City (NASDAQ:CHCO) Director Robert Fisher Acquires 165 Shares of Company Stock

Key Points

• Insider purchase: Director Robert Fisher bought 165 City Holding shares at an average of $142.13, investing $23,451.45. The transaction, conducted under a Rule 10b5-1 plan, increased his ownership to 47,877 shares.
• Strong operating results and higher dividend: City exceeded quarterly earnings and revenue expectations, reporting $2.35 in EPS and $81.52 million in revenue. The company raised its quarterly dividend from $0.87 to $1.00 per share, implying a 2.8% annualized yield.
• Market outlook: Shares traded near $142, close to their 52-week high, while institutional investors own 72.43% of the stock. Analysts maintain a “Moderate Buy” consensus, with an average price target of $139.33.

City Holding Company (NASDAQ:CHCO - Get Free Report) Director Robert Fisher acquired 165 shares of the stock in a transaction on Friday, October 23rd. The shares were bought at an average price of $142.13 per share, for a total transaction of $23,451.45. Following the purchase, the director owned 47,877 shares in the company, valued at approximately $6,804,758.01. This trade represents a 0.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

City Price Performance

Shares of NASDAQ CHCO traded down $1.39 during mid-day trading 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 debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.83. City Holding Company has a one year low of $113.21 and a one year high of $148.99. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 15.54 and a beta of 0.49. The business's 50-day simple moving average is $142.62 and its 200 day simple moving average is $134.86.

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

City Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in City in the 2nd quarter valued at approximately $270,231,000. Bank of New York Mellon Corp bought a new stake in shares of City during the second quarter worth $15,012,000. Legal & General Group Plc bought a new stake in shares of City during the second quarter worth $4,585,000. Bank of America Corp DE bought a new stake in shares of City during the second quarter worth $4,181,000. Finally, Man Group plc acquired a new position in shares of City during the second quarter worth $3,558,000. Institutional investors and hedge funds own 72.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CHCO. Hovde Group increased their price target on shares of City from $135.00 to $143.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Weiss Ratings upgraded shares of City from a "buy (a-)" rating to a "buy (a)" rating in a research report on Friday, October 16th. Finally, Keefe, Bruyette & Woods upped their target price on City from $135.00 to $145.00 and gave the stock a "market perform" rating in a research note on Thursday, October 1st. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $139.33.

About City

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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