City (NASDAQ:CHCO) Posts Quarterly Earnings Results, Beats Expectations By $0.32 EPS

City (NASDAQ:CHCO - Get Free Report) posted its quarterly earnings data on Tuesday. The bank reported $2.29 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.32, Zacks reports. City had a net margin of 31.35% and a return on equity of 16.42%. The company had revenue of $78.16 million during the quarter, compared to analysts' expectations of $76.10 million.

City Stock Down 2.2%

NASDAQ CHCO traded down $2.92 on Thursday, hitting $130.66. 64,610 shares of the company were exchanged, compared to its average volume of 81,628. The company has a market cap of $1.89 billion, a PE ratio of 15.72 and a beta of 0.54. City has a 12 month low of $102.22 and a 12 month high of $137.28. The stock has a fifty day moving average of $121.35 and a 200-day moving average of $118.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20.

City Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Tuesday, July 15th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Tuesday, July 15th. City's dividend payout ratio is presently 39.60%.

Insider Buying and Selling

In other City news, Director James M. Parsons acquired 2,200 shares of the company's stock in a transaction on Monday, May 12th. The shares were purchased at an average cost of $122.38 per share, with a total value of $269,236.00. Following the completion of the purchase, the director owned 2,700 shares of the company's stock, valued at approximately $330,426. This represents a 440.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David L. Bumgarner sold 1,058 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $118.00, for a total transaction of $124,844.00. Following the completion of the transaction, the chief financial officer directly owned 10,636 shares in the company, valued at $1,255,048. This trade represents a 9.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,899 shares of company stock valued at $339,590 over the last ninety days. 1.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp bought a new position in shares of City in the first quarter valued at $104,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of City by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,634 shares of the bank's stock valued at $1,014,000 after buying an additional 387 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of City by 34.5% in the first quarter. AQR Capital Management LLC now owns 8,977 shares of the bank's stock valued at $1,055,000 after buying an additional 2,305 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of City by 5.6% in the first quarter. Royal Bank of Canada now owns 15,586 shares of the bank's stock valued at $1,831,000 after buying an additional 821 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of City by 82.3% in the first quarter. Jane Street Group LLC now owns 25,559 shares of the bank's stock valued at $3,002,000 after purchasing an additional 11,537 shares during the last quarter. 72.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of City from $125.00 to $135.00 and gave the stock a "market perform" rating in a research report on Wednesday. Hovde Group increased their price objective on shares of City from $130.00 to $136.00 and gave the stock a "market perform" rating in a research report on Wednesday. Finally, DA Davidson increased their price objective on shares of City from $128.00 to $137.00 and gave the stock a "neutral" rating in a research report on Thursday.

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.