Central Bancompany (NASDAQ:CBC) Downgraded by Morgan Stanley to Equal Weight

Key Points

• Morgan Stanley downgraded Central Bancompany from “overweight” to “equal weight,” while maintaining a $36 price target, implying about 10.3% upside from the prior close.
• Analyst sentiment is mixed but averages to “Hold,” with a consensus price target of $35.00; ratings include two Buys, four Holds, and a recent Sell downgrade from Wall Street Zen.
• Central Bancompany reported quarterly EPS of $0.47, slightly below the $0.48 consensus estimate, on revenue of $281.72 million. Shares opened at $32.64, near their 52-week high of $33.82.

Central Bancompany (NASDAQ:CBC - Get Free Report) was downgraded by research analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a note issued to investors on Tuesday, MarketBeat reports. They presently have a $36.00 price target on the stock. Morgan Stanley's price target would indicate a potential upside of 10.29% from the stock's previous close.

Other analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Central Bancompany from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Central Bancompany from $29.00 to $32.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 5th. Stephens reissued an "equal weight" rating and issued a $35.00 target price (up from $34.00) on shares of Central Bancompany in a research report on Wednesday, August 5th. Weiss Ratings raised Central Bancompany from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 24th. Finally, Piper Sandler upped their target price on Central Bancompany from $31.00 to $37.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Central Bancompany has an average rating of "Hold" and a consensus target price of $35.00.

Central Bancompany Price Performance

Shares of Central Bancompany stock opened at $32.64 on Tuesday. The firm's 50 day moving average price is $32.15 and its 200-day moving average price is $28.27. Central Bancompany has a 52-week low of $21.99 and a 52-week high of $33.82. The company has a market cap of $7.82 billion and a P/E ratio of 23.31.

Central Bancompany (NASDAQ:CBC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.01). The business had revenue of $281.72 million for the quarter. As a group, equities research analysts forecast that Central Bancompany will post 1.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Central Bancompany

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CBC. Bank of New York Mellon Corp purchased a new position in Central Bancompany during the first quarter worth about $797,000. North Reef Capital Management LP boosted its position in shares of Central Bancompany by 210.9% during the 1st quarter. North Reef Capital Management LP now owns 4,075,000 shares of the company's stock worth $97,596,000 after purchasing an additional 2,764,327 shares during the period. Bank of America Corp DE increased its holdings in Central Bancompany by 3,292.1% in the 1st quarter. Bank of America Corp DE now owns 128,220 shares of the company's stock valued at $3,071,000 after purchasing an additional 124,440 shares during the last quarter. Sei Investments Co. purchased a new stake in Central Bancompany in the first quarter valued at approximately $1,219,000. Finally, Quantinno Capital Management LP acquired a new position in Central Bancompany during the first quarter worth $1,942,000.

About Central Bancompany

Central Bancompany NASDAQ: CBC is a bank holding company that provides a range of banking and financial services through its subsidiary banks and nonbank affiliates. Headquartered in Jefferson City, Missouri, the company offers traditional deposit and lending products to individuals and businesses, including checking and savings accounts, certificates of deposit, consumer and commercial loans, and mortgage origination and servicing. Its operations emphasize relationship banking for local and regional customers.

In addition to core banking activities, Central Bancompany offers treasury and cash management services, online and mobile banking, and wealth management and trust services designed to support personal and business financial planning.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.