City (NASDAQ:CHCO) Sees Strong Trading Volume – Here’s What Happened

City Holding Company (NASDAQ:CHCO) saw unusually-high trading volume on Wednesday . 99,589 shares were traded during mid-day trading, a decline of 11% from the previous session’s volume of 112,295 shares.The stock last traded at $131.47 and had previously closed at $132.78.

Wall Street Analyst Weigh In

CHCO has been the subject of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of City in a report on Wednesday, May 27th. Hovde Group upped their price objective on City from $133.00 to $135.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. 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 $134.25.

City Stock Up 1.3%

The firm has a market cap of $1.87 billion, a P/E ratio of 14.61 and a beta of 0.49. The company’s 50-day simple moving average is $126.96 and its 200 day simple moving average is $124.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.84.

City (NASDAQ:CHCO) last announced its earnings results on Thursday, April 23rd. The bank reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.03. City had a net margin of 32.72% and a return on equity of 16.58%. The firm had revenue of $79.25 million for the quarter, compared to analysts’ expectations of $79.25 million. Research analysts anticipate that City Holding Company will post 8.99 EPS for the current fiscal year.

City Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.87 per share. The ex-dividend date is Wednesday, July 15th. This represents a $3.48 dividend on an annualized basis and a yield of 2.6%. City’s dividend payout ratio is 38.33%.

City announced that its board has initiated a stock repurchase plan on Wednesday, March 25th that authorizes the company to repurchase 1,000,000 shares. This repurchase authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO David L. Bumgarner sold 1,161 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $124.50, for a total transaction of $144,544.50. Following the transaction, the chief financial officer owned 10,666 shares of the company’s stock, valued at approximately $1,327,917. The trade was a 9.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey Dale Legge sold 1,309 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $125.00, for a total value of $163,625.00. Following the sale, the executive vice president owned 7,656 shares in the company, valued at $957,000. The trade was a 14.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have bought 455 shares of company stock worth $57,018 and have sold 12,975 shares worth $1,622,853. 1.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On City

Several hedge funds have recently added to or reduced their stakes in the company. Apollon Wealth Management LLC lifted its stake in City by 4.2% in the fourth quarter. Apollon Wealth Management LLC now owns 1,996 shares of the bank’s stock worth $238,000 after purchasing an additional 81 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of City by 3.0% during the fourth quarter. ProShare Advisors LLC now owns 2,740 shares of the bank’s stock valued at $327,000 after buying an additional 81 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of City by 28.4% during the second quarter. Smartleaf Asset Management LLC now owns 497 shares of the bank’s stock valued at $61,000 after buying an additional 110 shares during the last quarter. R Squared Ltd grew its stake in shares of City by 6.6% during the fourth quarter. R Squared Ltd now owns 2,135 shares of the bank’s stock valued at $254,000 after buying an additional 132 shares during the last quarter. Finally, First Horizon Corp raised its holdings in shares of City by 146.0% in the fourth quarter. First Horizon Corp now owns 246 shares of the bank’s stock worth $29,000 after buying an additional 146 shares during the period. 72.43% of the stock is currently owned by institutional investors.

City Company Profile

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.