City (NASDAQ:CHCO) Announces Quarterly Results
City (NASDAQ:CHCO – Get Rating) released its quarterly results on Thursday. The bank reported EPS of $1.41 for the quarter, beating the Zacks consensus estimate of $1.25 by $0.16, MarketWatch Earnings reports. City had a net margin of 37.29% and a return on equity of 12.77%.
Shares of CHCO traded down $0.50 on Friday, hitting $79.43. The stock recorded trading volume of 592 shares, compared to an average volume of 63,632 shares. City has a 12-month low of $71.61 and a 12-month high of $86.30. The company has a market capitalization of $1.20 billion, a price-earnings ratio of 13.99 and a beta of 0.59. The company has a 50-day simple moving average of $78.31 and a 200-day simple moving average of $79.98.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 29. Shareholders of record on Friday, April 15 will receive a dividend of $0.60. This represents a dividend of $2.40 on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Wednesday, April 13. The city’s payout ratio is currently 42.33%.
A number of brokerages have recently commented on CHCO. StockNews.com began covering City shares in a report on Thursday, March 31. They issued a “holding” rating on the stock. Zacks Investment Research moved City shares from a “hold” rating to a “buy” rating and set a price target of $88.00 on the stock in a Thursday, March 31 report.
A number of hedge funds have recently bought and sold shares of CHCO. Morgan Stanley increased its position in City by 36.4% during the second quarter. Morgan Stanley now owns 70,092 shares of the bank valued at $5,274,000 after buying an additional 18,708 shares last quarter. Royal Bank of Canada increased its position in City by 18.4% during the third quarter. Royal Bank of Canada now owns 4,876 shares of the bank valued at $380,000 after buying an additional 759 shares last quarter. Cubist Systematic Strategies LLC bought a new position in City during Q3 worth approximately $261,000. Millennium Management LLC bought a new position in City during Q3, valued at approximately $904,000. Finally, Goldman Sachs Group Inc. increased its position in City by 94.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 59,609 shares of the bank valued at $4,876,000 after buying an additional 28,961 shares last quarter. 64.13% of the shares are held by institutional investors.
City Company Profile (Get a rating)
City Holding Company operates as a holding company for City National Bank of West Virginia which 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.
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