Keefe, Bruyette & Woods Reiterates Market Perform Rating for City (NASDAQ:CHCO)

Keefe, Bruyette & Woods reiterated their market perform rating on shares of City (NASDAQ:CHCO) in a research note released on Thursday morning, Benzinga reports. They currently have a $110.00 price target on the bank’s stock, up from their previous price target of $100.00.

Several other brokerages have also recently commented on CHCO. Stephens boosted their price target 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 increased their price objective on City from $103.00 to $105.00 and gave the stock a neutral rating in a report on Thursday, February 1st.

City Price Performance

Shares of NASDAQ CHCO opened at $104.11 on Thursday. City has a fifty-two week low of $82.53 and a fifty-two week high of $115.89. The firm’s 50-day simple moving average is $101.82 and its 200 day simple moving average is $101.31. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.22. The stock has a market cap of $1.55 billion, a P/E ratio of 13.10 and a beta of 0.51.

City Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 15th will be given a $0.715 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $2.86 annualized dividend and a dividend yield of 2.75%. City’s dividend payout ratio is 35.97%.

Insider Activity

In other news, CEO Charles R. Hageboeck sold 8,899 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $101.00, for a total value of $898,799.00. Following the completion of the sale, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at $5,375,018. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Charles R. Hageboeck sold 8,899 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $101.00, for a total value of $898,799.00. Following the completion of the sale, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at $5,375,018. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John A. Derito sold 1,309 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $101.25, for a total value of $132,536.25. Following the completion of the transaction, the executive vice president now directly owns 28,620 shares of the company’s stock, valued at $2,897,775. The disclosure for this sale can be found here. 2.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CHCO. McGlone Suttner Wealth Management Inc. bought a new position in City in the fourth quarter worth $38,000. Federated Hermes Inc. lifted its position in City by 28.0% in the third quarter. Federated Hermes Inc. now owns 1,137 shares of the bank’s stock worth $103,000 after purchasing an additional 249 shares during the period. Quantbot Technologies LP lifted its position in City by 206.2% in the third quarter. Quantbot Technologies LP now owns 1,975 shares of the bank’s stock worth $178,000 after purchasing an additional 1,330 shares during the period. CIC Wealth LLC bought a new position in City in the fourth quarter worth $210,000. Finally, Lido Advisors LLC acquired a new position in City during the third quarter worth $237,000. 72.43% of the stock is owned by 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.