City (CHCO) Cut to “Strong Sell” at BidaskClub

City (NASDAQ:CHCO) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday.

A number of other brokerages have also issued reports on CHCO. Zacks Investment Research raised City from a “sell” rating to a “hold” rating and set a $78.00 target price on the stock in a research report on Friday, December 22nd. Sandler O’Neill set a $72.00 target price on City and gave the stock a “hold” rating in a research report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. City currently has a consensus rating of “Hold” and a consensus price target of $70.75.

Shares of City (NASDAQ CHCO) opened at $67.00 on Tuesday. City has a 52-week low of $58.80 and a 52-week high of $74.90. The stock has a market capitalization of $1,050.47, a PE ratio of 17.45, a PEG ratio of 1.65 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 0.90.

City (NASDAQ:CHCO) last announced its earnings results on Wednesday, October 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.01. City had a return on equity of 12.34% and a net margin of 29.25%. The business had revenue of $45.90 million for the quarter, compared to analyst estimates of $47.18 million. During the same period in the previous year, the company earned $0.88 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. research analysts predict that City will post 3.84 EPS for the current year.

In related news, CFO David L. Bumgarner sold 1,000 shares of City stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $73.00, for a total value of $73,000.00. Following the completion of the transaction, the chief financial officer now directly owns 10,965 shares in the company, valued at $800,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.88% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of CHCO. JPMorgan Chase & Co. grew its stake in City by 27.1% in the second quarter. JPMorgan Chase & Co. now owns 497,902 shares of the bank’s stock worth $32,797,000 after purchasing an additional 106,203 shares in the last quarter. Vanguard Group Inc. boosted its stake in City by 4.0% in the second quarter. Vanguard Group Inc. now owns 1,469,229 shares of the bank’s stock valued at $96,778,000 after acquiring an additional 57,001 shares during the period. Zacks Investment Management acquired a new position in City in the second quarter valued at approximately $2,178,000. WBI Investments Inc. acquired a new position in City in the second quarter valued at approximately $1,491,000. Finally, Walthausen & Co. LLC boosted its stake in City by 14.1% in the third quarter. Walthausen & Co. LLC now owns 177,187 shares of the bank’s stock valued at $12,742,000 after acquiring an additional 21,850 shares during the period. Institutional investors and hedge funds own 64.97% of the company’s stock.

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About City

City Holding Company is a financial holding company. The Company conducts its principal activities through its subsidiary, City National Bank of West Virginia (City National). As of December 31, 2016, the City National provided banking, trust and investment management and other financial solutions through its network of 85 banking offices located in the states of West Virginia, Virginia, eastern Kentucky and southeastern Ohio.

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