Shares of City Holding Company (NASDAQ:CHCO – Get Free Report) saw an uptick in trading volume on Monday . 89,561 shares were traded during trading, a decline of 18% from the previous session’s volume of 109,790 shares.The stock last traded at $122.3450 and had previously closed at $122.00.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on CHCO shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of City in a research report on Tuesday, December 23rd. Piper Sandler lifted their target price on City from $125.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, City has a consensus rating of “Hold” and a consensus target price of $134.50.
City Trading Up 1.2%
City (NASDAQ:CHCO – Get Free Report) last announced its earnings results on Wednesday, January 21st. The bank reported $2.18 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.11). City had a return on equity of 16.61% and a net margin of 32.56%.The business had revenue of $60.83 million for the quarter, compared to analysts’ expectations of $81.38 million. Sell-side analysts predict that City Holding Company will post 7.58 EPS for the current year.
City Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be paid a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, April 15th. City’s payout ratio is 38.93%.
City declared that its Board of Directors has authorized a stock buyback program on Wednesday, March 25th that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Insiders Place Their Bets
In related news, CEO Charles R. Hageboeck sold 1,275 shares of the business’s stock in a transaction 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 transaction, the chief executive officer directly owned 49,084 shares in the company, valued at $6,151,697.72. The trade was a 2.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders acquired 553 shares of company stock worth $64,082. 1.75% of the stock is owned by insiders.
Institutional Trading of City
Hedge funds have recently modified their holdings of the stock. State Street Corp raised its holdings in City by 1.0% in 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 period. Charles Schwab Investment Management Inc. raised its holdings in City by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 593,455 shares of the bank’s stock worth $70,740,000 after purchasing an additional 6,552 shares during the period. JPMorgan Chase & Co. raised its holdings in City by 0.6% in the 4th quarter. JPMorgan Chase & Co. now owns 213,447 shares of the bank’s stock worth $25,443,000 after purchasing an additional 1,354 shares during the period. Two Sigma Investments LP raised its holdings in City by 136.4% in the 3rd quarter. Two Sigma Investments LP now owns 123,803 shares of the bank’s stock worth $15,335,000 after purchasing an additional 71,436 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in City by 19.6% in the 3rd quarter. Qube Research & Technologies Ltd now owns 94,830 shares of the bank’s stock worth $11,747,000 after purchasing an additional 15,546 shares during the period. 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.
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