City (NASDAQ:CHCO) Posts Earnings Results, Misses Estimates By $0.11 EPS

City (NASDAQ:CHCO) released its earnings results on Wednesday. The bank reported $2.18 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.11), Zacks reports. The firm had revenue of $60.83 million for the quarter, compared to the consensus estimate of $81.38 million. City had a return on equity of 16.81% and a net margin of 32.56%.

City Stock Up 1.8%

Shares of City stock opened at $126.54 on Friday. City has a 1 year low of $102.22 and a 1 year high of $133.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 14.15 and a beta of 0.52. The firm’s 50-day moving average is $122.58 and its two-hundred day moving average is $123.37.

City Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Thursday, January 15th will be paid a $0.87 dividend. The ex-dividend date of this dividend is Thursday, January 15th. This represents a $3.48 dividend on an annualized basis and a yield of 2.8%. City’s dividend payout ratio is 40.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen cut City from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. Weiss Ratings restated a “buy (b+)” rating on shares of City in a research note on Tuesday, December 23rd. Finally, Piper Sandler assumed coverage on shares of City in a research report on Wednesday, December 3rd. They set a “neutral” rating and a $125.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $133.25.

Insider Activity

In related news, CEO Charles R. Hageboeck sold 2,017 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $120.68, for a total transaction of $243,411.56. Following the transaction, the chief executive officer directly owned 50,359 shares of the company’s stock, valued at $6,077,324.12. This represents a 3.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.87% of the company’s stock.

Institutional Trading of City

Large investors have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co lifted its holdings in shares of City by 3.5% during the third quarter. CANADA LIFE ASSURANCE Co now owns 12,267 shares of the bank’s stock worth $1,521,000 after purchasing an additional 415 shares during the period. Caxton Associates LLP acquired a new position in shares of City in the 3rd quarter valued at about $227,000. Dark Forest Capital Management LP boosted its stake in shares of City by 12.8% in the third quarter. Dark Forest Capital Management LP now owns 21,657 shares of the bank’s stock worth $2,683,000 after buying an additional 2,450 shares during the last quarter. Verition Fund Management LLC raised its position in City by 110.2% during the third quarter. Verition Fund Management LLC now owns 4,255 shares of the bank’s stock valued at $527,000 after acquiring an additional 2,231 shares in the last quarter. Finally, Quarry LP acquired a new position in City in the third quarter valued at approximately $32,000. Hedge funds and other institutional investors 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.