Keefe, Bruyette & Woods Reaffirms Market Perform Rating for City (NASDAQ:CHCO)

Keefe, Bruyette & Woods reissued their market perform rating on shares of City (NASDAQ:CHCO) in a report published on Thursday, Benzinga reports. They currently have a $110.00 price objective on the bank’s stock, up from their previous price objective of $100.00.

Several other equities analysts also recently commented on the company. Stephens boosted their price objective on City from $98.00 to $100.00 and gave the company an equal weight rating in a research report on Thursday, January 25th. Piper Sandler boosted their price objective on City from $103.00 to $105.00 and gave the company a neutral rating in a research report on Thursday, February 1st.

City Stock Performance

NASDAQ:CHCO opened at $105.21 on Thursday. The stock has a 50-day simple moving average of $101.76 and a two-hundred day simple moving average of $101.08. City has a 52-week low of $82.53 and a 52-week high of $115.89. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.81 and a current ratio of 0.82. The firm has a market capitalization of $1.56 billion, a PE ratio of 13.23 and a beta of 0.51.

City (NASDAQ:CHCO) last released its quarterly 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). City had a net margin of 33.78% and a return on equity of 18.31%. The company had revenue of $86.10 million for the quarter, compared to the consensus estimate of $72.50 million. Analysts forecast that City will post 7.51 EPS for the current year.

City Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 15th will be given a $0.715 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.72%. City’s dividend payout ratio is currently 35.97%.

Insider Buying and Selling

In other City news, CEO Charles R. Hageboeck sold 8,899 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $101.00, for a total transaction of $898,799.00. Following the sale, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at $5,375,018. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other City news, CEO Charles R. Hageboeck sold 8,899 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $101.00, for a total transaction of $898,799.00. Following the sale, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at $5,375,018. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 directly owns 28,620 shares in the company, valued at $2,897,775. The disclosure for this sale can be found here. 2.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CHCO. Norges Bank bought a new position in shares of City during the fourth quarter valued at approximately $10,953,000. Axxcess Wealth Management LLC grew its stake in City by 577.0% in the fourth quarter. Axxcess Wealth Management LLC now owns 108,268 shares of the bank’s stock worth $11,938,000 after purchasing an additional 92,276 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in City by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 397,782 shares of the bank’s stock worth $35,940,000 after purchasing an additional 16,123 shares in the last quarter. Dupree Financial Group LLC bought a new position in City in the fourth quarter worth approximately $1,165,000. Finally, Jackson Creek Investment Advisors LLC bought a new position in City in the fourth quarter worth approximately $1,047,000. Institutional investors own 72.43% of the company’s stock.

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