Charleston, WV - City Holding Company (NASDAQ: CHCO) has recently announced the appointment of James M. Parsons to its Board of Directors. Parsons will fill the vacancy left by Thomas L. Burnette, who chose not to stand for re-election at the company’s 2023 Annual Meeting of Shareholders. This addition increases the number of directors from 12 to 13. Parsons’ appointment is effective immediately, and he will stand for election by shareholders at the next annual meeting scheduled for April 2024.
Despite a decline in net income, City Holding Company achieved a return on average invested assets (ROI) of 1.93% in the third quarter of 2023. Although this figure falls short of the company’s average ROI of 10.45%, it represents an improvement compared to the second quarter of the year. However, within the financial sector, 342 other companies have reported higher ROI figures.
The overall ranking for City Holding Company has progressed in the third quarter of 2023 to 1867, a notable increase from its previous ranking of 1947 in the second quarter.
Earlier this year, City Holding Company further demonstrated its commitment to shareholders by announcing a 10% increase in its quarterly dividend on common shares. With a market capitalization of $6.1 billion, the company declared a dividend of 71.5 cents per common share, payable to shareholders of record as of October 13, 2023. This substantial increase marks a rise from the 65 cents per share cash dividend paid in the second quarter.
City Holding Company, headquartered in Charleston, West Virginia, has a strong history of providing value to its shareholders. The decision to raise the dividend underscores the company’s dedication to rewarding investors and is scheduled to be paid on October 31, 2023.
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