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

City (NASDAQ:CHCO - Get Free Report) posted its quarterly earnings results on Tuesday. The bank reported $2.29 EPS 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 16.30%. The company had revenue of $78.16 million for the quarter, compared to the consensus estimate of $76.10 million.

City Price Performance

NASDAQ:CHCO traded down $1.51 during trading hours on Friday, hitting $128.49. The company's stock had a trading volume of 31,955 shares, compared to its average volume of 81,746. The business's 50-day moving average is $121.59 and its two-hundred day moving average is $118.60. The company has a market capitalization of $1.86 billion, a PE ratio of 15.45 and a beta of 0.54. 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 52-week low of $102.22 and a 52-week high of $137.28.

City Announces Dividend

The business also recently declared 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. This represents a $3.16 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Tuesday, July 15th. City's dividend payout ratio is presently 38.03%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CHCO shares. DA Davidson raised their price target on shares of City from $128.00 to $137.00 and gave the stock a "neutral" rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their price target on shares of City from $125.00 to $135.00 and gave the company a "market perform" rating in a research note on Wednesday. Finally, Hovde Group boosted their price target on shares of City from $130.00 to $136.00 and gave the company a "market perform" rating in a research report on Wednesday.

Insider Activity

In related news, Director James M. Parsons acquired 2,200 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average price of $122.38 per share, for a total transaction of $269,236.00. Following the transaction, the director owned 2,700 shares in the company, valued at $330,426. This trade represents a 440.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David L. Bumgarner sold 1,058 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $118.00, for a total value of $124,844.00. Following the completion of the sale, the chief financial officer directly owned 10,636 shares in the company, valued at approximately $1,255,048. The trade was a 9.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,899 shares of company stock worth $470,710 over the last 90 days. 1.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CHCO. Jane Street Group LLC raised its position in City by 82.3% during the first quarter. Jane Street Group LLC now owns 25,559 shares of the bank's stock valued at $3,002,000 after buying an additional 11,537 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of City by 7.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 38,285 shares of the bank's stock valued at $4,497,000 after acquiring an additional 2,603 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of City during the 1st quarter valued at about $104,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in City by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,634 shares of the bank's stock valued at $1,014,000 after purchasing an additional 387 shares during the period. Finally, AQR Capital Management LLC boosted its stake in City by 34.5% during the 1st quarter. AQR Capital Management LLC now owns 8,977 shares of the bank's stock valued at $1,055,000 after purchasing an additional 2,305 shares during the period. Institutional investors own 72.43% of the company's stock.

City Company Profile

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.