Short Interest in City Holding (NASDAQ:CHCO) Rises By 5.7%

City Holding (NASDAQ:CHCO) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 956,600 shares, a growth of 5.7% from the November 30th total of 905,300 shares. Currently, 6.7% of the company’s shares are sold short. Based on an average daily trading volume, of 53,500 shares, the days-to-cover ratio is presently 17.9 days.

Insider Buying and Selling at City

In related news, Director C Dallas Kayser sold 1,784 shares of City stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $133.33, for a total value 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. The trade was a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John A. Derito sold 1,243 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $136.93, for a total transaction of $170,203.99. Following the transaction, the executive vice president now owns 28,757 shares of the company’s stock, valued at $3,937,696.01. This trade represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,092 shares of company stock valued at $1,196,697 over the last 90 days. 2.39% of the stock is owned by insiders.

Institutional Trading of City

Several hedge funds have recently modified their holdings of the business. nVerses Capital LLC purchased a new stake in shares of City during the 3rd quarter worth $59,000. Point72 DIFC Ltd acquired a new position in City during the third quarter worth about $134,000. Crossmark Global Holdings Inc. purchased a new position in City in the third quarter valued at about $199,000. Quantbot Technologies LP acquired a new stake in shares of City during the 3rd quarter valued at approximately $214,000. Finally, Intech Investment Management LLC purchased a new stake in shares of City during the 2nd quarter worth approximately $208,000. 72.43% of the stock is owned by institutional investors and hedge funds.

City Stock Performance

Shares of CHCO opened at $118.48 on Wednesday. The firm has a market cap of $1.74 billion, a PE ratio of 15.21 and a beta of 0.49. The company’s 50 day simple moving average is $125.98 and its 200-day simple moving average is $118.59. 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 12-month low of $97.50 and a 12-month high of $137.28.

City (NASDAQ:CHCO) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.92 by $0.10. The company had revenue of $98.40 million during the quarter, compared to analysts’ expectations of $73.90 million. City had a return on equity of 16.60% and a net margin of 31.18%. As a group, equities analysts predict that City will post 7.84 EPS for the current year.

City Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.67%. The ex-dividend date is Wednesday, January 15th. City’s payout ratio is 40.56%.

Analysts Set New Price Targets

Several research firms have recently issued reports on CHCO. 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 report on Wednesday, December 4th. Piper Sandler reaffirmed a “neutral” rating and issued a $135.00 price target on shares of City in a report on Friday, November 8th.

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.