In a recent transaction, James M. Parsons (NYSE:PSN), a director at City Holding Co (NASDAQ:CHCO), purchased 400 shares of the company's common stock. The transaction took place on May 30, 2024, with an investment totaling approximately $40,842. The shares were bought at a price of $102.1051 each, indicating a notable addition to Parsons' holdings in the company.
This purchase reflects a positive sentiment from the director, as buying shares in the company can often be seen as a sign of confidence in the firm's future prospects. Following the transaction, Parsons now directly owns a total of 500 shares in City Holding Co, as indicated by the filing.
Investors typically monitor insider transactions such as these for insights into the perspectives of those who are closely associated with the company. While the reasons for an insider's purchase can vary, they are generally perceived as a signal that the company's leadership believes in the firm's value and potential for growth.
City Holding Co, with its headquarters in Charleston, West Virginia, operates within the national commercial banks sector. The company's stock is traded on the NASDAQ under the ticker symbol CHCO.
The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission. It's worth noting that the transaction was conducted through James M. Parsons' IRA, indicating a long-term investment perspective.
For investors following City Holding Co, such insider purchases may be of interest as they consider their own investment decisions in the company's stock.
InvestingPro Insights
City Holding Co (NASDAQ:CHCO) has been demonstrating a robust financial performance, with a steady dividend history and an optimistic outlook from analysts. According to InvestingPro data, the company has a market capitalization of 1.5 billion USD and is trading at a price-to-earnings (P/E) ratio of 12.79, which has been slightly adjusted to 12.74 over the last twelve months as of Q1 2024. This P/E ratio, when paired with the company's PEG ratio of 0.96 for the same period, suggests that the stock is trading at a low price relative to near-term earnings growth.
Notably, City Holding Co has raised its dividend for 12 consecutive years and has maintained dividend payments for an impressive 23 consecutive years. The company's dividend yield stood at 2.81% as of the latest dividend ex-date on April 12, 2024. Moreover, the dividend growth over the last twelve months as of Q1 2024 was 10.0%, reinforcing the company's commitment to returning value to shareholders.
An InvestingPro Tip highlights that 5 analysts have revised their earnings estimates upwards for the upcoming period, indicating a positive consensus about the company's earning potential. Additionally, City Holding Co has been profitable over the last twelve months, with analysts predicting the company will continue to be profitable this year.
For investors seeking further insights and tips on City Holding Co, InvestingPro offers additional analysis and data points. There are currently 6 more InvestingPro Tips available for CHCO, which can be accessed through the InvestingPro platform. For those interested, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a deeper dive into the company's financial health and investment potential.
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