DA Davidson Forecasts City's FY2024 Earnings (NASDAQ:CHCO)

City Holding (NASDAQ:CHCO - Free Report) - DA Davidson boosted their FY2024 earnings estimates for shares of City in a research report issued to clients and investors on Wednesday, November 6th. DA Davidson analyst M. Navas now forecasts that the bank will post earnings per share of $7.75 for the year, up from their previous forecast of $7.65. The consensus estimate for City's current full-year earnings is $7.78 per share. DA Davidson also issued estimates for City's Q4 2024 earnings at $1.83 EPS.

City (NASDAQ:CHCO - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.10. The business had revenue of $98.40 million during the quarter, compared to analyst estimates of $73.90 million. City had a net margin of 31.18% and a return on equity of 16.60%.

City Price Performance

CHCO traded down $4.94 during trading on Thursday, reaching $128.56. 78,226 shares of the company traded hands, compared to its average volume of 57,070. The company has a market cap of $1.89 billion, a P/E ratio of 16.74 and a beta of 0.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.80 and a current ratio of 0.82. City has a 12-month low of $92.76 and a 12-month high of $135.83. The firm has a fifty day simple moving average of $117.45 and a 200 day simple moving average of $111.71.

Institutional Investors Weigh In On City

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its position in City by 95.8% in the 2nd quarter. GAMMA Investing LLC now owns 231 shares of the bank's stock valued at $25,000 after acquiring an additional 113 shares during the last quarter. nVerses Capital LLC bought a new position in shares of City in the third quarter worth about $59,000. Bessemer Group Inc. increased its stake in City by 90.7% in the 1st quarter. Bessemer Group Inc. now owns 1,270 shares of the bank's stock worth $132,000 after buying an additional 604 shares during the period. SG Americas Securities LLC bought a new stake in City during the 1st quarter valued at about $180,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in City in the 3rd quarter valued at about $199,000. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at City

In other news, EVP Michael T. Quinlan, Jr. sold 600 shares of the business's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $115.62, for a total transaction of $69,372.00. Following the transaction, the executive vice president now owns 2,000 shares of the company's stock, valued at approximately $231,240. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other City news, Director James L. Rossi sold 1,000 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $115.00, for a total value of $115,000.00. Following the completion of the sale, the director now owns 18,233 shares of the company's stock, valued at $2,096,795. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael T. Quinlan, Jr. sold 600 shares of the business's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $115.62, for a total value of $69,372.00. Following the transaction, the executive vice president now owns 2,000 shares of the company's stock, valued at $231,240. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,384 shares of company stock worth $422,233 over the last 90 days. 2.39% of the stock is owned by insiders.

City Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.79 per share. This is an increase from City's previous quarterly dividend of $0.72. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Tuesday, October 15th. City's dividend payout ratio is currently 40.56%.

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.