City Holding (NASDAQ:CHCO – Get Rating) announced a quarterly dividend on Wednesday, May 25th, Zacks reports. Stockholders of record on Friday, July 15th will be given a dividend of 0.60 per share by the bank on Friday, July 29th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Thursday, July 14th.
City has increased its dividend by an average of 5.7% per year over the last three years and has raised its dividend every year for the last 9 years. City has a payout ratio of 40.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect City to earn $5.82 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 41.2%.
Shares of CHCO traded down $0.03 during mid-day trading on Friday, reaching $82.09. 39 shares of the company’s stock traded hands, compared to its average volume of 71,626. The business’s 50-day moving average price is $78.43 and its 200-day moving average price is $79.96. The stock has a market capitalization of $1.23 billion, a P/E ratio of 14.09 and a beta of 0.56. City has a 12 month low of $71.61 and a 12 month high of $86.30.
Several equities research analysts recently commented on CHCO shares. Zacks Investment Research raised City from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Thursday, March 31st. StockNews.com cut City from a “hold” rating to a “sell” rating in a report on Monday.
In other City news, CEO Charles R. Hageboeck sold 5,050 shares of City stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $80.08, for a total transaction of $404,404.00. Following the transaction, the chief executive officer now directly owns 54,109 shares in the company, valued at approximately $4,333,048.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David L. Bumgarner sold 1,760 shares of the business’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $80.00, for a total transaction of $140,800.00. Following the transaction, the chief financial officer now owns 9,947 shares in the company, valued at $795,760. The disclosure for this sale can be found here. Insiders sold 8,660 shares of company stock worth $692,446 in the last ninety days. 2.56% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC bought a new stake in City in the first quarter valued at about $27,000. Public Employees Retirement System of Ohio increased its stake in City by 41.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 562 shares of the bank’s stock valued at $46,000 after acquiring an additional 164 shares during the period. Advisor Group Holdings Inc. increased its stake in City by 80.4% in the first quarter. Advisor Group Holdings Inc. now owns 655 shares of the bank’s stock valued at $52,000 after acquiring an additional 292 shares during the period. Captrust Financial Advisors increased its stake in City by 7.6% in the first quarter. Captrust Financial Advisors now owns 2,821 shares of the bank’s stock valued at $222,000 after acquiring an additional 200 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in City in the third quarter valued at about $261,000. 64.12% of the stock is owned by hedge funds and other institutional investors.
About City (Get Rating)
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 offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.
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