Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for City (NASDAQ:CHCO) Stock

City (NASDAQ:CHCO - Get Free Report) had its target price raised by equities research analysts at Keefe, Bruyette & Woods from $125.00 to $135.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 3.85% from the company's current price.

Separately, Hovde Group raised their price target on shares of City from $130.00 to $136.00 and gave the stock a "market perform" rating in a report on Wednesday.

City Stock Down 2.7%

CHCO stock traded down $3.58 on Wednesday, hitting $130.00. 131,461 shares of the company's stock were exchanged, compared to its average volume of 169,779. The firm has a 50 day moving average price of $121.59 and a two-hundred day moving average price of $118.60. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.81. City has a 12-month low of $102.22 and a 12-month high of $137.28. The stock has a market cap of $1.88 billion, a P/E ratio of 15.64 and a beta of 0.54.

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

Insiders Place Their Bets

In other City news, Director James M. Parsons acquired 2,200 shares of the company's stock in a transaction dated Monday, May 12th. The shares were acquired at an average cost of $122.38 per share, with a total value of $269,236.00. Following the acquisition, the director directly owned 2,700 shares of the company's stock, valued at approximately $330,426. The trade was a 440.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Michael T. Quinlan, Jr. sold 1,400 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $116.22, for a total transaction of $162,708.00. Following the transaction, the executive vice president directly owned 2,830 shares of the company's stock, valued at approximately $328,902.60. This trade represents a 33.10% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,899 shares of company stock valued at $339,590. 1.87% of the stock is owned by insiders.

Institutional Investors Weigh In On City

A number of hedge funds and other institutional investors have recently made changes to their positions in CHCO. Bessemer Group Inc. boosted its holdings in 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 stake in shares of City by 43.9% during the 1st quarter. CWM LLC now owns 282 shares of the bank's stock worth $33,000 after acquiring an additional 86 shares in the last quarter. Sterling Capital Management LLC boosted its stake in shares of City by 781.3% during the 4th quarter. Sterling Capital Management LLC now owns 423 shares of the bank's stock worth $50,000 after acquiring an additional 375 shares in the last quarter. GAMMA Investing LLC grew its position in shares of City by 69.0% during the 2nd quarter. GAMMA Investing LLC now owns 546 shares of the bank's stock valued at $67,000 after acquiring an additional 223 shares during the period. Finally, First United Bank & Trust purchased a new position in shares of City in the 1st quarter valued at about $78,000. Institutional investors and hedge funds 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.