City (NASDAQ:CHCO) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of City (NASDAQ:CHCO) from a hold rating to a sell rating in a research note published on Wednesday, Zacks.com reports.

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

Other analysts have also issued research reports about the company. Boenning Scattergood reiterated a neutral rating on shares of City in a report on Thursday, June 20th. BidaskClub upgraded City from a sell rating to a hold rating in a report on Thursday, September 12th.

CHCO stock opened at $77.36 on Wednesday. City has a fifty-two week low of $65.32 and a fifty-two week high of $83.04. The stock has a market capitalization of $1.26 billion, a P/E ratio of 14.99 and a beta of 0.78. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.87. The business has a 50-day moving average of $75.65 and a 200-day moving average of $76.18.

City (NASDAQ:CHCO) last released its earnings results on Monday, July 22nd. The bank reported $1.38 earnings per share (EPS) for the quarter, topping 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 business had revenue of $58.74 million for the quarter, compared to analyst estimates of $57.24 million. Equities analysts expect that City will post 5.34 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, October 11th. This is a positive change from City’s previous quarterly dividend of $0.53. City’s dividend payout ratio is presently 44.19%.

In other City news, EVP Craig G. Stilwell sold 2,700 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $74.92, for a total value of $202,284.00. Following the sale, the executive vice president now owns 15,696 shares in the company, valued at $1,175,944.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David L. Bumgarner sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $76.65, for a total value of $76,650.00. Following the completion of the sale, the chief financial officer now owns 8,936 shares in the company, valued at approximately $684,944.40. The disclosure for this sale can be found here. Corporate insiders own 3.36% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Advisors Preferred LLC bought a new stake in City in the second quarter valued at approximately $26,000. Advisory Services Network LLC bought a new stake in City in the second quarter valued at approximately $35,000. Everence Capital Management Inc. bought a new stake in City in the second quarter valued at approximately $222,000. Scotia Capital Inc. raised its stake in City by 24.1% in the second quarter. Scotia Capital Inc. now owns 3,819 shares of the bank’s stock valued at $291,000 after buying an additional 741 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its stake in City by 3.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,193 shares of the bank’s stock valued at $320,000 after buying an additional 152 shares during the period. Hedge funds and other institutional investors own 66.86% 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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