City Holding to Issue Quarterly Dividend of $0.79 (NASDAQ:CHCO)

City Holding (NASDAQ:CHCO) declared a quarterly dividend on Friday, March 28th, Wall Street Journal reports. Investors of record on Tuesday, April 15th will be given a dividend of 0.79 per share by the bank on Wednesday, April 30th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Tuesday, April 15th.

City has raised its dividend by an average of 8.8% per year over the last three years. City has a payout ratio of 40.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect City to earn $7.97 per share next year, which means the company should continue to be able to cover its $3.16 annual dividend with an expected future payout ratio of 39.6%.

City Stock Performance

Shares of NASDAQ:CHCO traded down $2.23 on Friday, hitting $117.50. The company had a trading volume of 43,714 shares, compared to its average volume of 57,244. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 14.89 and a beta of 0.48. The stock has a 50 day moving average price of $118.17 and a 200 day moving average price of $120.56. City has a 1-year low of $97.50 and a 1-year high of $137.28. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.21.

City (NASDAQ:CHCO) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.03. City had a net margin of 30.83% and a return on equity of 16.49%. Analysts expect that City will post 7.58 EPS for the current year.

Insider Buying and Selling

In related news, CFO David L. Bumgarner sold 556 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $120.00, for a total transaction of $66,720.00. Following the sale, the chief financial officer now owns 9,395 shares in the company, valued at approximately $1,127,400. This trade represents a 5.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles W. Fairchilds sold 500 shares of City stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $120.50, for a total transaction of $60,250.00. Following the completion of the transaction, the director now directly owns 1,014 shares in the company, valued at $122,187. This trade represents a 33.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,226 shares of company stock valued at $147,200 over the last 90 days. 2.45% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CHCO has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price target on City from $120.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler reduced their target price on shares of City from $135.00 to $125.00 and set a “neutral” rating for the company in a research report on Friday, January 24th.

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.