City’s (CHCO) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler restated their neutral rating on shares of City (NASDAQ:CHCO) in a research note published on Friday, MarketBeat reports. Piper Sandler currently has a $135.00 price target on the bank’s stock.

City Price Performance

NASDAQ CHCO opened at $134.35 on Friday. The firm’s 50-day simple moving average is $118.22 and its two-hundred day simple moving average is $112.32. City has a 52 week low of $93.02 and a 52 week high of $136.51. The company has a quick ratio of 0.80, a current ratio of 0.82 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.97 billion, a PE ratio of 17.25 and a beta of 0.46.

City (NASDAQ:CHCO) last posted its earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.10. City had a return on equity of 16.60% and a net margin of 31.18%. The firm had revenue of $98.40 million for the quarter, compared to the consensus estimate of $73.90 million. Research analysts predict that City will post 7.81 earnings per share for the current year.

City Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.79 per share. The ex-dividend date was Tuesday, October 15th. This is a boost from City’s previous quarterly dividend of $0.72. This represents a $3.16 annualized dividend and a dividend yield of 2.35%. City’s dividend payout ratio is currently 40.56%.

Insider Activity

In related news, EVP Michael T. Quinlan, Jr. sold 600 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $115.62, for a total transaction of $69,372.00. Following the sale, the executive vice president now owns 2,000 shares of the company’s stock, valued at approximately $231,240. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Michael T. Quinlan, Jr. sold 600 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $115.62, for a total transaction of $69,372.00. Following the completion of the transaction, the executive vice president now directly owns 2,000 shares in the company, valued at $231,240. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director C Dallas Kayser sold 1,784 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the completion of the sale, the director now owns 23,637 shares in the company, valued at $3,151,521.21. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,384 shares of company stock worth $422,233. 2.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC raised its position in City by 4.5% during the second quarter. Commonwealth Equity Services LLC now owns 2,126 shares of the bank’s stock valued at $226,000 after purchasing an additional 91 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of City by 1.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,400 shares of the bank’s stock valued at $786,000 after buying an additional 100 shares in the last quarter. GAMMA Investing LLC lifted its position in City by 95.8% in the 2nd quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock worth $25,000 after buying an additional 113 shares during the last quarter. Victory Capital Management Inc. lifted its position in City by 1.6% in the 3rd quarter. Victory Capital Management Inc. now owns 8,676 shares of the bank’s stock worth $1,018,000 after buying an additional 137 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its stake in City by 1.1% in the first quarter. Texas Permanent School Fund Corp now owns 12,953 shares of the bank’s stock worth $1,350,000 after buying an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

About City

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust, and investment management, and other financial solutions in the United States. The company offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.