Zacks Investment Research upgraded shares of City (NASDAQ:CHCO) from a hold rating to a buy rating in a research note published on Thursday morning. Zacks Investment Research currently has $85.00 price objective on the bank’s stock.
According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “
CHCO has been the subject of several other research reports. BidaskClub raised City from a hold rating to a buy rating in a research report on Thursday, November 15th. Boenning Scattergood reissued a hold rating on shares of City in a research report on Tuesday, October 23rd. ValuEngine lowered City from a buy rating to a hold rating in a research report on Thursday, September 13th. Finally, Keefe, Bruyette & Woods reissued a hold rating on shares of City in a research report on Thursday, July 26th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $78.00.
City (NASDAQ:CHCO) last announced its quarterly earnings data on Monday, October 22nd. The bank reported $1.33 EPS for the quarter, beating the consensus estimate of $1.19 by $0.14. The business had revenue of $51.31 million during the quarter, compared to analyst estimates of $49.58 million. City had a return on equity of 15.11% and a net margin of 31.58%. Analysts predict that City will post 5.04 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 31st. Stockholders of record on Monday, October 15th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Friday, October 12th. This is a positive change from City’s previous quarterly dividend of $0.46. City’s payout ratio is currently 53.81%.
In other news, EVP John A. Derito sold 2,020 shares of City stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $82.25, for a total value of $166,145.00. Following the completion of the transaction, the executive vice president now owns 20,972 shares of the company’s stock, valued at approximately $1,724,947. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles R. Hageboeck sold 3,986 shares of City stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $81.00, for a total value of $322,866.00. Following the completion of the transaction, the chief executive officer now directly owns 65,959 shares of the company’s stock, valued at approximately $5,342,679. The disclosure for this sale can be found here. 3.83% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of City by 3.8% in the 3rd quarter. BlackRock Inc. now owns 2,220,133 shares of the bank’s stock worth $170,505,000 after purchasing an additional 81,160 shares during the last quarter. Dimensional Fund Advisors LP raised its position in City by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 722,535 shares of the bank’s stock worth $54,357,000 after buying an additional 23,551 shares during the last quarter. FMR LLC raised its position in City by 5.7% in the 2nd quarter. FMR LLC now owns 662,748 shares of the bank’s stock worth $49,859,000 after buying an additional 35,748 shares during the last quarter. Northern Trust Corp raised its position in City by 0.6% in the 2nd quarter. Northern Trust Corp now owns 478,736 shares of the bank’s stock worth $36,015,000 after buying an additional 2,866 shares during the last quarter. Finally, Macquarie Group Ltd. raised its position in City by 25.6% in the 3rd quarter. Macquarie Group Ltd. now owns 470,684 shares of the bank’s stock worth $36,149,000 after buying an additional 95,894 shares during the last quarter. 68.12% of the stock is owned by hedge funds and other institutional investors.
City Company Profile
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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