City (NASDAQ:CHCO) Stock Price Crosses Above 50 Day Moving Average - Here's Why

Key Points

• City Holding shares crossed above their 50-day moving average, trading at $142.45 versus the average of $142.08; the 200-day average was $132.52.
• Analysts’ overall rating was “Moderate Buy,” with an average price target of $140. Recent views ranged from Jefferies’ Buy rating to several Hold ratings.
• Quarterly results beat estimates: earnings were $2.43 per share versus $2.36 expected, and revenue was $84.04 million versus $83.07 million. The company also raised its quarterly dividend from $0.87 to $1.00 per share.

City Holding Company (NASDAQ:CHCO - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $142.08 and traded as high as $142.88. City shares last traded at $142.45, with a volume of 77,501 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CHCO shares. Keefe, Bruyette & Woods upped their price objective on shares of City from $145.00 to $147.00 and gave the company a "hold" rating in a research report on Tuesday, October 27th. Weiss Ratings downgraded City from a "buy (a)" rating to a "buy (a-)" rating in a research report on Wednesday, November 4th. Jefferies Financial Group began coverage on City in a research note on Tuesday, November 10th. They set a "buy" rating on the stock. Finally, Hovde Group upped their price target on City from $135.00 to $143.00 and gave the company a "market perform" rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $140.00.

City Stock Up 0.3%

The business's fifty day moving average price is $142.08 and its 200 day moving average price is $132.52. The company has a market capitalization of $2.01 billion, a P/E ratio of 15.55 and a beta of 0.49. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19.

City (NASDAQ:CHCO - Get Free Report) last issued its earnings results on Monday, October 26th. The bank reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.07. The business had revenue of $84.04 million for the quarter, compared to analyst estimates of $83.07 million. City had a net margin of 32.31% and a return on equity of 16.34%. As a group, equities research analysts predict that City Holding Company will post 9.37 earnings per share for the current fiscal year.

City Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Thursday, October 15th were paid a dividend of $1.00 per share. This is a positive change from City's previous quarterly dividend of $0.87. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Thursday, October 15th. City's dividend payout ratio is 43.67%.

Insider Buying and Selling

In other news, EVP Jeffrey Legge sold 512 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $145.30, for a total value of $74,393.60. Following the completion of the transaction, the executive vice president directly owned 7,656 shares of the company's stock, valued at approximately $1,112,416.80. This represents a 6.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sharon H. Rowe sold 400 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $143.96, for a total value of $57,584.00. Following the completion of the transaction, the director directly owned 10,576 shares of the company's stock, valued at approximately $1,522,520.96. The trade was a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have acquired 480 shares of company stock worth $68,222 over the last ninety days. Company insiders own 1.75% of the company's stock.

Institutional Trading of City

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of City during the second quarter valued at $270,231,000. Dimensional Fund Advisors LP grew its holdings in shares of City by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,344 shares of the bank's stock worth $56,217,000 after purchasing an additional 8,992 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of City in the 2nd quarter worth about $15,012,000. ProShare Advisors LLC grew its holdings in shares of City by 3,506.4% in the 3rd quarter. ProShare Advisors LLC now owns 72,597 shares of the bank's stock worth $10,100,000 after purchasing an additional 70,584 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of City by 5.9% during the 3rd quarter. First Trust Advisors LP now owns 68,759 shares of the bank's stock worth $9,566,000 after purchasing an additional 3,801 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors.

City Company Profile

City Holding Company NASDAQ: CHCO is a financial holding company headquartered in Charleston, West Virginia. Its principal subsidiary, City National Bank of West Virginia, provides banking and related financial services to individuals, businesses and organizations. The bank offers deposit accounts, consumer and commercial lending, mortgage services, and online and mobile banking. It also provides wealth management, trust and investment services, and insurance through its affiliated businesses.

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.