City Holding (CHCO) to Issue Quarterly Dividend of $0.72 on April 30th

City Holding (NASDAQ:CHCO) declared a quarterly dividend on Wednesday, March 27th, Zacks reports. Investors of record on Monday, April 15th will be given a dividend of 0.715 per share by the bank on Tuesday, April 30th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, April 12th.

City has raised its dividend by an average of 5.3% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. City has a payout ratio of 38.8% meaning its dividend is sufficiently covered by earnings. Analysts expect City to earn $7.48 per share next year, which means the company should continue to be able to cover its $2.86 annual dividend with an expected future payout ratio of 38.2%.

City Trading Up 0.2 %

NASDAQ CHCO opened at $104.22 on Friday. City has a 12 month low of $82.53 and a 12 month high of $115.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 13.70 and a beta of 0.50. The firm’s fifty day moving average price is $102.47 and its 200 day moving average price is $99.48.

City (NASDAQ:CHCO) last issued its quarterly earnings data on Wednesday, January 24th. The bank reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.06). City had a return on equity of 18.62% and a net margin of 33.31%. The business had revenue of $86.10 million for the quarter, compared to analysts’ expectations of $72.50 million. On average, sell-side analysts expect that City will post 7.43 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Charles W. Fairchilds sold 600 shares of City stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $106.00, for a total value of $63,600.00. Following the sale, the director now owns 2,014 shares of the company’s stock, valued at $213,484. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP John A. Derito sold 1,309 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $101.25, for a total value of $132,536.25. Following the completion of the sale, the executive vice president now owns 28,620 shares in the company, valued at $2,897,775. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles W. Fairchilds sold 600 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $106.00, for a total transaction of $63,600.00. Following the completion of the sale, the director now owns 2,014 shares of the company’s stock, valued at approximately $213,484. The disclosure for this sale can be found here. Insiders have sold a total of 10,808 shares of company stock valued at $1,094,935 over the last quarter. Corporate insiders own 2.45% of the company’s stock.

Institutional Trading of City

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in City during the fourth quarter worth about $11,159,000. BlackRock Inc. raised its position in City by 4.6% during the first quarter. BlackRock Inc. now owns 2,207,372 shares of the bank’s stock worth $200,606,000 after acquiring an additional 97,296 shares during the last quarter. Goldman Sachs Group Inc. raised its position in City by 229.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 128,403 shares of the bank’s stock worth $14,158,000 after acquiring an additional 89,408 shares during the last quarter. State Street Corp raised its position in City by 7.7% during the first quarter. State Street Corp now owns 650,417 shares of the bank’s stock worth $59,110,000 after acquiring an additional 46,239 shares during the last quarter. Finally, Morgan Stanley raised its position in City by 27.2% during the fourth quarter. Morgan Stanley now owns 150,349 shares of the bank’s stock worth $13,996,000 after acquiring an additional 32,151 shares during the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CHCO. Stephens raised their price objective on shares of City from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 25th. Piper Sandler raised their price objective on shares of City from $103.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st.

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.