City (NASDAQ:CHCO) Lowered to “Sell” at BidaskClub

BidaskClub lowered shares of City (NASDAQ:CHCO) from a hold rating to a sell rating in a research report released on Saturday, June 22nd, BidAskClub reports.

Other equities research analysts have also recently issued reports about the stock. Hovde Group began coverage on shares of City in a report on Monday, June 3rd. They issued a market perform rating and a $76.00 price objective for the company. Boenning Scattergood restated a hold rating on shares of WesBanco in a report on Wednesday, April 17th. Finally, Zacks Investment Research upgraded shares of Hope Bancorp from a sell rating to a hold rating in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. City has a consensus rating of Hold and an average target price of $79.50.

NASDAQ:CHCO traded up $1.04 during trading hours on Friday, reaching $76.74. The company’s stock had a trading volume of 52,718 shares, compared to its average volume of 61,054. The company has a market cap of $1.26 billion, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 1.81 and a beta of 0.78. City has a one year low of $65.32 and a one year high of $83.27. The business has a 50-day moving average of $75.16. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01.

City (NASDAQ:CHCO) last issued its quarterly earnings data on Wednesday, April 17th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.08. The firm had revenue of $55.99 million during the quarter, compared to analysts’ expectations of $55.33 million. City had a net margin of 31.16% and a return on equity of 15.10%. Sell-side analysts forecast that City will post 5.29 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, July 15th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, July 12th. City’s dividend payout ratio (DPR) is 41.09%.

In related news, CAO Jeffrey Dale Legge sold 1,534 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $79.00, for a total value of $121,186.00. Following the completion of the sale, the chief accounting officer now owns 6,693 shares in the company, valued at $528,747. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles R. Hageboeck sold 8,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $80.27, for a total transaction of $642,160.00. Following the completion of the sale, the chief executive officer now owns 62,157 shares of the company’s stock, valued at approximately $4,989,342.39. The disclosure for this sale can be found here. Insiders have sold 14,173 shares of company stock valued at $1,131,079 over the last 90 days. Corporate insiders own 3.36% of the company’s stock.

A number of large investors have recently bought and sold shares of CHCO. First Trust Advisors LP boosted its holdings in shares of City by 59.2% during the 1st quarter. First Trust Advisors LP now owns 45,740 shares of the bank’s stock worth $3,485,000 after buying an additional 17,002 shares during the period. GWM Advisors LLC boosted its holdings in shares of City by 11.5% during the 1st quarter. GWM Advisors LLC now owns 22,788 shares of the bank’s stock worth $1,736,000 after buying an additional 2,350 shares during the period. Arabesque Asset Management Ltd bought a new stake in shares of City during the 1st quarter worth about $407,000. Acadian Asset Management LLC bought a new stake in shares of City during the 1st quarter worth about $361,000. Finally, Martingale Asset Management L P boosted its holdings in City by 593.3% in the 1st quarter. Martingale Asset Management L P now owns 20,800 shares of the bank’s stock valued at $1,586,000 after purchasing an additional 17,800 shares during the period. 67.76% of the stock is owned by hedge funds and other 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 accepts various deposit products, such as checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.

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