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David L. Bumgarner, Executive Vice President and Chief Financial Officer of City Holding Co. (NASDAQ:CHCO), a $1.76 billion regional bank trading at a P/E ratio of 15.11, recently reported a sale of company stock. According to InvestingPro analysis, the stock shows signs of being slightly undervalued at its current price of $119.53. On February 14, Bumgarner sold 200 shares of City Holding Co.’s common stock at a price of $120 per share, amounting to a total transaction value of $24,000.
Following the sale, Bumgarner retains direct ownership of 9,437.65 shares. Additionally, he holds 115 shares indirectly through an IRA and 2,955.7772 shares through a 401(k) Plan and Trust. The report also details his holdings in restricted stock units, totaling 2,204 shares, which are scheduled to vest in increments over the coming years.
In other recent news, City Holding has seen a flurry of activity, starting with its earnings and revenue results. Keefe, Bruyette & Woods maintained a Market Perform rating on City Holding, with a steady price target of $130. The firm noted that the company surpassed expectations due to increased fees, reduced expenses, and lower taxes, despite a slight decline in Net Interest Margin (NIM). However, Piper Sandler revised its price target on City Holding to $125, following the company’s fourth-quarter earnings report which revealed higher than expected core earnings per share (EPS).
In other developments, City Holding announced a dividend payment of $0.79 per common share, as revealed in a recent SEC filing. This move is in line with the company’s consistent practice of returning value to its shareholders.
The company also mourned the loss of long-serving director Tracy W. Hylton II, who passed away after a prolonged illness. Mr. Hylton had been with City Holding and its predecessors since 1993 and played a pivotal role in the company’s growth. In his memory, City Holding donated $15,000 to a scholarship fund established by him and his wife. These are the recent developments for City Holding.
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