City (NASDAQ:CHCO) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of City (NASDAQ:CHCO) from a strong-buy rating to a hold rating in a research report released on Tuesday,Zacks.com reports.

Several other research firms have also commented on CHCO. Wall Street Zen lowered City from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. DA Davidson boosted their price objective on City from $128.00 to $137.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods increased their target price on City from $125.00 to $135.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 23rd. Finally, Hovde Group boosted their price target on shares of City from $130.00 to $136.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $133.25.

City Stock Down 0.5%

Shares of NASDAQ:CHCO opened at $123.20 on Tuesday. The company’s fifty day moving average is $125.45 and its two-hundred day moving average is $120.79. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.81 and a current ratio of 0.81. City has a 1-year low of $102.22 and a 1-year high of $137.28. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 14.83 and a beta of 0.57.

City (NASDAQ:CHCO) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.32. The business had revenue of $78.16 million during the quarter, compared to the consensus estimate of $76.10 million. City had a net margin of 31.35% and a return on equity of 16.30%. Equities analysts anticipate that City will post 7.58 EPS for the current year.

City Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.87 per share. This is a boost from City’s previous quarterly dividend of $0.79. The ex-dividend date is Wednesday, October 15th. This represents a $3.48 dividend on an annualized basis and a yield of 2.8%. City’s payout ratio is presently 38.03%.

Insiders Place Their Bets

In other news, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $131.12, for a total transaction of $131,120.00. Following the transaction, the executive vice president directly owned 1,830 shares of the company’s stock, valued at approximately $239,949.60. This trade represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey Dale Legge sold 2,500 shares of the company’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $131.06, for a total transaction of $327,650.00. Following the completion of the sale, the executive vice president directly owned 7,037 shares of the company’s stock, valued at $922,269.22. The trade was a 26.21% decrease in their position. The disclosure for this sale can be found here. Insiders have bought 305 shares of company stock worth $38,750 over the last three months. Corporate insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. boosted its stake in City by 69.7% during the 1st quarter. Bessemer Group Inc. now owns 280 shares of the bank’s stock valued at $33,000 after purchasing an additional 115 shares in the last quarter. CWM LLC lifted its holdings in shares of City by 43.9% in the first quarter. CWM LLC now owns 282 shares of the bank’s stock valued at $33,000 after buying an additional 86 shares during the period. Geneos Wealth Management Inc. boosted its stake in City by 113.1% during the second quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank’s stock valued at $46,000 after buying an additional 198 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in City by 463.2% during the second quarter. EverSource Wealth Advisors LLC now owns 428 shares of the bank’s stock worth $52,000 after acquiring an additional 352 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in City by 28.4% in the second quarter. Smartleaf Asset Management LLC now owns 497 shares of the bank’s stock worth $61,000 after acquiring an additional 110 shares in the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.

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.