City (NASDAQ:CHCO) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of City (NASDAQ:CHCO) from a hold rating to a buy rating in a research note released on Thursday, Zacks.com reports. Zacks Investment Research currently has $87.00 price target on the bank’s stock.

According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “

CHCO has been the topic of several other reports. BidaskClub cut City from a hold rating to a sell rating in a research report on Saturday, June 22nd. Boenning Scattergood restated a neutral rating on shares of City in a report on Thursday, June 20th. Finally, Hovde Group initiated coverage on City in a report on Monday, June 3rd. They issued a market perform rating and a $76.00 target price on the stock. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $81.50.

Shares of CHCO stock traded down $0.38 during mid-day trading on Thursday, hitting $75.11. 62,525 shares of the stock traded hands, compared to its average volume of 52,878. City has a twelve month low of $65.32 and a twelve month high of $83.27. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 1.82 and a beta of 0.76. The stock’s 50-day simple moving average is $75.58. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.08. City had a return on equity of 14.52% and a net margin of 30.14%. The company had revenue of $58.74 million for the quarter, compared to analysts’ expectations of $57.24 million. Equities analysts forecast that City will post 5.33 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Monday, July 15th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date was Friday, July 12th. City’s payout ratio is 41.09%.

In related news, CFO David L. Bumgarner sold 1,000 shares of City stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $76.65, for a total value of $76,650.00. Following the transaction, the chief financial officer now directly owns 8,936 shares in the company, valued at approximately $684,944.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.36% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CHCO. Geode Capital Management LLC lifted its stake in City by 14.7% in the fourth quarter. Geode Capital Management LLC now owns 195,596 shares of the bank’s stock worth $13,220,000 after acquiring an additional 25,079 shares during the period. Principal Financial Group Inc. lifted its stake in City by 10.0% in the fourth quarter. Principal Financial Group Inc. now owns 143,394 shares of the bank’s stock worth $9,692,000 after acquiring an additional 12,992 shares during the period. Bank of America Corp DE lifted its stake in City by 74.2% in the fourth quarter. Bank of America Corp DE now owns 67,789 shares of the bank’s stock worth $4,582,000 after acquiring an additional 28,872 shares during the period. D. E. Shaw & Co. Inc. purchased a new stake in City in the fourth quarter worth about $970,000. Finally, Metropolitan Life Insurance Co. NY lifted its stake in City by 386.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,288 shares of the bank’s stock worth $357,000 after acquiring an additional 4,202 shares during the period. Institutional investors and hedge funds own 67.70% of the company’s stock.

About City

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust and investment management, and other financial solutions in the United States. The company accepts various deposit products, such as checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.

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