City (NASDAQ:CHCO) Reaches New 12-Month High – Here’s Why

City Holding (NASDAQ:CHCO) shares hit a new 52-week high during trading on Monday . The stock traded as high as $137.02 and last traded at $135.72, with a volume of 2860 shares traded. The stock had previously closed at $131.79.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reissued a “neutral” rating and set a $135.00 price objective on shares of City in a research note on Friday, November 8th.

City Trading Up 2.5 %

The company has a 50 day moving average price of $120.75 and a 200 day moving average price of $113.98. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 16.92 and a beta of 0.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.82 and a current ratio of 0.82.

City (NASDAQ:CHCO) last posted its earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.10. City had a return on equity of 16.60% and a net margin of 31.18%. The firm had revenue of $98.40 million for the quarter, compared to analyst estimates of $73.90 million. On average, research analysts expect that City Holding will post 7.84 earnings per share for the current year.

City Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.79 per share. This is an increase from City’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $3.16 annualized dividend and a yield of 2.34%. City’s dividend payout ratio is 40.56%.

Insiders Place Their Bets

In other news, Director C Dallas Kayser sold 1,784 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the transaction, the director now owns 23,637 shares in the company, valued at approximately $3,151,521.21. This represents a 7.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Charles R. Hageboeck sold 6,065 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $130.03, for a total value of $788,631.95. Following the completion of the sale, the chief executive officer now directly owns 44,974 shares of the company’s stock, valued at approximately $5,847,969.22. This trade represents a 11.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.39% of the stock is owned by company insiders.

Institutional Trading of City

A number of large investors have recently made changes to their positions in CHCO. Geode Capital Management LLC lifted its position in City by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 355,940 shares of the bank’s stock worth $41,792,000 after acquiring an additional 1,065 shares during the period. Barclays PLC lifted its position in City by 125.3% during the 3rd quarter. Barclays PLC now owns 28,845 shares of the bank’s stock worth $3,385,000 after acquiring an additional 16,044 shares during the period. Zacks Investment Management lifted its position in City by 6.8% during the 3rd quarter. Zacks Investment Management now owns 21,610 shares of the bank’s stock worth $2,537,000 after acquiring an additional 1,373 shares during the period. Jane Street Group LLC lifted its position in City by 66.6% during the 3rd quarter. Jane Street Group LLC now owns 25,017 shares of the bank’s stock worth $2,937,000 after acquiring an additional 9,999 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in City during the 3rd quarter worth approximately $134,000. 72.43% of the stock is owned by institutional investors and hedge funds.

City Company Profile

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.