City (NASDAQ:CHCO) Posts Earnings Results, Beats Expectations By $0.13 EPS

City (NASDAQ:CHCO) issued its quarterly earnings data on Wednesday. The bank reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.22 by $0.13, Zacks reports. City had a net margin of 32.72% and a return on equity of 16.58%.

City Stock Down 0.7%

Shares of CHCO stock opened at $134.99 on Wednesday. The firm’s fifty day moving average price is $128.96 and its two-hundred day moving average price is $124.91. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. City has a 1 year low of $113.21 and a 1 year high of $138.18. The firm has a market capitalization of $1.90 billion, a P/E ratio of 14.87 and a beta of 0.49.

City Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be given a $0.87 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $3.48 dividend on an annualized basis and a yield of 2.6%. City’s dividend payout ratio (DPR) is 38.33%.

Insider Buying and Selling

In related news, EVP Michael T. Quinlan, Jr. sold 1,210 shares of City stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $126.09, for a total value of $152,568.90. Following the sale, the executive vice president owned 3,314 shares of the company’s stock, valued at approximately $417,862.26. The trade was a 26.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey Dale Legge sold 1,309 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $125.00, for a total value of $163,625.00. Following the sale, the executive vice president owned 7,656 shares in the company, valued at $957,000. The trade was a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,975 shares of company stock worth $1,622,853 over the last 90 days. 1.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On City

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Advisory Services LLC bought a new stake in City during the fourth quarter worth $29,000. Quarry LP bought a new position in shares of City in the 3rd quarter valued at about $32,000. Simplex Trading LLC bought a new position in shares of City in the 4th quarter valued at about $36,000. Geneos Wealth Management Inc. increased its stake in shares of City by 113.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 373 shares of the bank’s stock worth $46,000 after purchasing an additional 198 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of City by 463.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 428 shares of the bank’s stock worth $52,000 after purchasing an additional 352 shares during the last quarter. 72.43% of the stock is owned by institutional investors.

City announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 25th that allows the company to repurchase 1,000,000 outstanding shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CHCO shares. Hovde Group upped their target price on shares of City from $133.00 to $135.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. Weiss Ratings raised City from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $134.25.

City Company Profile

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.