Share Buyback Plan Authorized by City (NASDAQ:CHCO) Board of Directors

City (NASDAQ:CHCO) announced that its Board of Directors has approved a share repurchase program on Wednesday, March 25th, RTT News reports. The company plans to repurchase 1,000,000 shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

City Stock Performance

NASDAQ:CHCO opened at $119.45 on Friday. The stock has a 50-day moving average price of $122.10 and a 200 day moving average price of $122.23. The stock has a market capitalization of $1.71 billion, a P/E ratio of 13.36 and a beta of 0.51. City has a 12-month low of $102.22 and a 12-month high of $133.59. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19.

City (NASDAQ:CHCO) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $2.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.11). The company had revenue of $60.83 million for the quarter, compared to analysts’ expectations of $81.38 million. City had a net margin of 32.56% and a return on equity of 16.61%. Equities research analysts forecast that City will post 7.58 EPS for the current fiscal year.

City Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be paid a dividend of $0.87 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $3.48 dividend on an annualized basis and a yield of 2.9%. City’s dividend payout ratio is presently 38.93%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CHCO shares. Piper Sandler upped their price objective on City from $125.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Weiss Ratings restated a “buy (b+)” rating on shares of City in a research report on Tuesday, December 23rd. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, City presently has a consensus rating of “Hold” and a consensus target price of $134.50.

Insider Buying and Selling at City

In other City news, CEO Charles R. Hageboeck sold 1,275 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $125.33, for a total transaction of $159,795.75. Following the sale, the chief executive officer directly owned 49,084 shares in the company, valued at $6,151,697.72. This represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders have bought 553 shares of company stock valued at $64,082. Insiders own 1.87% of the company’s stock.

About City

City Holding Company (NASDAQ:CHCO) is a bank holding company headquartered in Morgantown, West Virginia. Through its wholly owned subsidiary, City National Bank, the company offers a full range of banking and financial services to individuals, businesses and nonprofit organizations. Its operations emphasize community-oriented banking, combining local decision-making with access to digital banking platforms.

The company’s product portfolio includes deposit accounts such as checking, savings and money market accounts, as well as consumer and commercial lending solutions ranging from personal loans and mortgages to commercial real estate and equipment financing.