Sterne Agee Maintains City Holding Neutral Rating (CHCO)
Sterne Agee maintained its Neutral rating of City Holding (NASDAQ: CHCO) in a research report published today.
In the report, Sterne Agee states, "The company continues to perform well in a difficult operating environment, and remains one of the more profitable banks in the industry despite headwinds that include a sluggish economy and the negative impact of Reg E. Performance measures continue to impress, as the bank exited 2010 with average ROA and ROE of 1.5% and 12.3%, respectively. In addition, the bank continues to strengthen its pretax, pre-provision earning power. Capital levels remain strong (4Q10 TCE/TA of 10%), with a dividend yield approaching 4% and continued share repurchases. However, we are maintaining our Neutral rating on what we believe to be a full valuation."
Shares of City Holding were trading at $35.44 at the time of publication, up 3.11% from Monday's market close.
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