CAPITAL CITY BANK GROUP INC (CCBG) Jul 2024 Earnings Report

Capital City Bank Group: Investment Report

Overview

Capital City Bank Group, Inc. is a financial holding company that operates through its subsidiary, Capital City Bank, providing a range of banking-related services to individual and corporate clients. With a rich history dating back to 1895, the company has established itself as a trusted name in the banking industry. This report will delve into the company's current financial performance, growth prospects, and recent news, providing investors with a comprehensive analysis of Capital City Bank Group's investment potential.

Core Metrics

  • Current price: 33.47 USD
  • 52-week high: 33.87 USD
  • 52-week low: 25.45 USD
  • Market Cap: 567.04 million USD in billions
  • P/E Ratio: 11.12
  • Earnings per Share: 3.01 USD
  • 50-day average: 28.10 USD
  • 200-day average: 28.22 USD
  • Analyst Recommendations: Buy (4 analysts)

Financial Performance

Capital City Bank Group reported net income attributable to common shareholders of 14.2 million USD, or 0.83 USD per diluted share, for the second quarter of 2024, beating the Zacks Consensus Estimate of 0.71 USD per share. The company's revenue for the quarter ended June 2024 was 58.88 million USD, representing a year-over-year decline of 6.4%. Despite this decline, the company's financial performance remains strong, with a total cash balance of 347.98 million USD.

Growth Prospects

Capital City Bank Group's growth prospects appear promising, driven by its diversified revenue streams and expanding product offerings. The company's institutional banking services, including customized checking and savings accounts, cash management systems, and tax-exempt loans, are expected to continue driving growth. Additionally, the company's asset management services, which provide individuals with agency, personal trust, IRA, and personal investment management accounts, offer significant growth potential.

News and Updates

Recent news articles highlight Capital City Bank Group's strong second-quarter earnings report, which topped both revenue and earnings estimates. The company's success in this quarter demonstrates its ability to navigate challenging market conditions and drive growth through its diversified offerings.

Upgrades and Downgrades

Piper Sandler recently reiterated its Overweight rating on Capital City Bank Group, citing the company's strong financial performance and growth prospects. Keefe, Bruyette & Woods also maintained its Outperform rating, highlighting the company's solid capital position and diversified revenue streams. Janney Montgomery Scott upgraded the company from Neutral to Buy, driven by its strong second-quarter earnings report.

Summary

In conclusion, Capital City Bank Group's strong financial performance, diversified revenue streams, and promising growth prospects make it an attractive investment opportunity. With a buy rating from four analysts and recent upgrades from prominent firms, the company's stock is poised for growth. Investors seeking a stable and profitable financial institution should consider adding Capital City Bank Group to their portfolio.

Disclosures

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