Capital City Bank Group (NASDAQ:CCBG) has reached a new 52-week high, with its shares hitting $33.625. This milestone reflects the bank's steady performance and resilience in the face of a challenging economic environment. Over the past year, Capital City Bank has seen a modest increase in its value, with a 1-year change of 0.39%. This growth, albeit small, signifies the bank's ability to maintain stability and generate shareholder value amidst market volatility. The new 52-week high serves as a testament to Capital City Bank's robust financial health and its potential for further growth.
In other recent news, Capital City Bank Group's performance has led to adjustments in stock price targets by two financial firms, Keefe, Bruyette & Woods, and Piper Sandler. Keefe, Bruyette & Woods reduced their target to $37 from $38, citing factors like a slight dip in net interest margin and changes to earnings estimates for the coming years. Despite this, the bank's recent performance surpassed both KBW's and consensus expectations, mainly due to provisions. The bank's net interest margin, despite a 5 basis point drop, was reported to be above its peers, and its credit quality remained strong with a stable balance sheet.
On the other hand, Piper Sandler lowered its price target for Capital City Bank Group to $30 from $34, following a revision of earnings estimates for 2024 and 2025. This adjustment was attributed to expected modest balance sheet growth and a reduced net interest margin trajectory, factoring in four predicted rate cuts by 2025. Despite these changes, Piper Sandler maintained its Overweight rating on the bank's stock, indicating confidence in the bank's ability to outperform its peers.
These developments highlight the recent performance and future expectations of Capital City Bank Group as analyzed by Keefe, Bruyette & Woods, and Piper Sandler. The bank's robust deposit capabilities, net interest margin stability, and strong credit quality were highlighted as strengths amidst the changes in stock price targets and earnings estimates.
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