City Holding said on March 29, 2023 that its board of directors declared a regular quarterly dividend of $0.65 per share ($2.60 annualized). Previously, the company paid $0.65 per share.
Shares must be purchased before the ex-div date of April 13, 2023 to qualify for the dividend. Shareholders of record as of April 14, 2023 will receive the payment on April 28, 2023.
At the current share price of $90.81 / share, the stock's dividend yield is 2.86%. Looking back five years and taking a sample every week, the average dividend yield has been 2.96%, the lowest has been 2.25%, and the highest has been 4.05%. The standard deviation of yields is 0.36 (n=237).
The current dividend yield is 0.28 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.39. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.14%, demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 8.11% Upside
As of March 30, 2023, the average one-year price target for City Holding is $98.18. The forecasts range from a low of $93.93 to a high of $107.10. The average price target represents an increase of 8.11% from its latest reported closing price of $90.81.
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The projected annual revenue for City Holding is $289MM, an increase of 14.85%. The projected annual non-GAAP EPS is $7.26.
What is the Fund Sentiment?
There are 467 funds or institutions reporting positions in City Holding. This is an increase of 37 owner(s) or 8.60% in the last quarter. Average portfolio weight of all funds dedicated to CHCO is 0.14%, an increase of 10.37%. Total shares owned by institutions increased in the last three months by 2.52% to 12,471K shares. The put/call ratio of CHCO is 0.13, indicating a bullish outlook.
What are Large Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 990K shares representing 6.42% ownership of the company. No change in the last quarter.
Westwood Holdings Group holds 600K shares representing 3.89% ownership of the company. In it's prior filing, the firm reported owning 555K shares, representing an increase of 7.61%. The firm decreased its portfolio allocation in CHCO by 15.35% over the last quarter.
Macquarie Group holds 548K shares representing 3.55% ownership of the company. In it's prior filing, the firm reported owning 625K shares, representing a decrease of 14.07%. The firm decreased its portfolio allocation in CHCO by 68.08% over the last quarter.
DCCAX - Delaware Small Cap Core Fund holds 448K shares representing 2.90% ownership of the company. In it's prior filing, the firm reported owning 506K shares, representing a decrease of 12.95%. The firm increased its portfolio allocation in CHCO by 2.06% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 429K shares representing 2.78% ownership of the company. In it's prior filing, the firm reported owning 421K shares, representing an increase of 1.87%. The firm decreased its portfolio allocation in CHCO by 1.23% over the last quarter.
City Holding Background Information
(This description is provided by the company.)
City Holding Company is a multi-bank holding company. The Banks provide diversified financial products and services to consumers and local businesses in West Virginia, Ohio, and California. City Holding provides credit, deposit, investment advisory, securities brokerage, insurance, and technology products and services.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
