City (NASDAQ:CHCO) Share Price Passes Above 50 Day Moving Average - Here's What Happened

Key Points

• 50-day moving average: CHCO crossed above its 50-day MA of $121.94, trading as high as $125.08 and last at $122.96 on volume of about 105,668 shares.
• Analyst view: the stock has an average "Hold" rating with an average price target of $134.25, and Piper Sandler and Hovde recently raised targets to $130 and $135 respectively.
• Financials & corporate actions: City beat Q1 EPS ($2.20 vs. $2.17), reports a 16.6% ROE and 32.7% net margin, pays a $0.87 quarterly dividend (2.8% yield) and authorized a repurchase of 1,000,000 shares, though insiders have recently sold stock.

City Holding Company (NASDAQ:CHCO - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $121.94 and traded as high as $125.08. City shares last traded at $122.96, with a volume of 105,668 shares traded.

Analyst Ratings Changes

A number of research analysts have commented on the company. Piper Sandler upped their price target on City from $125.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, January 23rd. Hovde Group upped their price target on City from $133.00 to $135.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $134.25.

City Stock Performance

The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 13.54 and a beta of 0.50. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.82 and a quick ratio of 0.83. The firm has a 50 day moving average price of $121.94 and a 200-day moving average price of $122.37.

City (NASDAQ:CHCO - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.03. The business had revenue of $79.25 million for the quarter, compared to analysts' expectations of $79.25 million. City had a return on equity of 16.58% and a net margin of 32.72%. As a group, sell-side analysts expect that City Holding Company will post 8.99 earnings per share for the current fiscal year.

City Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th were paid a $0.87 dividend. This represents a $3.48 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Wednesday, April 15th. City's dividend payout ratio (DPR) is presently 38.33%.

City announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 25th that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other City news, EVP Michael T. Quinlan, Jr. sold 1,210 shares of the firm's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $126.09, for a total value of $152,568.90. Following the sale, the executive vice president directly owned 3,314 shares in the company, valued at $417,862.26. This trade represents a 26.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Charles R. Hageboeck sold 5,855 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $125.30, for a total value of $733,631.50. Following the completion of the sale, the chief executive officer owned 50,341 shares in the company, valued at approximately $6,307,727.30. This represents a 10.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders acquired 908 shares of company stock worth $108,939 and sold 8,715 shares worth $1,092,871. 1.75% of the stock is owned by company insiders.

Institutional Trading of City

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Geneos Wealth Management Inc. increased its position in shares of City by 93.1% during the first quarter. Geneos Wealth Management Inc. now owns 676 shares of the bank's stock worth $81,000 after purchasing an additional 326 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of City by 2.1% during the first quarter. Principal Financial Group Inc. now owns 70,262 shares of the bank's stock worth $8,398,000 after purchasing an additional 1,460 shares in the last quarter. Fifth Third Bancorp increased its position in shares of City by 428.5% during the first quarter. Fifth Third Bancorp now owns 3,964 shares of the bank's stock worth $474,000 after purchasing an additional 3,214 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of City during the first quarter worth about $268,000. Finally, QRG Capital Management Inc. increased its position in shares of City by 6.5% during the first quarter. QRG Capital Management Inc. now owns 4,649 shares of the bank's stock worth $556,000 after purchasing an additional 282 shares in the last quarter. Institutional investors and hedge funds own 72.43% of the company's stock.

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.