City (NASDAQ:CHCO) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

City (NASDAQ:CHCO) announced its quarterly earnings results on Monday. The bank reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.07, Zacks reports. The company had revenue of $84.04 million for the quarter, compared to analyst estimates of $83.07 million.

City Trading Down 0.4%

Shares of NASDAQ:CHCO opened at $141.04 on Wednesday. City has a fifty-two week low of $113.21 and a fifty-two week high of $148.99. The company’s 50-day moving average price is $142.38 and its 200 day moving average price is $131.20.

City Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Thursday, October 15th. This is a positive change from City’s previous quarterly dividend of $0.87.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CHCO. Hovde Group raised their price objective on shares of City from $135.00 to $143.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price objective on shares of City from $145.00 to $147.00 and gave the company a “hold” rating in a research note on Tuesday. Finally, Weiss Ratings raised City from a “buy (a-)” rating to a “buy (a)” rating in a report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $140.00.

Insider Activity

In related news, CEO Charles Hageboeck sold 4,485 shares of City stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $144.96, for a total value of $650,145.60. Following the transaction, the chief executive officer directly owned 43,998 shares in the company, valued at $6,377,950.08. The trade was a 9.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sharon H. Rowe sold 400 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $143.96, for a total value of $57,584.00. Following the transaction, the director directly owned 10,576 shares in the company, valued at $1,522,520.96. The trade was a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders acquired 480 shares of company stock worth $68,222. 1.75% of the stock is owned by company insiders.

City Company Profile

City Holding Company (NASDAQ: CHCO) is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides banking and financial services to individuals, businesses and institutions.

City National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, credit cards, cash-management services, investment products and trust services. Its activities also include wealth management and related financial services designed for retail, business and institutional customers.

The company serves communities primarily in West Virginia, Virginia, eastern Kentucky and southeastern Ohio through a network of branches and other delivery channels.