City (NASDAQ:CHCO) Price Target Raised to $145.00

City (NASDAQ:CHCO) had its price objective lifted by Keefe, Bruyette & Woods from $135.00 to $145.00 in a report released on Thursday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Other analysts have also issued reports about the company. Hovde Group boosted their target price on City from $135.00 to $143.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Weiss Ratings downgraded City from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, September 18th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $139.33.

City Stock Up 1.0%

City stock opened at $142.82 on Thursday. City has a twelve month low of $113.21 and a twelve month high of $148.99. The firm has a 50 day moving average price of $143.90 and a 200-day moving average price of $132.64. The company has a market capitalization of $2.01 billion, a P/E ratio of 15.63 and a beta of 0.49. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. City had a net margin of 32.58% and a return on equity of 16.34%. The company had revenue of $81.52 million during the quarter, compared to analyst estimates of $80.64 million. As a group, equities analysts predict that City will post 9.32 EPS for the current year.

City Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 15th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Thursday, October 15th. This is a positive change from City’s previous quarterly dividend of $0.87. City’s payout ratio is presently 38.07%.

Insiders Place Their Bets

In other City news, CEO Charles Hageboeck sold 4,485 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $144.96, for a total transaction of $650,145.60. Following the sale, the chief executive officer owned 43,998 shares in the company, valued at $6,377,950.08. This represents a 9.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sharon H. Rowe sold 400 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $143.96, for a total value of $57,584.00. Following the completion of the transaction, the director directly owned 10,576 shares of the company’s stock, valued at $1,522,520.96. The trade was a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have acquired a total of 444 shares of company stock worth $59,740 in the last three months. Insiders own 1.75% of the company’s stock.

Institutional Trading of City

A number of institutional investors have recently added to or reduced their stakes in CHCO. BlackRock Inc. purchased a new position in City during the 2nd quarter valued at about $270,231,000. Dimensional Fund Advisors LP lifted its holdings in shares of City by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 470,344 shares of the bank’s stock worth $56,217,000 after buying an additional 8,992 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of City in the second quarter worth about $15,012,000. Principal Financial Group Inc. boosted its position in shares of City by 2.1% in the first quarter. Principal Financial Group Inc. now owns 70,262 shares of the bank’s stock valued at $8,398,000 after acquiring an additional 1,460 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of City by 35.2% in the first quarter. First Trust Advisors LP now owns 61,693 shares of the bank’s stock valued at $7,374,000 after acquiring an additional 16,060 shares during the period. Hedge funds and other institutional investors own 72.43% of the company’s stock.

City Company Profile

City Holding Company is a bank holding company headquartered in Charleston, West Virginia. Through its principal subsidiary, City National Bank, the company provides a range of financial services to individuals, businesses and organizations.

City National Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, personal loans, mortgage services and other traditional banking products. The bank also provides wealth management, trust, investment and related financial planning services.

Founded in 1982, City Holding Company serves customers through a community banking network operating primarily in West Virginia, Virginia, Ohio and Kentucky.