City (NASDAQ:CHCO) Reaches New 12-Month High – Here’s Why

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

Analysts Set New Price Targets

Separately, Piper Sandler reiterated a “neutral” rating and issued a $135.00 target price on shares of City in a research note on Friday, November 8th.

City Price Performance

The firm has a 50 day simple moving average of $120.75 and a 200-day simple moving average of $113.98. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.99 billion, a PE ratio of 16.92 and a beta of 0.46.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.10. The business had revenue of $98.40 million during the quarter, compared to the consensus estimate of $73.90 million. City had a return on equity of 16.60% and a net margin of 31.18%. As a group, research analysts predict that City Holding will post 7.84 earnings per share for the current fiscal year.

City Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend was Tuesday, October 15th. This is an increase from City’s previous quarterly dividend of $0.72. City’s dividend payout ratio (DPR) is currently 40.56%.

Insiders Place Their Bets

In related news, Director C Dallas Kayser sold 1,784 shares of City stock in a transaction dated Wednesday, November 6th. The stock was 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 of the company’s stock, valued at $3,151,521.21. The trade was a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Charles R. Hageboeck sold 6,065 shares of City stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $130.03, for a total value of $788,631.95. Following the sale, the chief executive officer now directly owns 44,974 shares of the company’s stock, valued at $5,847,969.22. This trade represents a 11.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHCO. Dimensional Fund Advisors LP increased its position in shares of City by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 550,985 shares of the bank’s stock valued at $58,542,000 after buying an additional 10,740 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of City by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 528,529 shares of the bank’s stock valued at $62,044,000 after buying an additional 15,910 shares in the last quarter. Geode Capital Management LLC increased its position in shares of City by 0.3% in the third quarter. Geode Capital Management LLC now owns 355,940 shares of the bank’s stock valued at $41,792,000 after buying an additional 1,065 shares in the last quarter. Leeward Investments LLC MA increased its position in shares of City by 5.6% in the second quarter. Leeward Investments LLC MA now owns 88,957 shares of the bank’s stock valued at $9,452,000 after buying an additional 4,725 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of City by 6.0% in the second quarter. American Century Companies Inc. now owns 87,988 shares of the bank’s stock valued at $9,349,000 after buying an additional 4,989 shares in the last quarter. 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.