Colony Bankcorp (NYSE:CBAN) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Colony Bankcorp beat quarterly expectations, reporting EPS of $0.52 versus the $0.48 consensus estimate and revenue of $42.03 million, above analysts’ forecast of $40.90 million.
• The stock traded lower on the day, falling to $20.56 despite the earnings beat; it remains near its 1-year high of $21.61.
• Wall Street sentiment is still generally positive, with a consensus rating of “Buy” and an average price target of $23.00, while institutional ownership remains significant at 50.37%.

Colony Bankcorp (NYSE:CBAN - Get Free Report) issued its earnings results on Wednesday. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04, FiscalAI reports. The business had revenue of $42.03 million during the quarter, compared to analysts' expectations of $40.90 million. Colony Bankcorp had a net margin of 14.83% and a return on equity of 10.23%.

Colony Bankcorp Stock Performance

NYSE:CBAN traded down $0.29 during trading hours on Wednesday, reaching $20.56. 228,552 shares of the company's stock were exchanged, compared to its average volume of 244,818. Colony Bankcorp has a 1-year low of $15.80 and a 1-year high of $21.61. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $435.05 million, a price-to-earnings ratio of 12.85 and a beta of 0.56. The company has a 50-day moving average of $20.22 and a 200 day moving average of $19.91.

Institutional Investors Weigh In On Colony Bankcorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its holdings in shares of Colony Bankcorp by 0.8% during the second quarter. The Manufacturers Life Insurance Company now owns 286,561 shares of the company's stock worth $4,720,000 after buying an additional 2,313 shares during the last quarter. State Street Corp raised its stake in Colony Bankcorp by 7.4% during the 4th quarter. State Street Corp now owns 318,829 shares of the company's stock valued at $5,682,000 after acquiring an additional 22,035 shares during the last quarter. Geode Capital Management LLC lifted its position in Colony Bankcorp by 3.0% during the 2nd quarter. Geode Capital Management LLC now owns 367,897 shares of the company's stock worth $6,060,000 after acquiring an additional 10,798 shares during the period. Bridgeway Capital Management LLC lifted its position in Colony Bankcorp by 4.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 146,059 shares of the company's stock worth $2,603,000 after acquiring an additional 6,352 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Colony Bankcorp by 10.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 98,128 shares of the company's stock worth $1,585,000 after acquiring an additional 9,226 shares during the period. 50.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CBAN has been the subject of a number of research reports. Wall Street Zen cut shares of Colony Bankcorp from a "buy" rating to a "hold" rating in a research report on Sunday, March 29th. Weiss Ratings raised Colony Bankcorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, May 15th. Zacks Research upgraded Colony Bankcorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Finally, Hovde Group boosted their target price on Colony Bankcorp from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $23.00.

Colony Bankcorp Company Profile

Colony Bankcorp, Inc is a bank holding company headquartered in Baxley, Georgia, that operates through its primary subsidiary, The Colony Bank. The company's core focus is on delivering community banking services tailored to individuals, small businesses and agricultural customers throughout Georgia and Florida. Colony Bankcorp's structure supports a full suite of deposit and lending solutions designed to meet the needs of local markets.

The company offers a range of deposit products, including personal and business checking accounts, savings and money market accounts, and certificates of deposit.

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.