Piper Sandler Cuts City (NASDAQ:CHCO) Price Target to $125.00

City (NASDAQ:CHCO) had its price objective cut by Piper Sandler from $135.00 to $125.00 in a report released on Friday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods upped their price objective on City from $120.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

City Stock Down 2.5 %

Shares of CHCO stock opened at $115.84 on Friday. The firm’s fifty day moving average price is $123.97 and its two-hundred day moving average price is $120.24. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.20. City has a 1 year low of $97.50 and a 1 year high of $137.28. The firm has a market capitalization of $1.70 billion, a P/E ratio of 14.87 and a beta of 0.51.

City (NASDAQ:CHCO) last released its earnings results on Thursday, January 23rd. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.91 by $0.03. City had a return on equity of 16.60% and a net margin of 31.18%. On average, equities analysts predict that City will post 7.85 EPS for the current fiscal year.

City Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Wednesday, January 15th. City’s payout ratio is currently 40.56%.

Insider Buying and Selling at City

In other City news, CEO Charles R. Hageboeck sold 6,065 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $130.03, for a total value of $788,631.95. Following the transaction, the chief executive officer now directly owns 44,974 shares in the company, valued at $5,847,969.22. The trade was a 11.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director C Dallas Kayser sold 1,784 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $133.33, for a total transaction of $237,860.72. Following the sale, the director now owns 23,637 shares of the company’s stock, valued at approximately $3,151,521.21. This represents a 7.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,092 shares of company stock worth $1,196,697 over the last 90 days. Company insiders own 2.45% of the company’s stock.

Hedge Funds Weigh In On City

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in City by 2.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 550,985 shares of the bank’s stock valued at $58,542,000 after purchasing an additional 10,740 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of City by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 528,529 shares of the bank’s stock valued at $62,044,000 after acquiring an additional 15,910 shares during the period. Geode Capital Management LLC boosted its position in shares of City by 0.3% in the third quarter. Geode Capital Management LLC now owns 355,940 shares of the bank’s stock valued at $41,792,000 after acquiring an additional 1,065 shares during the period. Public Sector Pension Investment Board grew its stake in shares of City by 7.1% in the second quarter. Public Sector Pension Investment Board now owns 32,497 shares of the bank’s stock valued at $3,453,000 after acquiring an additional 2,160 shares in the last quarter. Finally, Barclays PLC increased its position in City by 125.3% during the third quarter. Barclays PLC now owns 28,845 shares of the bank’s stock worth $3,385,000 after acquiring an additional 16,044 shares during the period. Institutional investors and hedge funds own 72.43% of the company’s stock.

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.