City (NASDAQ:CHCO) to Buyback 1,000,000 Outstanding Stock

City (NASDAQ:CHCO) announced that its board has authorized a share buyback plan on Wednesday, March 25th, RTT News reports. The company plans to buyback 1,000,000 shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CHCO shares. Piper Sandler raised their price target on City from $125.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of City in a research note on Tuesday, December 23rd. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $134.50.

City Stock Up 1.6%

Shares of NASDAQ CHCO traded up $1.96 during mid-day trading on Thursday, reaching $121.36. 180,011 shares of the company’s stock were exchanged, compared to its average volume of 145,351. City has a twelve month low of $102.22 and a twelve month high of $133.59. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of 13.57 and a beta of 0.51. The business has a fifty day simple moving average of $122.18 and a 200 day simple moving average of $122.30.

City (NASDAQ:CHCO) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $2.18 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.11). City had a return on equity of 16.61% and a net margin of 32.56%.The company had revenue of $60.83 million for the quarter, compared to analyst estimates of $81.38 million. As a group, equities analysts expect that City will post 7.58 EPS for the current fiscal year.

Insider Transactions at City

In other City news, CEO Charles R. Hageboeck sold 1,275 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $125.33, for a total value of $159,795.75. Following the transaction, the chief executive officer directly owned 49,084 shares of the company’s stock, valued at $6,151,697.72. This represents a 2.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders acquired 553 shares of company stock worth $64,082. Company insiders own 1.87% 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.