City Holding (NASDAQ:CHCO) Declares Dividend Increase – $0.58 Per Share

City Holding (NASDAQ:CHCO) announced a quarterly dividend on Wednesday, December 16th, Zacks reports. Investors of record on Friday, January 15th will be given a dividend of 0.58 per share by the bank on Friday, January 29th. This represents a $2.32 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Thursday, January 14th. This is a positive change from City’s previous quarterly dividend of $0.57.

City has raised its dividend payment by 30.3% over the last three years and has raised its dividend annually for the last 1 consecutive years. City has a payout ratio of 57.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect City to earn $4.05 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 57.3%.

CHCO stock opened at $72.59 on Wednesday. The business’s 50-day moving average is $69.48 and its 200 day moving average is $64.04. City has a 12-month low of $53.06 and a 12-month high of $82.71. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 13.13 and a beta of 0.67.

City (NASDAQ:CHCO) last released its earnings results on Thursday, October 22nd. The bank reported $1.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.36. The business had revenue of $54.96 million for the quarter, compared to analyst estimates of $53.05 million. City had a net margin of 33.35% and a return on equity of 13.07%. As a group, equities research analysts anticipate that City will post 4.98 earnings per share for the current fiscal year.

In other news, EVP Craig G. Stilwell sold 2,602 shares of the company’s stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $67.88, for a total value of $176,623.76. Following the completion of the sale, the executive vice president now directly owns 13,637 shares of the company’s stock, valued at $925,679.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles R. Hageboeck sold 7,290 shares of the company’s stock in a transaction dated Tuesday, November 24th. The shares were sold at an average price of $69.89, for a total transaction of $509,498.10. Following the completion of the sale, the chief executive officer now directly owns 47,676 shares of the company’s stock, valued at $3,332,075.64. The disclosure for this sale can be found here. Corporate insiders own 3.42% of the company’s stock.

Several equities analysts have commented on CHCO shares. Zacks Investment Research downgraded shares of City from a “buy” rating to a “hold” rating in a research note on Monday, January 4th. BidaskClub downgraded shares of City from a “buy” rating to a “hold” rating in a research note on Monday, November 9th. Piper Sandler boosted their target price on shares of City from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 27th. Boenning Scattergood started coverage on shares of City in a research note on Thursday, September 24th. They issued a “neutral” rating for the company. Finally, ValuEngine upgraded shares of City from a “sell” rating to a “hold” rating in a research note on Tuesday, December 1st. Six research analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and an average target price of $67.33.

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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Dividend History for City (NASDAQ:CHCO)

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