Shares of Capital City Bank Group (NASDAQ: CCBG) recently crossed above their 200-day moving average, signaling potential growth for investors. On Tuesday, the stock traded as high as $40.71 before closing at $40.46. The 200-day moving average stands at $37.59, highlighting a significant upward movement in stock performance.
Trading volume reached 22,386 shares, reflecting heightened interest from investors. This development comes as analysts weigh in on the stock’s potential, with various opinions shaping the outlook for Capital City Bank Group.
Analysts Project Continued Growth
Recent commentary from equities research analysts indicates a generally positive sentiment towards Capital City Bank Group. Notably, Keefe, Bruyette & Woods raised their price target from $43.00 to $45.00 while assigning the company an “outperform” rating on July 23, 2023. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on May 21, 2023. Despite this fluctuation in ratings, MarketBeat reports that the consensus rating remains a “Buy” with a target price of $45.00.
The market capitalization of Capital City Bank Group is approximately $690.65 million, with a price-to-earnings (P/E) ratio of 11.83 and a beta of 0.41. The company’s current ratio is 0.83, quick ratio is 0.82, and the debt-to-equity ratio is notably low at 0.08. These metrics suggest a stable financial position, which may appeal to potential investors.
Positive Quarterly Earnings and Dividend Announcements
On July 22, 2023, Capital City Bank Group reported its quarterly earnings, revealing an earnings per share (EPS) of $0.88, surpassing analysts’ estimates of $0.83 by $0.05. The firm generated revenue of $63.20 million, which also exceeded the consensus estimate of $62.35 million. The return on equity stood at 11.56%, complemented by a net margin of 20.86%. Compared to the previous year, the company’s EPS showed growth from $0.83.
In addition to strong earnings, Capital City Bank Group announced a quarterly dividend of $0.24 per share, paid on June 23, 2023. Shareholders of record as of June 9, 2023 received this dividend, which translates to an annualized payout of $0.96 and a yield of 2.4%. The ex-dividend date was also set for June 9, 2023, and the company’s dividend payout ratio currently stands at 28.07%.
Institutional Investment Trends
Institutional trading in Capital City Bank Group has seen notable changes in recent quarters. Wellington Management Group LLP increased its holdings by 43.6% in the fourth quarter, acquiring an additional 70,004 shares, bringing their total to 230,744 shares valued at $8.46 million. Additionally, Murphy Middleton Hinkle & Parker Inc. raised their stake by 38.6% during the first quarter, owning 160,191 shares worth $5.76 million.
American Century Companies Inc. also boosted its position by 19.0%, now holding 257,804 shares valued at $9.27 million. New positions were established by Nuveen LLC and Axecap Investments LLC, valued at approximately $1.20 million and $883,000, respectively. Approximately 44.59% of Capital City Bank Group’s stock is currently held by hedge funds and institutional investors, underscoring a robust interest in the company.
Capital City Bank Group operates as a financial holding company, providing a range of banking services to both individual and corporate clients. The company specializes in financing for commercial business properties, equipment, and inventory, as well as offering treasury management services and merchant credit card processing.
As the market continues to evolve, investors will be keenly watching how Capital City Bank Group navigates these changes and capitalizes on growth opportunities in the financial sector.