City (NASDAQ:CHCO) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of City Holding Company (NASDAQ:CHCO) saw unusually-strong trading volume on Thursday following a dividend announcement from the company. Approximately 95,304 shares were traded during trading, a decline of 11% from the previous session’s volume of 106,970 shares.The stock last traded at $120.7350 and had previously closed at $119.40.

The newly announced dividend which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be issued a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, April 15th. City’s dividend payout ratio (DPR) is 38.93%.

Analyst Ratings Changes

A number of brokerages have issued reports on CHCO. Weiss Ratings reissued a “buy (b+)” rating on shares of City in a report on Tuesday, December 23rd. Piper Sandler lifted their target price on shares of City from $125.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. 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, the company presently has a consensus rating of “Hold” and an average price target of $134.50.

City Stock Down 1.6%

The company has a market cap of $1.71 billion, a PE ratio of 13.36 and a beta of 0.51. The business has a 50-day simple moving average of $122.10 and a 200-day simple moving average of $122.23. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $2.18 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.11). City had a net margin of 32.56% and a return on equity of 16.61%. The business had revenue of $60.83 million during the quarter, compared to analysts’ expectations of $81.38 million. Equities research analysts anticipate that City Holding Company will post 7.58 EPS for the current year.

City declared that its Board of Directors has authorized 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at City

In other City news, CEO Charles R. Hageboeck sold 1,275 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $125.33, for a total transaction of $159,795.75. Following the completion of the transaction, the chief executive officer owned 49,084 shares of the company’s stock, valued at $6,151,697.72. This represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased a total of 553 shares of company stock worth $64,082 over the last ninety days. 1.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in City by 1.0% during the 2nd quarter. State Street Corp now owns 639,166 shares of the bank’s stock worth $78,247,000 after purchasing an additional 6,371 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of City by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 593,455 shares of the bank’s stock valued at $70,740,000 after buying an additional 6,552 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of City by 0.6% in the fourth quarter. JPMorgan Chase & Co. now owns 213,447 shares of the bank’s stock worth $25,443,000 after buying an additional 1,354 shares in the last quarter. Two Sigma Investments LP boosted its position in City by 136.4% during the third quarter. Two Sigma Investments LP now owns 123,803 shares of the bank’s stock worth $15,335,000 after acquiring an additional 71,436 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in City by 19.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 94,830 shares of the bank’s stock valued at $11,747,000 after acquiring an additional 15,546 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

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.