City (CHCO) Downgraded by BidaskClub
BidaskClub lowered shares of City (NASDAQ:CHCO) from a sell rating to a strong sell rating in a report issued on Tuesday morning.
A number of other research firms also recently issued reports on CHCO. Zacks Investment Research upgraded City from a sell rating to a hold rating and set a $78.00 price target on the stock in a research note on Friday, December 22nd. Sandler O’Neill set a $72.00 price target on City and gave the stock a hold rating in a research note on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. City has a consensus rating of Hold and an average price target of $70.75.
City (CHCO) opened at $69.69 on Tuesday. The stock has a market capitalization of $1,080.92, a price-to-earnings ratio of 18.15, a PEG ratio of 1.64 and a beta of 0.84. City has a 52 week low of $58.80 and a 52 week high of $74.90. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.03.
City (NASDAQ:CHCO) last released its quarterly earnings results on Wednesday, October 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.01. The firm had revenue of $45.90 million for the quarter, compared to the consensus estimate of $47.18 million. City had a return on equity of 12.34% and a net margin of 29.25%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. research analysts predict that City will post 3.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Monday, January 15th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, January 11th. This is an increase from City’s previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a yield of 2.64%. City’s payout ratio is 47.92%.
In related news, CFO David L. Bumgarner sold 1,000 shares of City stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $73.00, for a total transaction of $73,000.00. Following the transaction, the chief financial officer now directly owns 10,965 shares in the company, valued at $800,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.88% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its position in City by 17.7% during the second quarter. Victory Capital Management Inc. now owns 3,052 shares of the bank’s stock valued at $201,000 after purchasing an additional 458 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in City during the second quarter valued at $222,000. Neuberger Berman Group LLC lifted its position in City by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 3,656 shares of the bank’s stock valued at $241,000 after purchasing an additional 28 shares in the last quarter. Susquehanna International Group LLP purchased a new position in City during the second quarter valued at $241,000. Finally, Crossmark Global Holdings Inc. purchased a new position in City during the third quarter valued at $248,000. Institutional investors own 64.97% of the company’s stock.
City Company Profile
City Holding Company is a financial holding company. The Company conducts its principal activities through its subsidiary, City National Bank of West Virginia (City National). As of December 31, 2016, the City National provided banking, trust and investment management and other financial solutions through its network of 85 banking offices located in the states of West Virginia, Virginia, eastern Kentucky and southeastern Ohio.
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