City (NASDAQ:CHCO) Share Price Crosses Above 50 Day Moving Average – Here’s Why

City Holding Company (NASDAQ:CHCO)’s share price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $143.01 and traded as high as $143.30. City shares last traded at $141.69, with a volume of 104,547 shares trading hands.

Wall Street Analysts Forecast Growth

CHCO has been the subject of several recent research reports. Weiss Ratings raised shares of City from a “buy (a-)” rating to a “buy (a)” rating in a research report on Friday. Keefe, Bruyette & Woods boosted their price target on City from $135.00 to $145.00 and gave the company a “market perform” rating in a research note on Thursday, October 1st. Finally, Hovde Group upped their target price on shares of City from $135.00 to $143.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, City currently has an average rating of “Moderate Buy” and an average target price of $139.33.

City Trading Up 0.5%

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 15.50 and a beta of 0.49. The company’s 50-day moving average is $143.01 and its 200-day moving average is $134.18.

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

City Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be issued a $1.00 dividend. This is a positive change from City’s previous quarterly dividend of $0.87. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, October 15th. City’s dividend payout ratio (DPR) is 43.76%.

Insider Activity

In related news, CEO Charles R. Hageboeck sold 4,485 shares of the company’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $144.96, for a total value of $650,145.60. Following the completion of the sale, the chief executive officer owned 43,998 shares in the company, valued at approximately $6,377,950.08. This represents a 9.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sharon H. Rowe sold 400 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $143.96, for a total value of $57,584.00. Following the completion of the sale, the director directly owned 10,576 shares of the company’s stock, valued at approximately $1,522,520.96. This trade represents a 3.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders bought a total of 444 shares of company stock worth $59,740 in the last ninety days. Insiders own 1.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHCO. First Trust Advisors LP boosted its holdings 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 buying an additional 16,060 shares during the period. Bank of America Corp DE bought a new position in City in the second quarter valued at approximately $4,181,000. Renaissance Technologies LLC boosted its holdings in shares of City by 55.0% in the 1st quarter. Renaissance Technologies LLC now owns 61,686 shares of the bank’s stock valued at $7,373,000 after buying an additional 21,898 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of City in the second quarter valued at $1,189,000. Finally, BlackRock Inc. bought a new position in shares of City in the second quarter valued at $270,231,000. 72.43% of the stock is currently owned by institutional investors.

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.