Insider Selling: City Holding Company (NASDAQ:CHCO) EVP Sells 2,500 Shares of Stock

Key Points

• Executive Sale: City Holding Company's EVP, Jeffrey Dale Legge, sold 2,500 shares for $327,650, reducing his ownership by 26.21% to 7,037 shares valued at approximately $922,269.
• Quarterly Earnings Report: The company reported earnings per share of $2.29, surpassing expectations of $1.97, with a revenue of $78.16 million against an expected $76.10 million.
• Dividend Announcement: City Holding declared a quarterly dividend of $0.79 per share, to be paid on July 31, with an annualized yield of 2.46% and a payout ratio of 38.03%.
• Analyst Upgrades: Research analysts have raised their price targets for City Holding, with DA Davidson setting it at $137 and Hovde Group at $136, both maintaining a "market perform" rating.

City Holding Company (NASDAQ:CHCO - Get Free Report) EVP Jeffrey Dale Legge sold 2,500 shares of the business's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $131.06, for a total value of $327,650.00. Following the completion of the transaction, the executive vice president directly owned 7,037 shares in the company, valued at approximately $922,269.22. This represents a 26.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

City Stock Down 1.0%

Shares of NASDAQ CHCO traded down $1.25 during mid-day trading on Tuesday, reaching $125.41. 96,136 shares of the company's stock were exchanged, compared to its average volume of 82,402. City Holding Company has a twelve month low of $102.22 and a twelve month high of $137.28. The company has a current ratio of 0.81, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 15.09 and a beta of 0.54. The business has a fifty day simple moving average of $121.90 and a 200 day simple moving average of $118.88.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $2.29 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.32. The business had revenue of $78.16 million for the quarter, compared to analysts' expectations of $76.10 million. City had a return on equity of 16.30% and a net margin of 31.35%. As a group, equities analysts expect that City Holding Company will post 7.58 EPS for the current fiscal year.

City Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Tuesday, July 15th will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.52%. City's payout ratio is presently 38.03%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Bessemer Group Inc. grew its holdings in shares of City by 69.7% during the first quarter. Bessemer Group Inc. now owns 280 shares of the bank's stock worth $33,000 after buying an additional 115 shares in the last quarter. CWM LLC boosted its position in City by 43.9% during the first quarter. CWM LLC now owns 282 shares of the bank's stock valued at $33,000 after purchasing an additional 86 shares during the last quarter. Sterling Capital Management LLC boosted its position in City by 781.3% during the fourth quarter. Sterling Capital Management LLC now owns 423 shares of the bank's stock valued at $50,000 after purchasing an additional 375 shares during the last quarter. GAMMA Investing LLC boosted its position in City by 69.0% during the second quarter. GAMMA Investing LLC now owns 546 shares of the bank's stock valued at $67,000 after purchasing an additional 223 shares during the last quarter. Finally, First United Bank & Trust acquired a new position in City during the first quarter valued at approximately $78,000. 72.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. DA Davidson upped their price target on City from $128.00 to $137.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods upped their price target on City from $125.00 to $135.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Wall Street Zen upgraded City from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Hovde Group upped their price objective on City from $130.00 to $136.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $133.25.

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.