Capital City Bank Group (NASDAQ: CCBG) experienced a notable increase in its stock price on Tuesday, surpassing its 200-day moving average. The stock reached a high of $40.71 before closing at $40.46, with a trading volume of 22,386 shares. The 200-day moving average stands at $37.59, indicating positive momentum for the financial services provider.
Analysts Adjust Ratings and Forecasts
Analysts’ sentiments towards Capital City Bank Group have shown some variability recently. In a report dated July 23, 2023, Keefe, Bruyette & Woods raised their price target for the stock from $43.00 to $45.00, maintaining an “outperform” rating. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on May 21, 2023. Currently, MarketBeat reports a consensus rating of “Buy” among analysts, with a price target also set at $45.00.
As of now, Capital City Bank Group boasts a market capitalization of approximately $690.65 million, a price-to-earnings (P/E) ratio of 11.83, and a beta of 0.41. The company’s financial ratios reflect stability, with a current ratio of 0.83, a quick ratio of 0.82, and a debt-to-equity ratio of 0.08.
Quarterly Earnings and Dividend Announcement
On July 22, 2023, Capital City Bank Group released its quarterly earnings report, revealing earnings per share (EPS) of $0.88. This figure surpassed analysts’ expectations of $0.83 by $0.05. The firm generated revenue of $63.20 million for the quarter, exceeding the consensus estimate of $62.35 million. Additionally, the company reported a return on equity of 11.56% and a net margin of 20.86%. In the same quarter last year, the bank noted an EPS of $0.83.
The firm also declared a quarterly dividend of $0.24 per share, which was paid to shareholders on June 23, 2023. This annualized dividend amounts to $0.96, yielding 2.4%. The ex-dividend date for this distribution was June 9, 2023, and the dividend payout ratio currently stands at 28.07%.
Institutional Investors Show Interest
Recent trading activity indicates a shift among institutional investors regarding their stakes in Capital City Bank Group. Wellington Management Group LLP increased its holdings by 43.6% during the fourth quarter, now owning 230,744 shares valued at approximately $8.46 million after purchasing an additional 70,004 shares.
Other firms have also adjusted their positions. Murphy Middleton Hinkle & Parker Inc. raised its stake by 38.6% in the first quarter, while American Century Companies Inc. increased its holdings by 19.0%. Nuveen LLC and Axecap Investments LLC also entered new positions during the same period. Currently, about 44.59% of the stock is held by hedge funds and institutional investors.
Company Overview
Capital City Bank Group, Inc. serves as the financial holding company for Capital City Bank, offering a variety of banking-related services to individual and corporate clients. The company’s service offerings include financing for commercial business properties, equipment, inventories, and accounts receivable, alongside commercial leasing and treasury management services.
As the market continues to react to these developments, the outlook for Capital City Bank Group appears promising, with analysts and investors closely monitoring its performance in the coming quarters.
