City (NASDAQ:CHCO) Sets New 52-Week High Following Dividend Announcement

City Holding (NASDAQ:CHCO)’s stock price hit a new 52-week high on Monday after the company announced a dividend. The company traded as high as $137.02 and last traded at $135.72, with a volume of 2860 shares. The stock had previously closed at $131.79.

The newly announced dividend which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be paid a $0.79 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $3.16 annualized dividend and a yield of 2.40%. City’s dividend payout ratio is currently 40.56%.

Wall Street Analyst Weigh In

Separately, Piper Sandler reaffirmed a “neutral” rating and set a $135.00 price objective on shares of City in a research note on Friday, November 8th.

City Trading Down 1.5 %

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.20. The stock has a market cap of $1.94 billion, a PE ratio of 17.02 and a beta of 0.46. The firm has a fifty day simple moving average of $121.05 and a two-hundred day simple moving average of $114.18.

City (NASDAQ:CHCO) last announced its earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.10. City had a net margin of 31.18% and a return on equity of 16.60%. The business had revenue of $98.40 million during the quarter, compared to analyst estimates of $73.90 million. As a group, equities analysts expect that City Holding will post 7.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director C Dallas Kayser sold 1,784 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the completion of the sale, the director now owns 23,637 shares of the company’s stock, valued at approximately $3,151,521.21. The trade was a 7.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Charles R. Hageboeck sold 6,065 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $130.03, for a total transaction of $788,631.95. Following the sale, the chief executive officer now directly owns 44,974 shares of the company’s stock, valued at $5,847,969.22. The trade was a 11.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,092 shares of company stock valued at $1,196,697 over the last 90 days. Insiders own 2.39% of the company’s stock.

Institutional Trading of City

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its stake in shares of City by 95.8% during the 2nd quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock valued at $25,000 after purchasing an additional 113 shares during the period. nVerses Capital LLC purchased a new stake in City in the 3rd quarter worth approximately $59,000. Point72 DIFC Ltd bought a new stake in City during the 3rd quarter worth approximately $134,000. Crossmark Global Holdings Inc. purchased a new stake in shares of City in the third quarter worth $199,000. Finally, Intech Investment Management LLC bought a new stake in shares of City during the 2nd quarter valued at $208,000. 72.43% of the stock is owned by hedge funds and other institutional investors.

City Company Profile

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.