City (NASDAQ:CHCO) Releases Earnings Results, Beats Expectations By $0.06 EPS
by Renee Jackson · The Cerbat GemCity (NASDAQ:CHCO – Get Free Report) announced its earnings results on Thursday. The bank reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.06, Zacks reports. City had a return on equity of 16.61% and a net margin of 32.56%.
City Stock Performance
CHCO stock traded up $1.47 during midday trading on Thursday, reaching $125.85. The company had a trading volume of 47,031 shares, compared to its average volume of 110,321. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average price of $122.12 and a 200 day moving average price of $122.18. City has a fifty-two week low of $113.21 and a fifty-two week high of $133.59. The firm has a market capitalization of $1.81 billion, a PE ratio of 14.08 and a beta of 0.49.
City Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, April 15th. City’s payout ratio is currently 38.93%.
Insider Buying and Selling
In other City news, CEO Charles R. Hageboeck sold 1,275 shares of City stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $125.33, for a total value of $159,795.75. Following the completion of the transaction, the chief executive officer directly owned 49,084 shares in the company, valued at $6,151,697.72. The trade was a 2.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders purchased 908 shares of company stock valued at $108,939 in the last three months. Insiders own 1.75% of the company’s stock.
Hedge Funds Weigh In On City
Hedge funds and other institutional investors have recently bought and sold shares of the stock. DRW Securities LLC acquired a new position in City in the fourth quarter valued at approximately $256,000. Caxton Associates LLP acquired a new position in shares of City during the third quarter worth approximately $227,000. Bank of Montreal Can acquired a new position in shares of City during the fourth quarter worth approximately $220,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of City during the fourth quarter worth approximately $202,000. Finally, Smartleaf Asset Management LLC boosted its position in shares of City by 40.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 965 shares of the bank’s stock worth $118,000 after buying an additional 279 shares during the period. 72.43% of the stock is currently owned by institutional investors and hedge funds.
City declared that its Board of Directors has approved a share buyback plan on Wednesday, March 25th that authorizes the company to repurchase 1,000,000 shares. This repurchase authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
Separately, Piper Sandler boosted their price objective on City from $125.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, City presently has a consensus rating of “Hold” and an average price target of $134.50.
Read Our Latest Research Report on City
About City
City Holding Company (NASDAQ:CHCO) is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.
The company’s product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.