City (CHCO) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of City (NASDAQ:CHCO) from a buy rating to a hold rating in a report issued on Tuesday.

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 analysts have also recently commented on the company. BidaskClub cut City from a hold rating to a sell rating in a research report on Tuesday, December 12th. Sandler O’Neill set a $72.00 target price on City and gave the company a hold rating in a report on Thursday, January 4th. Finally, Boenning Scattergood restated a hold rating on shares of City in a report on Wednesday, January 24th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $70.75.

Shares of City (NASDAQ CHCO) opened at $68.05 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 0.90. City has a 12-month low of $58.80 and a 12-month high of $74.90. The company has a market capitalization of $1,085.92, a P/E ratio of 19.50, a P/E/G ratio of 1.94 and a beta of 0.77.

City (NASDAQ:CHCO) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.11. City had a return on equity of 12.40% and a net margin of 26.25%. The firm had revenue of $47.96 million during the quarter, compared to analysts’ expectations of $47.43 million. analysts predict that City will post 4.48 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Monday, January 15th were issued a $0.46 dividend. This is a boost from City’s previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Thursday, January 11th. City’s dividend payout ratio is presently 52.72%.

In other City news, CFO David L. Bumgarner sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $73.00, for a total value of $73,000.00. Following the completion of the sale, the chief financial officer now directly owns 10,965 shares in the company, valued at approximately $800,445. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 3.88% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of CHCO. Wells Fargo & Company MN grew its holdings in City by 5.6% in the 2nd quarter. Wells Fargo & Company MN now owns 35,290 shares of the bank’s stock valued at $2,324,000 after buying an additional 1,875 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in shares of City by 10.4% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 45,597 shares of the bank’s stock worth $3,003,000 after purchasing an additional 4,303 shares during the period. New York State Common Retirement Fund grew its holdings in shares of City by 7.8% during the 2nd quarter. New York State Common Retirement Fund now owns 16,500 shares of the bank’s stock worth $1,087,000 after purchasing an additional 1,199 shares during the period. UBS Asset Management Americas Inc. grew its holdings in shares of City by 27.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 6,461 shares of the bank’s stock worth $426,000 after purchasing an additional 1,400 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of City by 4.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,469,229 shares of the bank’s stock worth $96,778,000 after purchasing an additional 57,001 shares during the period. Institutional investors own 65.88% of the company’s stock.

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About City

City Holding Company is a financial holding company. The Company conducts its principal activities through its subsidiary, City National Bank of West Virginia (City National). As of December 31, 2016, the City National provided banking, trust and investment management and other financial solutions through its network of 85 banking offices located in the states of West Virginia, Virginia, eastern Kentucky and southeastern Ohio.

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