Capital City Bank Group (NASDAQ:CCBG) Short Interest Up 64.3% in March

Key Points

• Short interest surged 64.3% in March to 365,696 shares (about 2.7% of the stock) with a days-to-cover ratio of 2.5 based on average daily volume.
• The company reported $0.80 EPS for the quarter, missing the $0.89 consensus and generating $63.46M in revenue, while maintaining a net margin of 21.47% and ROE of 11.55%.
• Capital City Bank Group raised its quarterly dividend to $0.27 (from $0.26), equal to a $1.08 annualized payout and a ~2.3% yield with a 30% payout ratio.

Capital City Bank Group (NASDAQ:CCBG - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 365,696 shares, an increase of 64.3% from the March 15th total of 222,633 shares. Based on an average daily volume of 144,808 shares, the days-to-cover ratio is presently 2.5 days. Approximately 2.7% of the shares of the stock are short sold.

Capital City Bank Group Price Performance

Capital City Bank Group stock opened at $46.53 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $43.14 and a 200 day moving average price of $42.48. Capital City Bank Group has a 12-month low of $32.38 and a 12-month high of $47.00. The stock has a market cap of $798.05 million, a P/E ratio of 12.92 and a beta of 0.30.

Capital City Bank Group (NASDAQ:CCBG - Get Free Report) last posted its earnings results on Tuesday, January 27th. The financial services provider reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.09). Capital City Bank Group had a net margin of 21.47% and a return on equity of 11.55%. The firm had revenue of $63.46 million during the quarter, compared to analyst estimates of $64.65 million. Sell-side analysts anticipate that Capital City Bank Group will post 3.06 earnings per share for the current year.

Capital City Bank Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Monday, March 9th were given a $0.27 dividend. The ex-dividend date was Monday, March 9th. This is a positive change from Capital City Bank Group's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 2.3%. Capital City Bank Group's dividend payout ratio (DPR) is currently 30.00%.

Institutional Investors Weigh In On Capital City Bank Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue acquired a new position in Capital City Bank Group during the third quarter worth $28,000. Quarry LP purchased a new stake in Capital City Bank Group during the 3rd quarter worth about $38,000. CWM LLC increased its holdings in Capital City Bank Group by 140.7% during the 3rd quarter. CWM LLC now owns 2,270 shares of the financial services provider's stock worth $95,000 after purchasing an additional 1,327 shares during the period. SG Americas Securities LLC acquired a new stake in Capital City Bank Group in the 3rd quarter valued at about $122,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Capital City Bank Group in the 2nd quarter valued at about $150,000. Institutional investors and hedge funds own 44.59% of the company's stock.

Analyst Upgrades and Downgrades

CCBG has been the subject of a number of research analyst reports. Capital One Financial set a $45.00 target price on Capital City Bank Group in a report on Wednesday, January 28th. Wall Street Zen cut Capital City Bank Group from a "hold" rating to a "sell" rating in a research report on Saturday, March 28th. Zacks Research lowered Capital City Bank Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Capital City Bank Group in a report on Friday, March 27th. Finally, Keefe, Bruyette & Woods cut shares of Capital City Bank Group from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $47.00 to $45.00 in a research report on Wednesday, January 28th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $45.00.

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.

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