DA Davidson Has Bullish Forecast for City FY2024 Earnings

City Holding (NASDAQ:CHCO) – Analysts at DA Davidson upped 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 expects that the bank will post earnings per share of $7.75 for the year, up from their prior estimate 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 Price Performance

Shares of City stock opened at $128.56 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.82 and a debt-to-equity ratio of 0.20. City has a 52 week low of $92.76 and a 52 week high of $135.83. The stock’s 50-day simple moving average is $117.67 and its 200-day simple moving average is $111.83. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 16.50 and a beta of 0.46.

City (NASDAQ:CHCO) last released its earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.10. City had a net margin of 31.18% and a return on equity of 16.60%. The company had revenue of $98.40 million for the quarter, compared to analysts’ expectations of $73.90 million.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CHCO. Mirae Asset Global Investments Co. Ltd. bought a new position in City during the 1st quarter valued at about $1,133,000. BNP Paribas Financial Markets boosted its holdings in City by 48.5% during the 1st quarter. BNP Paribas Financial Markets now owns 7,260 shares of the bank’s stock valued at $757,000 after acquiring an additional 2,370 shares during the period. Texas Permanent School Fund Corp boosted its holdings in City by 1.1% during the 1st quarter. Texas Permanent School Fund Corp now owns 12,953 shares of the bank’s stock valued at $1,350,000 after acquiring an additional 140 shares during the period. SG Americas Securities LLC bought a new position in City in the 1st quarter valued at $180,000. Finally, Russell Investments Group Ltd. increased its stake in City by 6.6% in the first quarter. Russell Investments Group Ltd. now owns 10,459 shares of the bank’s stock worth $1,090,000 after purchasing an additional 650 shares during the period. Institutional investors own 72.43% of the company’s stock.

Insider Activity

In other City news, Director C Dallas Kayser sold 1,784 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total transaction of $237,860.72. Following the completion of the transaction, the director now owns 23,637 shares in the company, valued at $3,151,521.21. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director James L. Rossi sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $115.00, for a total transaction of $115,000.00. Following the transaction, the director now owns 18,233 shares of the company’s stock, valued at approximately $2,096,795. 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. Also, Director C Dallas Kayser sold 1,784 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total value of $237,860.72. Following the completion of the sale, the director now owns 23,637 shares of the company’s stock, valued at approximately $3,151,521.21. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,384 shares of company stock worth $422,233 over the last quarter. Insiders own 2.39% of the company’s stock.

City Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.79 per share. This is a positive change from City’s previous quarterly dividend of $0.72. This represents a $3.16 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date was Tuesday, October 15th. City’s dividend payout ratio (DPR) is 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.