City (NASDAQ:CHCO) Issues Quarterly Earnings Results, Beats Estimates By $0.12 EPS

City (NASDAQ:CHCO) posted its quarterly earnings results on Wednesday. The bank reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12, Zacks reports. The firm had revenue of $81.52 million for the quarter, compared to the consensus estimate of $80.64 million. City had a net margin of 32.58% and a return on equity of 16.38%.

City Stock Down 0.1%

NASDAQ:CHCO traded down $0.17 during trading hours on Friday, hitting $137.40. The company’s stock had a trading volume of 44,156 shares, compared to its average volume of 116,687. City has a 52-week low of $113.21 and a 52-week high of $139.74. The stock has a market capitalization of $1.94 billion, a P/E ratio of 15.03 and a beta of 0.49. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. The stock has a fifty day moving average of $129.62 and a 200-day moving average of $125.18.

City Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be paid a dividend of $0.87 per share. The ex-dividend date is Wednesday, July 15th. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.5%. City’s payout ratio is presently 38.33%.

Insider Activity at City

In other news, CEO Charles R. Hageboeck sold 5,855 shares of City stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $125.30, for a total transaction of $733,631.50. Following the sale, the chief executive officer owned 50,341 shares in the company, valued at approximately $6,307,727.30. The trade was a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David L. Bumgarner sold 1,161 shares of City stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $124.50, for a total value of $144,544.50. Following the transaction, the chief financial officer directly owned 10,666 shares in the company, valued at approximately $1,327,917. This trade represents a 9.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 12,975 shares of company stock valued at $1,622,853. Company insiders own 1.75% of the company’s stock.

Hedge Funds Weigh In On City

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV purchased a new stake in City during the 4th quarter valued at approximately $202,000. XTX Topco Ltd acquired a new stake in City in the fourth quarter valued at $712,000. Zacks Investment Management boosted its holdings in City by 3.6% during the fourth quarter. Zacks Investment Management now owns 24,584 shares of the bank’s stock worth $2,930,000 after buying an additional 844 shares in the last quarter. Numerai GP LLC purchased a new stake in shares of City during the 4th quarter worth approximately $754,000. Finally, Inspire Investing LLC boosted its position in City by 5.0% during the fourth quarter. Inspire Investing LLC now owns 3,843 shares of the bank’s stock worth $458,000 after purchasing an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CHCO shares. Weiss Ratings raised City from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, July 16th. Hovde Group lifted their target price on shares of City from $133.00 to $135.00 and gave the company a “market perform” rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $132.50.

About City

City Holding Company (NASDAQ:CHCO) is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company’s product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.