Analysts expect City Holding (NASDAQ:CHCO) to report $46.99 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for City’s earnings, with the lowest sales estimate coming in at $46.46 million and the highest estimate coming in at $47.52 million. City reported sales of $48.95 million during the same quarter last year, which indicates a negative year over year growth rate of 4%. The firm is expected to issue its next earnings results on Monday, April 23rd.
According to Zacks, analysts expect that City will report full year sales of $46.99 million for the current fiscal year, with estimates ranging from $194.11 million to $196.16 million. For the next fiscal year, analysts forecast that the company will post sales of $204.91 million per share, with estimates ranging from $204.84 million to $204.97 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow City.
CHCO has been the subject of several analyst reports. Boenning Scattergood restated a “hold” rating on shares of City in a report on Wednesday, January 24th. Zacks Investment Research upgraded City from a “sell” rating to a “hold” rating and set a $78.00 target price for the company in a report on Friday, December 22nd. BidaskClub cut City from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Finally, Sandler O’Neill set a $72.00 target price on City and gave the company a “hold” rating in a report on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. City currently has an average rating of “Hold” and a consensus price target of $70.75.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Monday, January 15th were issued a $0.46 dividend. This is a boost from City’s previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a yield of 2.80%. The ex-dividend date was Thursday, January 11th. City’s dividend payout ratio is presently 52.72%.
In other news, CFO David L. Bumgarner sold 1,000 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $73.00, for a total transaction of $73,000.00. Following the completion of the transaction, the chief financial officer now directly owns 10,965 shares in the company, valued at approximately $800,445. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.88% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHCO. Vanguard Group Inc. grew its holdings in shares of City by 4.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,469,229 shares of the bank’s stock worth $96,778,000 after purchasing an additional 57,001 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of City during the 4th quarter worth $3,237,000. Walthausen & Co. LLC grew its holdings in shares of City by 14.1% during the 3rd quarter. Walthausen & Co. LLC now owns 177,187 shares of the bank’s stock worth $12,742,000 after purchasing an additional 21,850 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of City by 3.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 513,118 shares of the bank’s stock worth $36,713,000 after purchasing an additional 15,216 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of City by 2.2% during the 2nd quarter. Northern Trust Corp now owns 478,138 shares of the bank’s stock worth $31,495,000 after purchasing an additional 10,505 shares during the period. Institutional investors and hedge funds own 64.81% of the company’s stock.
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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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