City (NASDAQ:CHCO) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research lowered shares of City (NASDAQ:CHCO) from a hold rating to a sell rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “

CHCO has been the subject of several other research reports. BidaskClub upgraded City from a sell rating to a hold rating in a research report on Thursday, September 12th. Boenning Scattergood reiterated a neutral rating on shares of City in a research report on Thursday, June 20th.

Shares of CHCO opened at $77.36 on Wednesday. The stock has a fifty day moving average price of $75.65 and a two-hundred day moving average price of $76.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. City has a 52-week low of $65.32 and a 52-week high of $83.04. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 14.99 and a beta of 0.78.

City (NASDAQ:CHCO) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $1.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.08. City had a return on equity of 14.52% and a net margin of 30.14%. The firm had revenue of $58.74 million during the quarter, compared to the consensus estimate of $57.24 million. As a group, research analysts predict that City will post 5.34 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.57 per share. The ex-dividend date is Friday, October 11th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.95%. This is an increase from City’s previous quarterly dividend of $0.53. City’s payout ratio is presently 44.19%.

In other news, EVP Craig G. Stilwell sold 2,700 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $74.92, for a total transaction of $202,284.00. Following the completion of the sale, the executive vice president now owns 15,696 shares in the company, valued at $1,175,944.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO David L. Bumgarner sold 1,000 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $76.65, for a total value of $76,650.00. Following the sale, the chief financial officer now owns 8,936 shares of the company’s stock, valued at approximately $684,944.40. The disclosure for this sale can be found here. Insiders own 3.36% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its position in shares of City by 124.8% during the third quarter. State of Alaska Department of Revenue now owns 12,602 shares of the bank’s stock worth $960,000 after acquiring an additional 6,996 shares during the last quarter. Royal Bank of Canada raised its position in shares of City by 35.5% during the second quarter. Royal Bank of Canada now owns 68,865 shares of the bank’s stock worth $5,251,000 after acquiring an additional 18,050 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of City by 3.8% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,193 shares of the bank’s stock worth $320,000 after acquiring an additional 152 shares during the last quarter. Schroder Investment Management Group raised its position in shares of City by 51.6% during the second quarter. Schroder Investment Management Group now owns 14,400 shares of the bank’s stock worth $1,098,000 after acquiring an additional 4,902 shares during the last quarter. Finally, Nuveen Asset Management LLC bought a new stake in shares of City during the second quarter worth $4,641,000. Institutional investors own 66.86% of the company’s stock.

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 accepts various deposit products, such as checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.

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