City (NASDAQ:CHCO) Shares Gap Down to $117.39

City Holding (NASDAQ:CHCO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $117.39, but opened at $114.24. City shares last traded at $114.06, with a volume of 3,814 shares changing hands.

City Trading Down 1.6 %

The company has a 50-day moving average of $116.84 and a 200 day moving average of $108.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $1.71 billion, a PE ratio of 14.77 and a beta of 0.47.

City (NASDAQ:CHCO) last announced its earnings results on Tuesday, July 23rd. The bank reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.08. City had a return on equity of 17.42% and a net margin of 32.12%. The firm had revenue of $94.90 million during the quarter, compared to analysts’ expectations of $73.20 million. Analysts predict that City Holding will post 7.73 earnings per share for the current year.

City Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $3.16 annualized dividend and a dividend yield of 2.74%. This is an increase from City’s previous quarterly dividend of $0.72. City’s dividend payout ratio is currently 35.97%.

Insider Transactions at City

In related news, Director James L. Rossi sold 1,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $115.00, for a total transaction of $115,000.00. Following the transaction, the director now directly owns 18,233 shares in the company, valued at approximately $2,096,795. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Charles R. Hageboeck sold 7,244 shares of City stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $123.62, for a total transaction of $895,503.28. Following the completion of the sale, the chief executive officer now directly owns 45,974 shares in the company, valued at $5,683,305.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James L. Rossi sold 1,000 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $115.00, for a total transaction of $115,000.00. Following the completion of the transaction, the director now owns 18,233 shares in the company, valued at $2,096,795. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,413 shares of company stock worth $1,149,561. 2.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On City

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. increased its position in shares of City by 5.5% during the first quarter. Westwood Holdings Group Inc. now owns 614,511 shares of the bank’s stock worth $64,044,000 after acquiring an additional 32,069 shares during the period. Dimensional Fund Advisors LP grew its stake in City by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 550,985 shares of the bank’s stock worth $58,542,000 after purchasing an additional 10,740 shares in the last quarter. Axxcess Wealth Management LLC increased its holdings in City by 0.4% during the 1st quarter. Axxcess Wealth Management LLC now owns 108,737 shares of the bank’s stock worth $11,333,000 after purchasing an additional 469 shares during the period. Norges Bank bought a new stake in City during the 4th quarter valued at $10,953,000. Finally, Leeward Investments LLC MA lifted its holdings in shares of City by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 88,957 shares of the bank’s stock worth $9,452,000 after buying an additional 4,725 shares during the period. Institutional investors own 72.43% of the company’s stock.

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.