City (NASDAQ:CHCO) Stock: Insider Javier Reyes Acquires 95 Shares

Key Points

• Director Javier Reyes purchased 95 City Holding shares at an average price of $142.13, investing $13,502.35 under a pre-arranged Rule 10b5-1 plan. His ownership increased 4.01% to 2,463 shares.
• City shares fell 1.0% to $142.01, while the company reported quarterly EPS of $2.35, beating estimates by $0.12, and revenue of $81.52 million.
• City increased its quarterly dividend to $1.00 per share, or $4.00 annually, representing a 2.8% yield and a 43.76% payout ratio.

City Holding Company (NASDAQ:CHCO - Get Free Report) Director Javier Reyes acquired 95 shares of the firm's stock in a transaction on Friday, October 23rd. The shares were acquired at an average price of $142.13 per share, with a total value of $13,502.35. Following the completion of the purchase, the director owned 2,463 shares of the company's stock, valued at $350,066.19. This trade represents a 4.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

City Trading Down 1.0%

Shares of City stock traded down $1.39 during trading hours on Friday, hitting $142.01. The company's stock had a trading volume of 112,363 shares, compared to its average volume of 115,985. The business has a fifty day moving average of $142.62 and a 200 day moving average of $134.86. City Holding Company has a 1-year low of $113.21 and a 1-year high of $148.99. 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 company 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 posted its earnings results on Wednesday, July 22nd. The bank reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. City had a net margin of 32.58% and a return on equity of 16.34%. The business had revenue of $81.52 million for the quarter, compared to analyst estimates of $80.64 million. As a group, equities analysts forecast that City Holding Company will post 9.32 EPS for the current year.

City Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in City during the 2nd quarter valued at $270,231,000. Dimensional Fund Advisors LP increased its stake in City by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 470,344 shares of the bank's stock worth $56,217,000 after buying an additional 8,992 shares during the period. Bank of New York Mellon Corp purchased a new stake in City during the 2nd quarter worth $15,012,000. Principal Financial Group Inc. lifted its holdings in City by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 70,262 shares of the bank's stock worth $8,398,000 after buying an additional 1,460 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in City by 35.2% in the 1st quarter. First Trust Advisors LP now owns 61,693 shares of the bank's stock worth $7,374,000 after buying an additional 16,060 shares in the last quarter. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Weiss Ratings upgraded City from a "buy (a-)" rating to a "buy (a)" rating in a research note on Friday, October 16th. Hovde Group increased their target price on City from $135.00 to $143.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Finally, Keefe, Bruyette & Woods raised their target price on City from $135.00 to $145.00 and gave the company a "market perform" rating in a report on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $139.33.

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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