City (NASDAQ:CHCO) Stock: Insider Robert Fisher Acquires 165 Shares

City Holding Company (NASDAQ:CHCO) Director Robert Fisher bought 165 shares of the company’s stock in a transaction on Friday, October 23rd. The stock was purchased at an average price of $142.13 per share, with a total value of $23,451.45. Following the completion of the transaction, the director directly owned 47,877 shares of the company’s stock, valued at approximately $6,804,758.01. The trade was a 0.35% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

City Trading Down 1.0%

Shares of CHCO stock traded down $1.39 during mid-day trading on Friday, reaching $142.01. 112,363 shares of the stock traded hands, compared to its average volume of 115,985. The stock’s fifty day simple moving average is $142.62 and its two-hundred day simple moving average is $134.86. City Holding Company has a 1-year low of $113.21 and a 1-year high of $148.99. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 15.54 and a beta of 0.49. 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 released its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. City had a return on equity of 16.34% and a net margin of 32.58%. The company had revenue of $81.52 million for the quarter, compared to analysts’ expectations of $80.64 million. On average, research analysts anticipate that City Holding Company will post 9.32 EPS for the current fiscal year.

City Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, October 15th. This represents a $4.00 annualized dividend and a yield of 2.8%. This is a boost from City’s previous quarterly dividend of $0.87. City’s dividend payout ratio is 43.76%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Hovde Group boosted their target price on shares of City from $135.00 to $143.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods raised their price target on shares of City from $135.00 to $145.00 and gave the company a “market perform” rating in a research note on Thursday, October 1st. Finally, Weiss Ratings upgraded shares of City from a “buy (a-)” rating to a “buy (a)” rating in a report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, City has an average rating of “Moderate Buy” and a consensus target price of $139.33.

Institutional Investors Weigh In On City

Several institutional investors and hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP lifted its stake in shares of City by 35.2% in the first quarter. First Trust Advisors LP now owns 61,693 shares of the bank’s stock worth $7,374,000 after acquiring an additional 16,060 shares during the period. Bank of America Corp DE bought a new stake in City in the second quarter valued at approximately $4,181,000. Renaissance Technologies LLC boosted its holdings in City by 55.0% in the first quarter. Renaissance Technologies LLC now owns 61,686 shares of the bank’s stock valued at $7,373,000 after acquiring an additional 21,898 shares during the last quarter. Quantbot Technologies LP acquired a new stake in City during the 2nd quarter valued at approximately $1,189,000. Finally, BlackRock Inc. acquired a new stake in City during the 2nd quarter valued at approximately $270,231,000. Institutional investors and hedge funds own 72.43% of the company’s stock.

About City

City Holding Company (NASDAQ: CHCO) is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides banking and financial services to individuals, businesses and institutions.

City National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, credit cards, cash-management services, investment products and trust services. Its activities also include wealth management and related financial services designed for retail, business and institutional customers.

The company serves communities primarily in West Virginia, Virginia, eastern Kentucky and southeastern Ohio through a network of branches and other delivery channels.