City (NASDAQ:CHCO) to Buyback 1,000,000 Outstanding Stock

City (NASDAQ:CHCO) announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 25th, RTT News reports. The company plans to repurchase 1,000,000 shares. This repurchase authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have issued reports on CHCO shares. Piper Sandler raised their price target on shares of City from $125.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “buy (b+)” rating on shares of City in a research note on Tuesday, December 23rd. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $134.50.

City Stock Performance

CHCO opened at $121.36 on Friday. The stock’s 50 day simple moving average is $122.18 and its 200-day simple moving average is $122.30. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.74 billion, a PE ratio of 13.57 and a beta of 0.51. City has a 1 year low of $102.22 and a 1 year high of $133.59.

City (NASDAQ:CHCO) last issued its earnings results on Wednesday, January 21st. The bank reported $2.18 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.11). City had a return on equity of 16.61% and a net margin of 32.56%.The firm had revenue of $60.83 million during the quarter, compared to the consensus estimate of $81.38 million. Sell-side analysts forecast that City will post 7.58 EPS for the current year.

Insider Buying and Selling at City

In related news, CEO Charles R. Hageboeck sold 1,275 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $125.33, for a total value of $159,795.75. Following the sale, the chief executive officer owned 49,084 shares of the company’s stock, valued at $6,151,697.72. The trade was a 2.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders have bought 553 shares of company stock worth $64,082. 1.87% of the stock is currently owned by insiders.

About City

City Holding Company (NASDAQ:CHCO) is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company’s product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.