City Holding Company (CHCO) Upgraded to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of City Holding Company (NASDAQ:CHCO) from a hold rating to a strong-buy rating in a report published on Wednesday. The brokerage currently has $78.00 price target on the bank’s stock.
According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “
Other equities research analysts have also recently issued research reports about the stock. ValuEngine raised shares of City Holding from a hold rating to a buy rating in a research note on Friday, June 2nd. Keefe, Bruyette & Woods set a $65.00 target price on shares of City Holding and gave the stock a hold rating in a research note on Monday, April 10th. Finally, BidaskClub raised shares of City Holding from a sell rating to a hold rating in a research note on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $70.33.
Shares of City Holding (NASDAQ CHCO) opened at 65.50 on Wednesday. City Holding has a 1-year low of $46.48 and a 1-year high of $74.90. The company’s 50-day moving average is $66.02 and its 200-day moving average is $65.80. The stock has a market cap of $1.02 billion, a P/E ratio of 17.14 and a beta of 0.84.
City Holding (NASDAQ:CHCO) last announced its earnings results on Monday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. City Holding had a net margin of 29.07% and a return on equity of 12.62%. The company had revenue of $46.18 million for the quarter, compared to analysts’ expectations of $46.45 million. During the same quarter in the previous year, the company posted $0.83 EPS. Equities analysts expect that City Holding will post $3.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Friday, July 14th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.76 annualized dividend and a dividend yield of 2.69%. City Holding’s payout ratio is 45.95%.
In other news, EVP John A. Derito sold 806 shares of the business’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $64.25, for a total transaction of $51,785.50. Following the transaction, the executive vice president now owns 25,649 shares of the company’s stock, valued at approximately $1,647,948.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Craig G. Stilwell sold 7,931 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $64.85, for a total transaction of $514,325.35. Following the transaction, the executive vice president now directly owns 26,865 shares in the company, valued at approximately $1,742,195.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,586 shares of company stock worth $1,726,691. Corporate insiders own 3.88% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in shares of City Holding during the first quarter valued at $108,000. State of Alaska Department of Revenue boosted its position in shares of City Holding by 6.2% in the first quarter. State of Alaska Department of Revenue now owns 1,720 shares of the bank’s stock valued at $110,000 after buying an additional 100 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of City Holding during the first quarter valued at $167,000. Miles Capital Inc. boosted its position in shares of City Holding by 0.3% in the first quarter. Miles Capital Inc. now owns 3,262 shares of the bank’s stock valued at $210,000 after buying an additional 10 shares during the last quarter. Finally, Mason Street Advisors LLC boosted its position in shares of City Holding by 11.1% in the first quarter. Mason Street Advisors LLC now owns 3,642 shares of the bank’s stock valued at $235,000 after buying an additional 363 shares during the last quarter. 62.42% of the stock is currently owned by hedge funds and other institutional investors.
City Holding 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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