City Holding (NASDAQ:CHCO) to Issue Quarterly Dividend of $0.72

City Holding (NASDAQ:CHCO) announced a quarterly dividend on Wednesday, March 27th, Zacks reports. Investors of record on Monday, April 15th will be paid a dividend of 0.715 per share by the bank on Tuesday, April 30th. This represents a $2.86 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, April 12th.

City has raised its dividend by an average of 5.3% annually over the last three years and has increased its dividend every year for the last 11 years. City has a payout ratio of 38.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect City to earn $7.48 per share next year, which means the company should continue to be able to cover its $2.86 annual dividend with an expected future payout ratio of 38.2%.

City Price Performance

City stock opened at $104.22 on Friday. The firm has a market capitalization of $1.55 billion, a P/E ratio of 13.70 and a beta of 0.50. City has a 1 year low of $82.53 and a 1 year high of $115.89. The business has a 50-day moving average of $102.47 and a 200-day moving average of $99.48. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15.

City (NASDAQ:CHCO) last posted its earnings results on Wednesday, January 24th. The bank reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.06). The company had revenue of $86.10 million for the quarter, compared to analyst estimates of $72.50 million. City had a return on equity of 18.62% and a net margin of 33.31%. On average, equities analysts anticipate that City will post 7.43 EPS for the current year.

Insider Activity

In other City news, EVP John A. Derito sold 1,309 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $101.25, for a total value of $132,536.25. Following the sale, the executive vice president now owns 28,620 shares in the company, valued at approximately $2,897,775. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other City news, EVP John A. Derito sold 1,309 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $101.25, for a total value of $132,536.25. Following the sale, the executive vice president now owns 28,620 shares in the company, valued at approximately $2,897,775. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles W. Fairchilds sold 600 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $106.00, for a total value of $63,600.00. Following the completion of the sale, the director now owns 2,014 shares in the company, valued at approximately $213,484. The disclosure for this sale can be found here. Insiders have sold 10,808 shares of company stock worth $1,094,935 in the last 90 days. Corporate insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On City

Several large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its holdings in shares of City by 229.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 128,403 shares of the bank’s stock valued at $14,158,000 after buying an additional 89,408 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of City by 10.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,521 shares of the bank’s stock valued at $1,161,000 after buying an additional 983 shares during the last quarter. Barclays PLC boosted its holdings in shares of City by 65.4% in the 4th quarter. Barclays PLC now owns 32,135 shares of the bank’s stock valued at $3,543,000 after buying an additional 12,706 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of City by 1.8% in the 4th quarter. Nuveen Asset Management LLC now owns 39,283 shares of the bank’s stock valued at $4,331,000 after buying an additional 683 shares during the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of City in the 4th quarter valued at approximately $597,000. Institutional investors and hedge funds own 72.43% of the company’s stock.

Wall Street Analyst Weigh In

CHCO has been the subject of several analyst reports. Piper Sandler boosted their target price on City from $103.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st. Stephens lifted their price objective on City from $98.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, January 25th.

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 offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.