City (NASDAQ:CHCO) Reaches New 52-Week High – What’s Next?

City Holding Company (NASDAQ:CHCO) reached a new 52-week high on Thursday . The company traded as high as $135.91 and last traded at $135.26, with a volume of 154770 shares changing hands. The stock had previously closed at $132.64.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Hovde Group increased their target price on City from $133.00 to $135.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of City in a research report on Wednesday, May 27th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, City currently has an average rating of “Hold” and an average target price of $134.25.

City Stock Performance

The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 14.90 and a beta of 0.49. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. The stock’s 50-day simple moving average is $125.97 and its 200 day simple moving average is $123.91.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $2.20 earnings per share for the quarter, topping 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 company had revenue of $79.25 million during the quarter, compared to analyst estimates of $79.25 million. Analysts expect that City Holding Company will post 8.99 earnings per share for the current fiscal year.

City Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 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 2.6%. The ex-dividend date of this dividend is Wednesday, July 15th. City’s dividend payout ratio (DPR) is currently 38.33%.

City declared that its Board of Directors has initiated a stock buyback plan on Wednesday, March 25th that allows the company to repurchase 1,000,000 shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Michael T. Quinlan, Jr. sold 1,210 shares of City stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $126.09, for a total value of $152,568.90. Following the completion of the transaction, the executive vice president directly owned 3,314 shares of the company’s stock, valued at $417,862.26. The trade was a 26.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jeffrey Dale Legge sold 1,309 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $125.00, for a total transaction of $163,625.00. Following the sale, the executive vice president directly owned 7,656 shares in the company, valued at approximately $957,000. This represents a 14.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders purchased 455 shares of company stock worth $57,018 and sold 12,975 shares worth $1,622,853. 1.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On City

A number of institutional investors have recently modified their holdings of the stock. First Horizon Corp grew its stake in shares of City by 146.0% during the fourth quarter. First Horizon Corp now owns 246 shares of the bank’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Kestra Advisory Services LLC bought a new position in City in the 4th quarter worth approximately $29,000. Quarry LP bought a new position in City in the 3rd quarter worth approximately $32,000. Simplex Trading LLC acquired a new position in City during the 4th quarter worth $36,000. Finally, Geneos Wealth Management Inc. lifted 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 in the last quarter. 72.43% of the stock is owned by institutional investors.

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.