City (NASDAQ:CHCO) Issues Quarterly Earnings Results

City (NASDAQ:CHCO) announced its quarterly earnings results on Wednesday. The bank reported $2.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.11), Zacks reports. City had a net margin of 32.33% and a return on equity of 16.66%.

City Price Performance

Shares of City stock opened at $121.76 on Wednesday. City has a 52 week low of $102.22 and a 52 week high of $133.59. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. The company’s 50-day moving average price is $122.39 and its two-hundred day moving average price is $123.34. The stock has a market cap of $1.75 billion, a PE ratio of 14.00 and a beta of 0.52.

City Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Thursday, January 15th will be issued a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, January 15th. City’s payout ratio is presently 40.00%.

Insider Activity

In related news, CEO Charles R. Hageboeck sold 2,017 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $120.68, for a total transaction of $243,411.56. Following the completion of the sale, the chief executive officer directly owned 50,359 shares in the company, valued at approximately $6,077,324.12. This trade represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On City

Several large investors have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of City during the third quarter valued at $32,000. Geneos Wealth Management Inc. raised its holdings in City by 113.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank’s stock worth $46,000 after buying an additional 198 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of City by 463.2% in the second quarter. EverSource Wealth Advisors LLC now owns 428 shares of the bank’s stock worth $52,000 after buying an additional 352 shares during the period. Smartleaf Asset Management LLC increased its position in shares of City by 28.4% in the second quarter. Smartleaf Asset Management LLC now owns 497 shares of the bank’s stock worth $61,000 after acquiring an additional 110 shares in the last quarter. Finally, Jones Financial Companies Lllp acquired a new stake in shares of City during the first quarter valued at approximately $104,000. 72.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on CHCO. Wall Street Zen cut shares of City from a “hold” rating to a “sell” rating in a research report on Sunday, November 16th. Piper Sandler assumed coverage on City in a research report on Wednesday, December 3rd. They set a “neutral” rating and a $125.00 price objective for the company. Zacks Research lowered City from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 23rd. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of City in a research report on Tuesday, December 23rd. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $133.25.

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.