City (NASDAQ:CHCO) Sees Large Volume Increase – Should You Buy?

Shares of City Holding Company (NASDAQ:CHCO) saw unusually-high trading volume on Wednesday . Approximately 99,589 shares traded hands during mid-day trading, a decline of 11% from the previous session’s volume of 112,295 shares.The stock last traded at $131.47 and had previously closed at $132.78.

Wall Street Analysts Forecast Growth

CHCO has been the topic of a number of research reports. Hovde Group lifted their target price on shares of City from $133.00 to $135.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. Weiss Ratings restated a “buy (b)” rating on shares of City in a report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $134.25.

City Stock Performance

The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. The firm has a market cap of $1.87 billion, a P/E ratio of 14.62 and a beta of 0.49. The business has a fifty day simple moving average of $126.70 and a 200-day simple moving average of $124.15.

City (NASDAQ:CHCO) last released its earnings results on Thursday, April 23rd. The bank reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.03. The firm had revenue of $79.25 million for the quarter, compared to the consensus estimate of $79.25 million. City had a net margin of 32.72% and a return on equity of 16.58%. On average, sell-side analysts predict that City Holding Company will post 8.99 EPS for the current fiscal year.

City Dividend Announcement

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

City declared that its Board of Directors has authorized a share buyback plan on Wednesday, March 25th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at City

In other news, EVP Michael T. Quinlan, Jr. sold 1,210 shares of City stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $126.09, for a total transaction of $152,568.90. Following the completion of the transaction, the executive vice president directly owned 3,314 shares in the company, valued at approximately $417,862.26. This trade represents a 26.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David L. Bumgarner sold 1,161 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $124.50, for a total value of $144,544.50. Following the completion of the sale, the chief financial officer directly owned 10,666 shares in the company, valued at approximately $1,327,917. This represents a 9.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have bought 455 shares of company stock valued at $57,018 and have sold 12,975 shares valued at $1,622,853. Insiders own 1.75% of the company’s stock.

Institutional Investors Weigh In On City

A number of institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL raised its position in shares of City by 63.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 77,039 shares of the bank’s stock worth $9,543,000 after purchasing an additional 29,828 shares during the last quarter. JPMorgan Chase & Co. grew its position in City by 11.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 212,093 shares of the bank’s stock valued at $26,272,000 after purchasing an additional 22,536 shares during the last quarter. Virtu Financial LLC purchased a new stake in City during the 4th quarter valued at about $1,353,000. Louisiana State Employees Retirement System bought a new stake in City during the 1st quarter valued at about $765,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in City by 64.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 42,622 shares of the bank’s stock valued at $5,081,000 after purchasing an additional 16,644 shares in the last quarter. 72.43% of the stock is owned by hedge funds and other institutional investors.

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.