City Holding (NASDAQ:CHCO) Announces $0.79 Quarterly Dividend

City Holding (NASDAQ:CHCO) declared a quarterly dividend on Friday, March 28th, Wall Street Journal reports. Investors of record on Tuesday, April 15th will be given a dividend of 0.79 per share by the bank on Wednesday, April 30th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Tuesday, April 15th.

City has increased its dividend payment by an average of 8.8% annually over the last three years. City has a dividend payout ratio of 40.2% meaning its dividend is sufficiently covered by earnings. Analysts expect City to earn $7.97 per share next year, which means the company should continue to be able to cover its $3.16 annual dividend with an expected future payout ratio of 39.6%.

City Price Performance

City stock traded down $2.23 during mid-day trading on Friday, reaching $117.50. 43,726 shares of the company’s stock traded hands, compared to its average volume of 57,103. City has a 12-month low of $97.50 and a 12-month high of $137.28. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 14.89 and a beta of 0.48. The stock has a 50 day moving average of $118.12 and a two-hundred day moving average of $120.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.21.

City (NASDAQ:CHCO) last announced its earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.03. City had a net margin of 30.83% and a return on equity of 16.49%. Equities analysts forecast that City will post 7.58 earnings per share for the current year.

Insider Activity at City

In related news, Director Charles W. Fairchilds sold 500 shares of City stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $120.50, for a total transaction of $60,250.00. Following the completion of the sale, the director now owns 1,014 shares in the company, valued at $122,187. This trade represents a 33.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO David L. Bumgarner sold 556 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $120.00, for a total transaction of $66,720.00. Following the completion of the transaction, the chief financial officer now owns 9,395 shares in the company, valued at $1,127,400. This represents a 5.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,226 shares of company stock worth $147,200 in the last quarter. 2.45% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CHCO. Piper Sandler lowered their price objective on City from $135.00 to $125.00 and set a “neutral” rating for the company in a research note on Friday, January 24th. Keefe, Bruyette & Woods lifted their price objective on shares of City from $120.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

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 offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.