Insider Selling: City (NASDAQ:CHCO) EVP Sells 512 Shares of Company Stock

City Holding Company (NASDAQ:CHCO) EVP Jeffrey Legge sold 512 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $145.30, for a total transaction of $74,393.60. Following the sale, the executive vice president owned 7,656 shares of the company’s stock, valued at $1,112,416.80. This trade represents a 6.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

City Stock Performance

CHCO traded down $1.80 during trading on Thursday, hitting $142.74. The company’s stock had a trading volume of 57,922 shares, compared to its average volume of 116,899. The business’s 50 day simple moving average is $142.27 and its 200-day simple moving average is $131.84. The firm has a market cap of $2.00 billion, a PE ratio of 15.55 and a beta of 0.49. City Holding Company has a one year low of $113.21 and a one year high of $148.99. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19.

City (NASDAQ:CHCO) last issued its quarterly earnings data on Monday, October 26th. The bank reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.07. The firm had revenue of $84.04 million during the quarter, compared to the consensus estimate of $83.07 million. City had a net margin of 32.31% and a return on equity of 16.22%. As a group, sell-side analysts predict that City Holding Company will post 9.36 EPS for the current fiscal year.

City Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 15th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.8%. This is a boost from City’s previous quarterly dividend of $0.87. The ex-dividend date was Thursday, October 15th. City’s dividend payout ratio (DPR) is presently 43.67%.

Hedge Funds Weigh In On City

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of City during the second quarter worth about $270,231,000. Bank of New York Mellon Corp purchased a new position in City in the 2nd quarter worth approximately $15,012,000. ProShare Advisors LLC lifted its holdings in City by 3,506.4% in the 3rd quarter. ProShare Advisors LLC now owns 72,597 shares of the bank’s stock worth $10,100,000 after purchasing an additional 70,584 shares in the last quarter. Legal & General Group Plc bought a new position in City in the 2nd quarter worth approximately $4,585,000. Finally, Bank of America Corp DE bought a new position in City in the 2nd quarter worth approximately $4,181,000. Institutional investors own 72.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on CHCO shares. Weiss Ratings upgraded City from a “buy (a-)” rating to a “buy (a)” rating in a research report on Friday, October 16th. Keefe, Bruyette & Woods lifted their price objective on City from $145.00 to $147.00 and gave the company a “hold” rating in a research report on Tuesday, October 27th. Finally, Hovde Group boosted their price objective on City from $135.00 to $143.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $140.00.

City Company Profile

City Holding Company (NASDAQ: CHCO) is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides banking and financial services to individuals, businesses and institutions.

City National Bank offers deposit accounts, consumer and commercial loans, residential mortgages, credit cards, cash-management services, investment products and trust services. Its activities also include wealth management and related financial services designed for retail, business and institutional customers.

The company serves communities primarily in West Virginia, Virginia, eastern Kentucky and southeastern Ohio through a network of branches and other delivery channels.