Colony Bankcorp (NASDAQ:CBAN) Given New $21.00 Price Target at Hovde Group

Key Points

• Hovde Group has raised its target price for Colony Bankcorp from $19.50 to $21.00, suggesting a potential upside of 26.96% from the current stock price.
• Insiders, including Director Paul E. Joiner III, have recently increased their holdings in Colony Bankcorp, signaling confidence in the company's future performance.
• Institutional investors have been actively buying shares, with Ritholtz Wealth Management increasing its stake by 22.9%, indicating growing interest in Colony Bankcorp among hedge funds.

Colony Bankcorp (NASDAQ:CBAN - Get Free Report) had its price objective upped by investment analysts at Hovde Group from $19.50 to $21.00 in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Hovde Group's price objective indicates a potential upside of 31.09% from the company's current price.

Colony Bankcorp Stock Down 2.3%

CBAN traded down $0.37 on Tuesday, reaching $16.02. 62,024 shares of the company traded hands, compared to its average volume of 66,542. The stock's 50 day moving average price is $16.35 and its 200-day moving average price is $16.15. Colony Bankcorp has a 52-week low of $13.00 and a 52-week high of $18.49. The company has a market cap of $279.73 million, a price-to-earnings ratio of 11.87 and a beta of 0.62. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.80.

Insider Activity

In other news, Director Paul E. Joiner III purchased 6,150 shares of the company's stock in a transaction dated Friday, May 30th. The shares were bought at an average price of $15.01 per share, with a total value of $92,311.50. Following the completion of the transaction, the director directly owned 6,150 shares in the company, valued at $92,311.50. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders bought 8,650 shares of company stock worth $133,733. Corporate insiders own 6.62% of the company's stock.

Hedge Funds Weigh In On Colony Bankcorp

A number of institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in Colony Bankcorp by 152.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,032 shares of the financial services provider's stock worth $33,000 after acquiring an additional 1,226 shares during the period. CWM LLC boosted its holdings in Colony Bankcorp by 55.6% in the 1st quarter. CWM LLC now owns 2,102 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 751 shares during the period. Deutsche Bank AG bought a new stake in Colony Bankcorp in the 4th quarter valued at $143,000. Wells Fargo & Company MN boosted its holdings in Colony Bankcorp by 27.9% in the 4th quarter. Wells Fargo & Company MN now owns 9,721 shares of the financial services provider's stock valued at $157,000 after purchasing an additional 2,118 shares during the period. Finally, Jump Financial LLC bought a new stake in Colony Bankcorp in the 1st quarter valued at $169,000. Institutional investors own 50.37% of the company's stock.

About Colony Bankcorp

Colony Bankcorp, Inc operates as the bank holding company for Colony Bank that provides various banking products and services to commercial and consumer customers. The company offers deposit products, including demand, savings, and time deposits. It also provides loans to small and medium-sized businesses; residential and commercial construction, and land development loans; commercial real estate loans; commercial loans; agri-business and production loans; residential mortgage loans; home equity loans; and consumer loans.