City (NASDAQ:CHCO) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of City (NASDAQ:CHCO) from a buy rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

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

Several other brokerages have also issued reports on CHCO. BidaskClub upgraded City from a sell rating to a hold rating in a research note on Friday, August 2nd. Hovde Group started coverage on City in a research note on Monday, June 3rd. They issued a market perform rating and a $76.00 price target on the stock. Finally, Boenning Scattergood reiterated a neutral rating on shares of City in a research note on Thursday, June 20th. Five equities research analysts have rated the stock with a hold rating, City presently has an average rating of Hold and a consensus target price of $81.50.

Shares of CHCO opened at $75.95 on Friday. City has a 52-week low of $65.32 and a 52-week high of $83.27. The business’s fifty day moving average is $75.50 and its 200-day moving average is $76.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 1.72 and a beta of 0.76.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $1.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.08. City had a return on equity of 14.52% and a net margin of 30.14%. The company had revenue of $58.74 million for the quarter, compared to analyst estimates of $57.24 million. As a group, research analysts forecast that City will post 5.36 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Monday, July 15th were paid a $0.53 dividend. The ex-dividend date was Friday, July 12th. This represents a $2.12 annualized dividend and a dividend yield of 2.79%. City’s payout ratio is 41.09%.

In related news, CFO David L. Bumgarner sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $76.65, for a total transaction of $76,650.00. Following the sale, the chief financial officer now owns 8,936 shares of the company’s stock, valued at approximately $684,944.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Craig G. Stilwell sold 2,700 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $74.92, for a total value of $202,284.00. Following the sale, the executive vice president now directly owns 15,696 shares in the company, valued at approximately $1,175,944.32. The disclosure for this sale can be found here. Company insiders own 3.36% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of City by 2.6% during the 2nd quarter. AQR Capital Management LLC now owns 5,841 shares of the bank’s stock valued at $445,000 after acquiring an additional 148 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of City by 3.8% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 4,193 shares of the bank’s stock valued at $320,000 after acquiring an additional 152 shares in the last quarter. Mason Street Advisors LLC boosted its holdings in shares of City by 3.3% during the 1st quarter. Mason Street Advisors LLC now owns 5,334 shares of the bank’s stock valued at $406,000 after acquiring an additional 168 shares in the last quarter. Piedmont Investment Advisors Inc. boosted its holdings in shares of City by 5.3% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 4,156 shares of the bank’s stock valued at $317,000 after acquiring an additional 210 shares in the last quarter. Finally, Aperio Group LLC boosted its holdings in shares of City by 2.0% during the 2nd quarter. Aperio Group LLC now owns 16,525 shares of the bank’s stock valued at $1,260,000 after acquiring an additional 319 shares in the last quarter. 67.54% of the stock is currently owned by 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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