City (NASDAQ:CHCO) Hits New 1-Year High Following Dividend Announcement

Shares of City Holding (NASDAQ:CHCO) hit a new 52-week high during trading on Monday following a dividend announcement from the company. The company traded as high as $137.02 and last traded at $135.72, with a volume of 2860 shares. The stock had previously closed at $131.79.

The newly announced dividend which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.40%. City’s payout ratio is currently 40.56%.

Analyst Ratings Changes

Separately, Piper Sandler restated a “neutral” rating and set a $135.00 price target on shares of City in a report on Friday, November 8th.

City Stock Down 1.5 %

The company’s 50 day moving average is $121.05 and its 200 day moving average is $114.18. The company has a market cap of $1.94 billion, a PE ratio of 17.02 and a beta of 0.46. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.20.

City (NASDAQ:CHCO) last issued 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 for the quarter, compared to analyst estimates of $73.90 million. City had a net margin of 31.18% and a return on equity of 16.60%. As a group, analysts predict that City Holding will post 7.84 earnings per share for the current fiscal year.

Insider Activity at City

In other news, Director C Dallas Kayser sold 1,784 shares of the firm’s 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 of the company’s stock, valued at $3,151,521.21. This trade represents a 7.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John A. Derito sold 1,243 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $136.93, for a total value of $170,203.99. Following the transaction, the executive vice president now owns 28,757 shares in the company, valued at approximately $3,937,696.01. This trade represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,092 shares of company stock valued at $1,196,697 over the last quarter. 2.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On City

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC increased its stake in City by 4.5% during the 2nd 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 grew its stake in 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 purchasing an additional 100 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of City by 95.8% in the second quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock valued at $25,000 after purchasing an additional 113 shares during the period. Victory Capital Management Inc. raised its stake in shares of City by 1.6% in the third quarter. Victory Capital Management Inc. now owns 8,676 shares of the bank’s stock worth $1,018,000 after purchasing an additional 137 shares during the last quarter. Finally, Inspire Investing LLC lifted its holdings in shares of City by 6.8% during the third quarter. Inspire Investing LLC now owns 3,493 shares of the bank’s stock worth $410,000 after purchasing an additional 222 shares during the period. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

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.