City Holding (NASDAQ:CHCO) Declares $0.72 Quarterly Dividend

City Holding (NASDAQ:CHCO) declared a quarterly dividend on Wednesday, March 27th, Zacks reports. Shareholders of record on Monday, April 15th will be paid a dividend of 0.715 per share by the bank on Tuesday, April 30th. This represents a $2.86 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Friday, April 12th.

City has raised its dividend by an average of 5.3% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. City has a payout ratio of 38.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect City to earn $7.48 per share next year, which means the company should continue to be able to cover its $2.86 annual dividend with an expected future payout ratio of 38.2%.

City Trading Up 0.2 %

CHCO opened at $104.22 on Friday. The stock has a market capitalization of $1.55 billion, a PE ratio of 13.70 and a beta of 0.50. City has a one year low of $82.53 and a one year high of $115.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. The business’s 50 day moving average price is $102.47 and its 200 day moving average price is $99.48.

City (NASDAQ:CHCO) last released its quarterly earnings results on Wednesday, January 24th. The bank reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.06). City had a return on equity of 18.62% and a net margin of 33.31%. The business had revenue of $86.10 million for the quarter, compared to analysts’ expectations of $72.50 million. As a group, equities research analysts expect that City will post 7.43 EPS for the current year.

Insider Buying and Selling

In other City news, CEO Charles R. Hageboeck sold 8,899 shares of City stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $101.00, for a total transaction of $898,799.00. Following the completion of the sale, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at approximately $5,375,018. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP John A. Derito sold 1,309 shares of City stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $101.25, for a total transaction of $132,536.25. Following the sale, the executive vice president now owns 28,620 shares in the company, valued at $2,897,775. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles R. Hageboeck sold 8,899 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $101.00, for a total value of $898,799.00. Following the completion of the sale, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at $5,375,018. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,808 shares of company stock worth $1,094,935. Corporate insiders own 2.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in shares of City in the 1st quarter valued at $27,000. Quantbot Technologies LP increased its stake in City by 141.0% in the 2nd quarter. Quantbot Technologies LP now owns 453 shares of the bank’s stock valued at $36,000 after purchasing an additional 265 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in City during the second quarter worth $46,000. Advisor Group Holdings Inc. boosted its position in shares of City by 80.4% in the 1st quarter. Advisor Group Holdings Inc. now owns 655 shares of the bank’s stock worth $52,000 after buying an additional 292 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its position in shares of City by 214.8% during the 3rd quarter. Ensign Peak Advisors Inc now owns 850 shares of the bank’s stock worth $75,000 after purchasing an additional 580 shares during the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CHCO shares. Piper Sandler raised their target price on City from $103.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 1st. Stephens lifted their price objective on shares of City from $98.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, January 25th.

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 offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.