Capital City Bank Group (NASDAQ:CCBG) Stock Price Down 7.4% After Earnings Miss

Capital City Bank Group (NASDAQ:CCBG)’s share price fell 7.4% on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $39.39 and last traded at $39.22. 48,519 shares were traded during trading, a decline of 29% from the average session volume of 68,364 shares. The stock had previously closed at $42.36.

The financial services provider reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.09). The business had revenue of $63.46 million during the quarter, compared to the consensus estimate of $64.65 million. Capital City Bank Group had a net margin of 21.50% and a return on equity of 11.75%.

Capital City Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Monday, December 1st. Capital City Bank Group’s payout ratio is presently 29.13%.

Wall Street Analyst Weigh In

Several brokerages recently commented on CCBG. Capital One Financial set a $45.00 price target on Capital City Bank Group in a research note on Wednesday. Zacks Research raised shares of Capital City Bank Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Capital City Bank Group in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods lowered shares of Capital City Bank Group from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $47.00 to $45.00 in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $45.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its stake in shares of Capital City Bank Group by 24.1% in the 1st quarter. AQR Capital Management LLC now owns 12,177 shares of the financial services provider’s stock valued at $438,000 after purchasing an additional 2,362 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Capital City Bank Group by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,175 shares of the financial services provider’s stock valued at $294,000 after acquiring an additional 327 shares during the period. Empowered Funds LLC raised its position in shares of Capital City Bank Group by 8.1% in the 1st quarter. Empowered Funds LLC now owns 28,079 shares of the financial services provider’s stock valued at $1,010,000 after acquiring an additional 2,115 shares during the period. Jane Street Group LLC bought a new position in Capital City Bank Group during the 1st quarter worth approximately $555,000. Finally, KLP Kapitalforvaltning AS boosted its stake in Capital City Bank Group by 18.9% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 20,100 shares of the financial services provider’s stock worth $791,000 after acquiring an additional 3,200 shares during the last quarter. 44.59% of the stock is currently owned by institutional investors and hedge funds.

Capital City Bank Group Stock Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.08. The stock has a market cap of $674.35 million, a price-to-earnings ratio of 11.07 and a beta of 0.36. The stock’s fifty day moving average is $43.13 and its 200-day moving average is $41.99.

About Capital City Bank Group

Capital City Bank Group, Inc is a Florida‐based bank holding company headquartered in Tallahassee. As the parent of Capital City Bank, it offers a full suite of financial services through a network of community banking offices. The company traces its origins to the late 19th century, reflecting more than a century of continuous operation in its home market.

Through its banking subsidiary, Capital City Bank Group provides retail and commercial banking products, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury management services.