Zacks: Brokerages Anticipate City Holding (CHCO) Will Post Quarterly Sales of $49.58 Million

Brokerages expect that City Holding (NASDAQ:CHCO) will post sales of $49.58 million for the current quarter, Zacks reports. Two analysts have provided estimates for City’s earnings, with estimates ranging from $49.15 million to $50.01 million. City posted sales of $46.64 million during the same quarter last year, which suggests a positive year over year growth rate of 6.3%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, October 17th.

According to Zacks, analysts expect that City will report full year sales of $198.60 million for the current financial year, with estimates ranging from $196.50 million to $200.70 million. For the next fiscal year, analysts anticipate that the firm will report sales of $224.34 million per share, with estimates ranging from $219.61 million to $229.07 million. Zacks’ sales calculations are an average based on a survey of research firms that cover City.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Thursday, July 26th. The bank reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.22. The company had revenue of $49.18 million during the quarter, compared to analysts’ expectations of $48.59 million. City had a return on equity of 13.89% and a net margin of 29.49%.

Several equities research analysts have recently weighed in on the company. ValuEngine raised City from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of City in a research note on Thursday, July 26th. Zacks Investment Research cut City from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 25th. BidaskClub raised City from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 24th. Finally, DA Davidson set a $77.00 price target on City and gave the company a “buy” rating in a research note on Friday, July 13th. Four analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $80.67.

In related news, CEO Charles R. Hageboeck sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $72.25, for a total transaction of $289,000.00. Following the completion of the sale, the chief executive officer now owns 59,156 shares of the company’s stock, valued at $4,274,021. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jeffrey Dale Legge sold 325 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $80.78, for a total value of $26,253.50. Following the sale, the chief accounting officer now directly owns 5,927 shares of the company’s stock, valued at approximately $478,783.06. The disclosure for this sale can be found here. In the last three months, insiders sold 5,292 shares of company stock valued at $386,947. Insiders own 3.83% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG grew its stake in City by 79.1% during the first quarter. UBS Group AG now owns 1,734 shares of the bank’s stock worth $119,000 after purchasing an additional 766 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in City during the second quarter worth approximately $233,000. Xact Kapitalforvaltning AB acquired a new stake in City during the fourth quarter worth approximately $213,000. WINTON GROUP Ltd acquired a new stake in City during the first quarter worth approximately $233,000. Finally, GW&K Investment Management LLC acquired a new stake in City during the first quarter worth approximately $284,000. 66.33% of the stock is owned by institutional investors and hedge funds.

Shares of CHCO stock traded up $0.40 on Friday, hitting $81.46. The company had a trading volume of 42,500 shares, compared to its average volume of 61,074. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 20.69, a PEG ratio of 2.11 and a beta of 0.67. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.03. City has a twelve month low of $58.80 and a twelve month high of $82.75.

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 31st. Stockholders of record on Friday, July 13th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, July 12th. This represents a $1.84 annualized dividend and a dividend yield of 2.26%. City’s payout ratio is 46.70%.

About City

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust and investment management, and other financial solutions in the United States. The company accepts various deposit products, such as checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.

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