City (NASDAQ:CHCO) Sets New 52-Week High Following Dividend Announcement

City Holding (NASDAQ:CHCO) shares reached a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The stock 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.

The newly announced dividend which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be issued a $0.79 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $3.16 dividend on an annualized basis and a yield of 2.40%. City’s dividend payout ratio is presently 40.56%.

Analyst Upgrades and Downgrades

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

City Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.20, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 17.02 and a beta of 0.46. The firm has a 50-day moving average price of $121.05 and a two-hundred day moving average price of $114.18.

City (NASDAQ:CHCO) last posted its quarterly earnings data 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 company had revenue of $98.40 million during the quarter, compared to analysts’ expectations of $73.90 million. City had a return on equity of 16.60% and a net margin of 31.18%. As a group, sell-side analysts anticipate that City Holding will post 7.84 earnings per share for the current fiscal year.

Insider Transactions at City

In related news, EVP John A. Derito sold 1,243 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $136.93, for a total transaction of $170,203.99. Following the completion of the transaction, the executive vice president now directly owns 28,757 shares of the company’s stock, valued at approximately $3,937,696.01. This represents a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director C Dallas Kayser sold 1,784 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $133.33, for a total value of $237,860.72. Following the transaction, the director now directly owns 23,637 shares of the company’s stock, valued at $3,151,521.21. This trade represents a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,092 shares of company stock valued at $1,196,697 over the last three months. Company insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in City by 0.3% during the third quarter. Geode Capital Management LLC now owns 355,940 shares of the bank’s stock valued at $41,792,000 after purchasing an additional 1,065 shares during the last quarter. Barclays PLC raised its stake in City by 125.3% in the third quarter. Barclays PLC now owns 28,845 shares of the bank’s stock valued at $3,385,000 after buying an additional 16,044 shares during the period. Zacks Investment Management lifted its position in shares of City by 6.8% in the third quarter. Zacks Investment Management now owns 21,610 shares of the bank’s stock valued at $2,537,000 after buying an additional 1,373 shares during the last quarter. Jane Street Group LLC lifted its position in shares of City by 66.6% in the third quarter. Jane Street Group LLC now owns 25,017 shares of the bank’s stock valued at $2,937,000 after buying an additional 9,999 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of City in the third quarter valued at approximately $134,000. 72.43% of the stock is owned by institutional investors and hedge funds.

City Company Profile

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.