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David L. Bumgarner, Executive Vice President and Chief Financial Officer of City Holding Co (NASDAQ:CHCO), a $1.7 billion market cap financial institution with a "GOOD" InvestingPro Financial Health score, recently sold 556 shares of the company’s common stock. The shares were sold at a price of $120 each, amounting to a total transaction value of $66,720. Following this sale, Bumgarner holds 9,394.89 shares directly. Additionally, he maintains indirect ownership of shares through an IRA and a 401(k) Plan and Trust, with holdings of 115 and 2,955.7772 shares respectively. All transactions were reported in a recent SEC filing. The company, which trades at a P/E ratio of 14.9, has maintained dividend payments for 24 consecutive years and offers a 2.7% yield. InvestingPro analysis indicates the stock is currently undervalued, with additional insights available through their premium service.
In other recent news, City Holding Company has reported a series of significant developments. The company announced robust fourth-quarter core earnings per share (EPS) of $2.11, exceeding analyst expectations due to lower expenses and provisions for credit losses. The EPS surpassed both Piper Sandler’s estimate by $0.15 and the consensus among Wall Street analysts. However, net interest income fell slightly short of expectations.
In the wake of these financial results, Keefe, Bruyette & Woods, an analyst firm, maintained a Market Perform rating on City Holding with a steady price target of $130.00. Conversely, Piper Sandler adjusted its price target on City Holding shares to $125 from the previous $135, while maintaining a Neutral rating. These adjustments reflect the analysts’ interpretation of the company’s recent performance and market conditions.
City Holding also announced a dividend of $0.79 per common share, continuing its practice of rewarding shareholders. This dividend will be payable to shareholders of record as of mid-January. In other company news, City Holding mourns the loss of long-serving director Tracy W. Hylton II, who played a crucial role during the 1998 merger of Horizon Bancorp (NASDAQ:HBNC) and City Holding Company. In memory of Mr. Hylton, City Holding has donated $15,000 to a scholarship fund established by him and his wife. These are the recent developments shaping the trajectory of City Holding Company.
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