutional investors and hedge funds own 66.32% of the company’s stock.

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $1,116.97, a P/E ratio of 18.77, a PEG ratio of 1.95 and a beta of 0.74.

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About City

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust and investment management, and other financial solutions in the United States. The company accepts various deposit products, such as checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.

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