In a recent transaction, Michael T. Quinlan Jr., the Executive Vice President of Retail Banking at CITY Holding Company (NASDAQ:CHCO), sold 1,773 shares of the company's stock. The transaction took place on April 26, 2024, and the shares were sold at an average price of $104.7369, resulting in a total value of $185,698.
Quinlan's sale is part of the latest financial disclosures and transactions reported to the Securities and Exchange Commission. After the sale, Quinlan still holds a substantial number of shares directly and indirectly. Directly, he retains 3,400 shares of CITY Holding's common stock, and indirectly, he has an interest in 2,256.1561 shares through a 401(k) Plan and Trust.
Additionally, Quinlan holds restricted stock units (RSUs) which represent the right to receive shares of common stock upon settlement. The RSUs are scheduled to vest over the next several years, with specific vesting dates detailed in the footnotes of the SEC filing.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's stock value. While Quinlan's recent sale may catch the attention of investors, it is important to consider the transaction in the broader context of his remaining holdings and the scheduled vesting of his RSUs.
CITY Holding Company, based in Charleston, West Virginia, operates primarily through its subsidiary, City National Bank, and provides various banking services to its customers. The company's stock is traded on the NASDAQ under the ticker symbol CHCO.
InvestingPro Insights
As investors scrutinize the recent insider sale by Michael T. Quinlan Jr. at CITY Holding Company (NASDAQ:CHCO), it's pertinent to consider the company's financial health and market performance. CITY Holding, with a market capitalization of $1.54 billion USD, appears to be trading at a favorable valuation with a P/E ratio of 13.04, which is close to its adjusted P/E ratio for the last twelve months as of Q1 2024 at 13.01. This valuation is particularly interesting when paired with the company's near-term earnings growth, as indicated by its PEG ratio of 0.99 for the same period.
Moreover, CITY Holding has demonstrated a commendable track record of rewarding shareholders, as evidenced by its dividend history. An InvestingPro Tip highlights that the company has raised its dividend for 12 consecutive years, which aligns with its latest dividend growth of 10.0%. Additionally, the dividend yield as of the latest data stands at 2.75%. This consistent dividend policy may be attractive to income-focused investors, especially when considering the company's profitability over the last twelve months.
Another InvestingPro Tip to note is the positive sentiment from analysts, with four analysts having revised their earnings projections upwards for the upcoming period. This could signal confidence in the company's future performance, a factor that might counterbalance the insider selling event. For investors seeking more insights, there are additional InvestingPro Tips available, which can be accessed with a subscription. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover more about CITY Holding Company's financial outlook and potential investment opportunities.
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