City Holding Company (CHCO) Upgraded by Zacks Investment Research to “Strong-Buy”

City Holding Company (NASDAQ:CHCO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday, July 26th. The brokerage presently has a $78.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 19.76% from the stock’s current price.

According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “

Several other equities research analysts have also weighed in on the company. BidaskClub lowered City Holding from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Keefe, Bruyette & Woods set a $65.00 price target on City Holding and gave the stock a “hold” rating in a research report on Monday, April 10th. Finally, ValuEngine upgraded City Holding from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. City Holding currently has an average rating of “Hold” and a consensus price target of $70.33.

Shares of City Holding (NASDAQ CHCO) traded up 0.82% during mid-day trading on Wednesday, reaching $65.13. 44,853 shares of the company traded hands. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 17.04 and a beta of 0.84. City Holding has a 52-week low of $46.55 and a 52-week high of $74.90. The company’s 50 day moving average is $65.93 and its 200 day moving average is $65.79.

City Holding (NASDAQ:CHCO) last released its quarterly earnings data on Monday, July 24th. The bank reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.11. City Holding had a return on equity of 12.62% and a net margin of 29.07%. The company had revenue of $46.18 million for the quarter, compared to analyst estimates of $46.45 million. During the same period in the prior year, the company posted $0.83 EPS. On average, equities analysts forecast that City Holding will post $3.87 earnings per share for the current year.

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In other news, CEO Charles R. Hageboeck sold 6,821 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $65.71, for a total value of $448,207.91. Following the transaction, the chief executive officer now owns 75,080 shares of the company’s stock, valued at approximately $4,933,506.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jeffrey Dale Legge sold 1,579 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $65.60, for a total value of $103,582.40. Following the completion of the transaction, the chief accounting officer now directly owns 9,246 shares in the company, valued at approximately $606,537.60. The disclosure for this sale can be found here. Insiders sold a total of 26,586 shares of company stock worth $1,726,691 over the last quarter. Corporate insiders own 3.88% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Chicago Equity Partners LLC acquired a new stake in shares of City Holding during the first quarter valued at approximately $3,276,000. Great West Life Assurance Co. Can increased its stake in shares of City Holding by 6.4% in the first quarter. Great West Life Assurance Co. Can now owns 21,117 shares of the bank’s stock valued at $1,361,000 after buying an additional 1,261 shares during the last quarter. Alpha Omega Wealth Management LLC increased its stake in shares of City Holding by 5.4% in the first quarter. Alpha Omega Wealth Management LLC now owns 4,356 shares of the bank’s stock valued at $281,000 after buying an additional 222 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of City Holding by 6.7% in the first quarter. Wells Fargo & Company MN now owns 33,415 shares of the bank’s stock valued at $2,154,000 after buying an additional 2,089 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of City Holding by 6.2% in the first quarter. State of Alaska Department of Revenue now owns 1,720 shares of the bank’s stock valued at $110,000 after buying an additional 100 shares during the last quarter. 62.41% of the stock is currently owned by institutional investors and hedge funds.

City Holding Company Profile

City Holding Company is a financial holding company. The Company conducts its principal activities through its subsidiary, City National Bank of West Virginia (City National). As of December 31, 2016, the City National provided banking, trust and investment management and other financial solutions through its network of 85 banking offices located in the states of West Virginia, Virginia, eastern Kentucky and southeastern Ohio.

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