Zacks Investment Research Upgrades City (NASDAQ:CHCO) to Buy

City (NASDAQ:CHCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The brokerage presently has a $87.00 price objective on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 15.83% from the stock’s previous close.

According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “

CHCO has been the topic of several other reports. Hovde Group began coverage on shares of City in a research report on Monday, June 3rd. They issued a “market perform” rating and a $76.00 price objective on the stock. BidaskClub lowered shares of City from a “hold” rating to a “sell” rating in a research report on Saturday, June 22nd. Finally, Boenning Scattergood reiterated a “neutral” rating on shares of City in a research report on Thursday, June 20th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $81.50.

NASDAQ:CHCO traded down $0.38 during midday trading on Thursday, reaching $75.11. The stock had a trading volume of 62,525 shares, compared to its average volume of 52,878. The business’s fifty day simple moving average is $75.58. City has a 12-month low of $65.32 and a 12-month high of $83.27. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.28 billion, a PE ratio of 14.56, a P/E/G ratio of 1.82 and a beta of 0.76.

City (NASDAQ:CHCO) last issued its earnings results on Monday, July 22nd. The bank reported $1.38 EPS for the quarter, topping the consensus estimate of $1.30 by $0.08. The company had revenue of $58.74 million for the quarter, compared to analyst estimates of $57.24 million. City had a net margin of 30.14% and a return on equity of 14.52%. As a group, sell-side analysts expect that City will post 5.33 EPS for the current year.

In related news, CFO David L. Bumgarner sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $76.65, for a total value of $76,650.00. Following the completion of the transaction, the chief financial officer now owns 8,936 shares of the company’s stock, valued at approximately $684,944.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.36% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in CHCO. Everence Capital Management Inc. bought a new position in City during the second quarter valued at about $222,000. Swiss National Bank boosted its stake in City by 7.7% during the second quarter. Swiss National Bank now owns 30,800 shares of the bank’s stock valued at $2,349,000 after buying an additional 2,200 shares in the last quarter. Advisory Services Network LLC bought a new position in City during the second quarter valued at about $35,000. Aperio Group LLC boosted its stake in City by 2.0% during the second quarter. Aperio Group LLC now owns 16,525 shares of the bank’s stock valued at $1,260,000 after buying an additional 319 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in City by 59.2% during the first quarter. First Trust Advisors LP now owns 45,740 shares of the bank’s stock valued at $3,485,000 after buying an additional 17,002 shares in the last quarter. 67.70% 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 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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