City (NASDAQ:CHCO) Given Neutral Rating at Piper Sandler

Piper Sandler reiterated their neutral rating on shares of City (NASDAQ:CHCO) in a research note released on Friday morning, MarketBeat.com reports. Piper Sandler currently has a $135.00 target price on the bank’s stock.

City Stock Performance

Shares of CHCO traded up $2.21 during mid-day trading on Friday, reaching $130.77. The company’s stock had a trading volume of 66,896 shares, compared to its average volume of 57,115. The stock has a market cap of $1.92 billion, a P/E ratio of 16.79 and a beta of 0.46. The business has a 50-day simple moving average of $117.91 and a two-hundred day simple moving average of $112.02. The company has a current ratio of 0.82, a quick ratio of 0.80 and a debt-to-equity ratio of 0.20. City has a 1-year low of $92.76 and a 1-year high of $135.83.

City (NASDAQ:CHCO) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.10. The firm 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, equities research analysts anticipate that City will post 7.78 earnings per share for the current fiscal year.

City Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.79 per share. This is a positive change from City’s previous quarterly dividend of $0.72. This represents a $3.16 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Tuesday, October 15th. City’s payout ratio is currently 40.56%.

Insider Activity

In related news, Director C Dallas Kayser sold 1,784 shares of City stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total transaction of $237,860.72. Following the completion of the sale, the director now owns 23,637 shares of the company’s stock, valued at approximately $3,151,521.21. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other City news, Director James L. Rossi sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $115.00, for a total transaction of $115,000.00. Following the transaction, the director now owns 18,233 shares in the company, valued at approximately $2,096,795. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director C Dallas Kayser sold 1,784 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the completion of the sale, the director now directly owns 23,637 shares in the company, valued at approximately $3,151,521.21. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,384 shares of company stock valued at $422,233 over the last three months. Corporate insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On City

A number of hedge funds have recently added to or reduced their stakes in CHCO. GAMMA Investing LLC boosted its holdings in shares of City by 95.8% during the 2nd quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock valued at $25,000 after purchasing an additional 113 shares during the last quarter. nVerses Capital LLC bought a new stake in City in the third quarter worth about $59,000. Bessemer Group Inc. increased its position in shares of City by 90.7% during the first quarter. Bessemer Group Inc. now owns 1,270 shares of the bank’s stock worth $132,000 after acquiring an additional 604 shares during the period. SG Americas Securities LLC purchased a new position in shares of City during the first quarter worth approximately $180,000. Finally, Crossmark Global Holdings Inc. purchased a new position in City during the third quarter valued at approximately $199,000. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

About City

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.