Zacks Investment Research downgraded shares of City (NASDAQ:CHCO) from a buy rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “
A number of other research firms have also recently weighed in on CHCO. Boenning Scattergood reiterated a hold rating on shares of City in a report on Wednesday, January 24th. BidaskClub cut City from a hold rating to a sell rating in a report on Tuesday, December 12th. Finally, Sandler O’Neill set a $72.00 price target on City and gave the stock a hold rating in a report on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. City currently has a consensus rating of Hold and an average target price of $70.75.
City (NASDAQ:CHCO) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.11. The business had revenue of $47.96 million during the quarter, compared to analysts’ expectations of $47.43 million. City had a return on equity of 12.40% and a net margin of 26.25%. research analysts predict that City will post 4.48 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 31st. Investors of record on Monday, January 15th were paid a dividend of $0.46 per share. This is a positive change from City’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, January 11th. This represents a $1.84 annualized dividend and a yield of 2.70%. City’s dividend payout ratio is presently 52.72%.
In related news, CFO David L. Bumgarner sold 1,000 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $73.00, for a total transaction of $73,000.00. Following the transaction, the chief financial officer now owns 10,965 shares of the company’s stock, valued at approximately $800,445. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 3.88% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN lifted its stake in City by 11.9% during the 3rd quarter. Wells Fargo & Company MN now owns 39,488 shares of the bank’s stock worth $2,839,000 after acquiring an additional 4,198 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in City by 27.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 6,461 shares of the bank’s stock worth $426,000 after acquiring an additional 1,400 shares in the last quarter. Vanguard Group Inc. lifted its stake in City by 4.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,469,229 shares of the bank’s stock worth $96,778,000 after acquiring an additional 57,001 shares in the last quarter. Prudential Financial Inc. lifted its stake in City by 21.2% during the 3rd quarter. Prudential Financial Inc. now owns 32,193 shares of the bank’s stock worth $2,315,000 after acquiring an additional 5,640 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in City by 83.9% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,774 shares of the bank’s stock worth $631,000 after acquiring an additional 4,004 shares in the last quarter. 65.88% of the stock is currently owned by hedge funds and other institutional investors.
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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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