City (NASDAQ:CHCO) Hits New 12-Month High - What's Next?

Key Points

• City Holding’s stock reached a new 52-week high of $148.83, well above its 50-day and 200-day moving averages. Despite the rally, analysts maintain a consensus “Hold” rating with an average price target of $136.50.
• City exceeded quarterly expectations, reporting $2.35 in EPS versus the $2.23 consensus and revenue of $81.52 million versus $80.64 million expected. Analysts project full-year EPS of approximately $9.29.
• The company pays a quarterly dividend of $0.87, equivalent to an annualized $3.48 and a 2.4% yield. Institutional ownership stands at 72.43%, while recent insider activity was net selling, including stock sales by the CEO and CFO.

City Holding Company (NASDAQ:CHCO - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $148.83 and last traded at $148.0450, with a volume of 14603 shares changing hands. The stock had previously closed at $147.22.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Hovde Group upped their price target on shares of City from $135.00 to $143.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Weiss Ratings cut City from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $136.50.

City Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 16.16 and a beta of 0.48. The stock's 50 day simple moving average is $135.48 and its 200-day simple moving average is $127.36.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $81.52 million for the quarter, compared to the consensus estimate of $80.64 million. City had a net margin of 32.58% and a return on equity of 16.34%. On average, analysts expect that City Holding Company will post 9.29 EPS for the current fiscal year.

City Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were given a $0.87 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.4%. City's payout ratio is currently 38.07%.

Insider Transactions at City

In related news, CEO Charles R. Hageboeck sold 4,485 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $144.96, for a total value of $650,145.60. Following the completion of the sale, the chief executive officer directly owned 43,998 shares in the company, valued at approximately $6,377,950.08. The trade was a 9.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO David L. Bumgarner sold 1,161 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $124.50, for a total value of $144,544.50. Following the completion of the sale, the chief financial officer owned 10,666 shares of the company's stock, valued at approximately $1,327,917. This trade represents a 9.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders purchased 444 shares of company stock worth $59,740 and sold 9,618 shares worth $1,289,673. 1.75% of the stock is currently owned by corporate insiders.

Institutional Trading of City

A number of institutional investors and hedge funds have recently modified their holdings of CHCO. BlackRock Inc. bought a new position in shares of City in the second quarter worth about $270,231,000. Bank of New York Mellon Corp acquired a new stake in shares of City in the second quarter worth $15,012,000. Two Sigma Investments LP raised its stake in City by 136.4% during the 3rd quarter. Two Sigma Investments LP now owns 123,803 shares of the bank's stock valued at $15,335,000 after purchasing an additional 71,436 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of City by 55.0% during the 1st quarter. Renaissance Technologies LLC now owns 61,686 shares of the bank's stock worth $7,373,000 after purchasing an additional 21,898 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of City in the second quarter valued at about $2,216,000. 72.43% of the stock is currently owned by institutional investors and hedge funds.

City Company Profile

City Holding Company NASDAQ: CHCO is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company's product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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