Morgan Stanley Lowers Central Bancompany (NASDAQ:CBC) Price Target to $29.00

Key Points

• Morgan Stanley cut its price target on Central Bancompany to $29 (from $31) while maintaining an "overweight" rating, a target that implies roughly a 21% upside from the prior close.
• CEO John Thomas Ross purchased 40,000 shares at $24.50 on Feb. 6 for $980,000, increasing his stake to 82,000 shares (a 95.24% rise in ownership).
• Central Bancompany beat quarterly estimates with EPS of $0.47 vs. $0.46 and revenue of $272.23M vs. $265.55M; the stock traded near $23.97 and holds a consensus "Buy" rating with a consensus price target of $28.63.

Central Bancompany (NASDAQ:CBC - Get Free Report) had its price target cut by investment analysts at Morgan Stanley from $31.00 to $29.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 20.98% from the stock's previous close.

A number of other research firms also recently issued reports on CBC. Weiss Ratings reiterated a "buy (b-)" rating on shares of Central Bancompany in a research note on Wednesday, March 25th. Zacks Research raised Central Bancompany from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 16th. Wall Street Zen lowered Central Bancompany from a "hold" rating to a "sell" rating in a research report on Saturday. Stephens initiated coverage on Central Bancompany in a research note on Friday. They set an "overweight" rating and a $28.00 price objective on the stock. Finally, Piper Sandler upped their target price on shares of Central Bancompany from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Central Bancompany currently has a consensus rating of "Buy" and a consensus price target of $28.63.

Central Bancompany Trading Up 1.2%

NASDAQ CBC traded up $0.29 during mid-day trading on Tuesday, hitting $23.97. The company's stock had a trading volume of 371,668 shares, compared to its average volume of 403,882. The firm's 50 day moving average price is $24.26. Central Bancompany has a twelve month low of $21.99 and a twelve month high of $25.50.

Central Bancompany (NASDAQ:CBC - Get Free Report) last released its quarterly earnings data on Tuesday, January 27th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $272.23 million for the quarter, compared to analyst estimates of $265.55 million.

Insider Activity

In other news, CEO John Thomas Ross acquired 40,000 shares of the company's stock in a transaction that occurred on Friday, February 6th. The shares were acquired at an average price of $24.50 per share, for a total transaction of $980,000.00. Following the completion of the purchase, the chief executive officer owned 82,000 shares in the company, valued at approximately $2,009,000. This trade represents a 95.24% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CBC. Quarry LP bought a new stake in Central Bancompany during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. bought a new position in shares of Central Bancompany in the fourth quarter worth $51,000. Arax Advisory Partners purchased a new stake in shares of Central Bancompany in the fourth quarter worth $55,000. Northwestern Mutual Wealth Management Co. purchased a new position in Central Bancompany during the fourth quarter worth about $210,000. Finally, Summit Financial LLC bought a new position in Central Bancompany in the 4th quarter worth about $243,000.

Central Bancompany Company Profile

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.

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