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

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

City Price Performance

Shares of CHCO stock traded up $2.21 on Friday, reaching $130.77. 66,896 shares of the company were exchanged, compared to its average volume of 57,115. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 16.79 and a beta of 0.46. The business has a 50-day moving average price of $117.91 and a 200 day moving average price of $112.02. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.80 and a current ratio of 0.82. City has a 1 year low of $92.76 and a 1 year high of $135.83.

City (NASDAQ:CHCO) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.10. The company had revenue of $98.40 million during the quarter, compared to analysts’ expectations of $73.90 million. City had a net margin of 31.18% and a return on equity of 16.60%. Equities research analysts forecast that City will post 7.78 earnings per share for the current fiscal year.

City Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were given a $0.79 dividend. The ex-dividend date was Tuesday, October 15th. This is an increase from City’s previous quarterly dividend of $0.72. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.42%. City’s dividend payout ratio is currently 40.56%.

Insider Activity at City

In related news, Director C Dallas Kayser sold 1,784 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $133.33, for a total transaction 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 represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director James L. Rossi sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $115.00, for a total transaction of $115,000.00. Following the completion of the transaction, the director now owns 18,233 shares of the company’s stock, valued at approximately $2,096,795. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director C Dallas Kayser sold 1,784 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total transaction of $237,860.72. Following the sale, the director now owns 23,637 shares of the company’s stock, valued at approximately $3,151,521.21. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,384 shares of company stock valued at $422,233 in the last ninety days. Insiders own 2.39% of the company’s stock.

Institutional Trading of City

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its holdings in shares of City by 95.8% in the 2nd quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock worth $25,000 after acquiring an additional 113 shares during the period. nVerses Capital LLC acquired a new position in shares of City in the third quarter worth about $59,000. Bessemer Group Inc. lifted its position in shares of City by 90.7% in the first quarter. Bessemer Group Inc. now owns 1,270 shares of the bank’s stock worth $132,000 after purchasing an additional 604 shares in the last quarter. SG Americas Securities LLC bought a new position in City during the first quarter valued at approximately $180,000. Finally, Crossmark Global Holdings Inc. bought a new position in City during the third quarter valued at approximately $199,000. 72.43% of the stock is owned by institutional investors and hedge funds.

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.