City (NASDAQ:CHCO) Cut to “Hold” at BidaskClub

BidaskClub downgraded shares of City (NASDAQ:CHCO) from a buy rating to a hold rating in a report released on Saturday morning, BidAskClub reports.

Several other brokerages have also recently issued reports on CHCO. Zacks Investment Research raised shares of City from a sell rating to a hold rating in a research report on Friday, October 25th. ValuEngine upgraded shares of City from a sell rating to a hold rating in a report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating, The company currently has a consensus rating of Hold and a consensus price target of $81.50.

CHCO stock opened at $78.79 on Friday. The business’s fifty day moving average price is $79.25 and its 200 day moving average price is $76.34. City has a 12-month low of $65.32 and a 12-month high of $83.04. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $1.28 billion, a PE ratio of 15.27 and a beta of 0.77.

City (NASDAQ:CHCO) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.04. The company had revenue of $57.24 million during the quarter, compared to analysts’ expectations of $57.85 million. City had a return on equity of 13.96% and a net margin of 29.76%. Research analysts predict that City will post 5.36 EPS for the current fiscal year.

In other news, Director J. Thomas Jones sold 500 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.16, for a total transaction of $40,080.00. Following the completion of the transaction, the director now directly owns 4,082 shares of the company’s stock, valued at $327,213.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Charles R. Hageboeck sold 1,709 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.83, for a total transaction of $138,138.47. Following the sale, the chief executive officer now owns 50,800 shares in the company, valued at $4,106,164. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,459 shares of company stock valued at $358,578. Insiders own 3.36% of the company’s stock.

Large investors have recently modified their holdings of the stock. First Trust Advisors LP grew its holdings in City by 59.2% during the 1st quarter. First Trust Advisors LP now owns 45,740 shares of the bank’s stock worth $3,485,000 after acquiring an additional 17,002 shares in the last quarter. Aperio Group LLC lifted its holdings in City by 2.0% during the 2nd quarter. Aperio Group LLC now owns 16,525 shares of the bank’s stock worth $1,260,000 after buying an additional 319 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of City during the 2nd quarter worth about $35,000. Swiss National Bank boosted its position in shares of City by 7.7% during the 2nd quarter. Swiss National Bank now owns 30,800 shares of the bank’s stock worth $2,349,000 after acquiring an additional 2,200 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new position in shares of City in the 2nd quarter valued at about $222,000. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

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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