City (NASDAQ:CHCO) Price Target Cut to $99.00

City (NASDAQ:CHCO) had its price objective reduced by investment analysts at Stephens from $100.00 to $99.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Stephens’ target price would indicate a potential downside of 4.91% from the company’s current price.

A number of other brokerages also recently commented on CHCO. Piper Sandler upped their price objective on shares of City from $103.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st. Keefe, Bruyette & Woods restated a “market perform” rating and set a $110.00 price objective (up previously from $100.00) on shares of City in a research report on Thursday.

City Stock Down 1.0 %

CHCO stock opened at $104.11 on Thursday. The company has a fifty day moving average price of $101.79 and a 200 day moving average price of $101.11. City has a 12 month low of $82.53 and a 12 month high of $115.89. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 13.10 and a beta of 0.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.82 and a quick ratio of 0.81.

City (NASDAQ:CHCO) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $1.84 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.06). The firm had revenue of $86.10 million for the quarter, compared to analysts’ expectations of $72.50 million. City had a return on equity of 18.31% and a net margin of 33.78%. Sell-side analysts expect that City will post 7.51 earnings per share for the current year.

Insider Transactions at City

In other news, CEO Charles R. Hageboeck sold 8,899 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $101.00, for a total transaction of $898,799.00. Following the transaction, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at approximately $5,375,018. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Charles R. Hageboeck sold 8,899 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $101.00, for a total transaction of $898,799.00. Following the transaction, the chief executive officer now directly owns 53,218 shares of the company’s stock, valued at approximately $5,375,018. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John A. Derito sold 1,309 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $101.25, for a total transaction of $132,536.25. Following the transaction, the executive vice president now directly owns 28,620 shares in the company, valued at $2,897,775. The disclosure for this sale can be found here. Corporate insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On City

A number of large investors have recently added to or reduced their stakes in CHCO. Norges Bank acquired a new stake in City in the 4th quarter valued at about $10,953,000. Axxcess Wealth Management LLC grew its stake in City by 577.0% in the 4th quarter. Axxcess Wealth Management LLC now owns 108,268 shares of the bank’s stock valued at $11,938,000 after acquiring an additional 92,276 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in City by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,782 shares of the bank’s stock valued at $35,940,000 after acquiring an additional 16,123 shares during the last quarter. McKinley Carter Wealth Services Inc. grew its stake in City by 215.1% in the 1st quarter. McKinley Carter Wealth Services Inc. now owns 16,141 shares of the bank’s stock valued at $1,682,000 after acquiring an additional 11,019 shares during the last quarter. Finally, Dupree Financial Group LLC acquired a new stake in City in the 4th quarter valued at about $1,165,000. 72.43% of the stock is owned by institutional investors and hedge funds.

About City

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.