City (NASDAQ:CHCO) Sees Large Volume Increase – What’s Next?

Shares of City Holding Company (NASDAQ:CHCO) saw unusually-strong trading volume on Monday . Approximately 89,561 shares changed hands during trading, a decline of 18% from the previous session’s volume of 109,790 shares.The stock last traded at $122.3450 and had previously closed at $122.00.

Analysts Set New Price Targets

CHCO has been the subject of several research analyst reports. Piper Sandler boosted their price objective on shares of City from $125.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “buy (b+)” rating on shares of City in a research report on Tuesday, December 23rd. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $134.50.

City Price Performance

The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 13.74 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. The company’s fifty day moving average is $121.83 and its two-hundred day moving average is $122.01.

City (NASDAQ:CHCO) last issued its earnings results on Wednesday, January 21st. The bank reported $2.18 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.11). City had a net margin of 32.56% and a return on equity of 16.61%. The business had revenue of $60.83 million for the quarter, compared to the consensus estimate of $81.38 million. Equities research analysts anticipate that City Holding Company will post 7.58 earnings per share for the current fiscal year.

City Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Wednesday, April 15th will be paid a $0.87 dividend. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $3.48 annualized dividend and a yield of 2.8%. City’s dividend payout ratio is presently 38.93%.

City announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 25th that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at City

In other City news, CEO Charles R. Hageboeck sold 1,275 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $125.33, for a total value of $159,795.75. Following the completion of the sale, the chief executive officer owned 49,084 shares of the company’s stock, valued at approximately $6,151,697.72. This represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have purchased a total of 553 shares of company stock worth $64,082 in the last ninety days. 1.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On City

Several institutional investors and hedge funds have recently made changes to their positions in CHCO. Two Sigma Investments LP lifted its holdings in City by 136.4% during the third quarter. Two Sigma Investments LP now owns 123,803 shares of the bank’s stock worth $15,335,000 after acquiring an additional 71,436 shares in the last quarter. Tudor Investment Corp ET AL increased its holdings in shares of City by 63.2% in the third quarter. Tudor Investment Corp ET AL now owns 77,039 shares of the bank’s stock worth $9,543,000 after acquiring an additional 29,828 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of City by 11.9% during the third quarter. JPMorgan Chase & Co. now owns 212,093 shares of the bank’s stock worth $26,272,000 after purchasing an additional 22,536 shares during the period. Marshall Wace LLP acquired a new stake in shares of City during the second quarter worth about $2,216,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of City during the 4th quarter valued at about $2,157,000. Institutional investors and hedge funds own 72.43% of the company’s stock.

City Company Profile

City Holding Company (NASDAQ:CHCO) is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company’s product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.