City (NASDAQ:CHCO) Director Diane Strong-Treister Buys 120 Shares of Stock

Key Points

• Director Diane Strong-Treister purchased 120 City Holding shares at an average price of $142.13, investing $17,055.60 under a pre-arranged Rule 10b5-1 plan. Her holdings increased 2.93% to 4,217 shares.
• City reported quarterly EPS of $2.35, exceeding analyst expectations of $2.23, while revenue of $81.52 million also topped estimates. Analysts project full-year EPS of $9.32.
• The company raised its quarterly dividend from $0.87 to $1.00 per share, equating to a $4.00 annualized payout and a 2.8% yield; the stock carried a consensus “Moderate Buy” rating with a $139.33 average price target.

City Holding Company (NASDAQ:CHCO - Get Free Report) Director Diane Strong-Treister bought 120 shares of the company's stock in a transaction dated Friday, October 23rd. The stock was bought at an average cost of $142.13 per share, with a total value of $17,055.60. Following the completion of the acquisition, the director owned 4,217 shares in the company, valued at $599,362.21. This represents a 2.93% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

City Price Performance

NASDAQ:CHCO traded down $1.39 during trading hours on Friday, reaching $142.01. The company had a trading volume of 112,363 shares, compared to its average volume of 115,985. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average of $142.62 and a two-hundred day moving average of $134.86. City Holding Company has a one year low of $113.21 and a one year high of $148.99. The firm has a market capitalization of $2.00 billion, a PE ratio of 15.54 and a beta of 0.49.

City (NASDAQ:CHCO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. City had a return on equity of 16.34% and a net margin of 32.58%. The company had revenue of $81.52 million during the quarter, compared to analysts' expectations of $80.64 million. Analysts forecast that City Holding Company will post 9.32 earnings per share for the current year.

City Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, October 15th. This is a positive change from City's previous quarterly dividend of $0.87. City's payout ratio is currently 43.76%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CHCO. Weiss Ratings raised shares of City from a "buy (a-)" rating to a "buy (a)" rating in a report on Friday, October 16th. Keefe, Bruyette & Woods upped their price objective on shares of City from $135.00 to $145.00 and gave the stock a "market perform" rating in a research note on Thursday, October 1st. Finally, Hovde Group upped their price objective 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. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $139.33.

Institutional Investors Weigh In On City

A number of hedge funds have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC lifted its position in shares of City by 223.6% during the third quarter. Sterling Capital Management LLC now owns 398 shares of the bank's stock worth $55,000 after purchasing an additional 275 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in City by 18.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 454 shares of the bank's stock worth $63,000 after buying an additional 72 shares in the last quarter. Dupree Financial Group LLC lifted its holdings in City by 59.3% during the 3rd quarter. Dupree Financial Group LLC now owns 2,551 shares of the bank's stock worth $355,000 after buying an additional 950 shares in the last quarter. GAMMA Investing LLC boosted its position in City by 10.4% in the 3rd quarter. GAMMA Investing LLC now owns 1,321 shares of the bank's stock valued at $184,000 after buying an additional 124 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its position in City by 8.8% in the 2nd quarter. QRG Capital Management Inc. now owns 5,058 shares of the bank's stock valued at $671,000 after buying an additional 409 shares during the last quarter. Institutional investors own 72.43% of the company's stock.

City Company Profile

City Holding Company NASDAQ: CHCO is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides banking and financial services to individuals, businesses and institutions.

City National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, credit cards, cash-management services, investment products and trust services. Its activities also include wealth management and related financial services designed for retail, business and institutional customers.

The company serves communities primarily in West Virginia, Virginia, eastern Kentucky and southeastern Ohio through a network of branches and other delivery channels.

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