City (CHCO) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of City (NASDAQ:CHCO) from a hold rating to a buy rating in a research report sent to investors on Wednesday, April 4th. The firm currently has $77.00 price objective on the bank’s stock.

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

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Several other brokerages have also recently weighed in on CHCO. BidaskClub upgraded shares of City from a hold rating to a buy rating in a research note on Wednesday, March 21st. Boenning Scattergood reiterated a hold rating on shares of City in a research note on Wednesday, January 24th. Finally, Sandler O’Neill set a $72.00 price objective on shares of City and gave the stock a hold rating in a research note on Thursday, January 4th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $74.50.

CHCO opened at $71.27 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1,107.59, a price-to-earnings ratio of 17.94, a P/E/G ratio of 1.94 and a beta of 0.74. City has a 52-week low of $58.80 and a 52-week high of $74.90.

City (NASDAQ:CHCO) last posted its earnings results on Tuesday, January 23rd. The bank reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.11. The business had revenue of $47.96 million for the quarter, compared to analysts’ expectations of $47.43 million. City had a net margin of 26.25% and a return on equity of 12.40%. analysts expect that City will post 4.57 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Friday, April 13th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, April 12th. City’s dividend payout ratio (DPR) is presently 46.70%.

In other news, CEO Charles R. Hageboeck sold 5,114 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $68.29, for a total value of $349,235.06. Following the transaction, the chief executive officer now owns 70,863 shares in the company, valued at approximately $4,839,234.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in CHCO. BNP Paribas Arbitrage SA increased its holdings in City by 83.9% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,774 shares of the bank’s stock worth $631,000 after acquiring an additional 4,004 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its holdings in City by 59.0% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 5,850 shares of the bank’s stock worth $421,000 after acquiring an additional 2,170 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in City by 3.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 513,118 shares of the bank’s stock worth $36,713,000 after acquiring an additional 15,216 shares in the last quarter. Wells Fargo & Company MN increased its holdings in City by 11.9% in the 3rd quarter. Wells Fargo & Company MN now owns 39,488 shares of the bank’s stock worth $2,839,000 after acquiring an additional 4,198 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in City by 5.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 71,614 shares of the bank’s stock worth $5,150,000 after acquiring an additional 3,569 shares in the last quarter. 66.32% of the stock is owned by institutional investors.

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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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