TALLAHASSEE - Capital City Bank (NASDAQ:CCBG) Group, Inc. (NASDAQ:CCBG) announced a dividend increase on its common stock today. The quarterly cash dividend will be $0.23 per share, up from the previous quarter's $0.21 per share, marking a 9.5% increase. This new dividend rate results in an annualized payout of $0.92 per common share.
The upcoming dividend is scheduled for payment on September 23, 2024, to shareholders who are on record as of September 9, 2024. Based on the closing stock price of $34.40 on August 28, 2024, the annualized dividend yield stands at 2.67%.
Capital City Bank Group, with approximately $4.2 billion in assets, is a significant financial holding company based in Florida. It offers a comprehensive range of banking services, including traditional deposit and credit services, mortgage banking, asset management, and more. The company's banking subsidiary, Capital City Bank, operates 63 banking offices and 105 ATMs/ITMs across Florida, Georgia, and Alabama.
The dividend increase reflects the company's commitment to providing value to its shareholders and its confidence in its financial stability and future performance. This financial event is based on a press release statement issued by Capital City Bank Group.
In other recent news, Capital City Bank has made significant strides in both personnel and financial performance. The Florida-based financial institution recently appointed Lynne Jensen as its new Chief Technology Officer (CTO). With nearly three decades of experience in the technology sector, Jensen will spearhead the bank's tech strategy and operations, focusing on areas such as product development, cybersecurity, and the integration of artificial intelligence into the bank's services.
In financial news, Capital City Bank's second-quarter earnings exceeded expectations, with projections indicating lower credit costs than previously estimated. These positive results have led to Piper Sandler revising its earnings estimates for the bank for 2024 and 2025 to $3.03 and $2.68, respectively. Despite this, the firm has downgraded Capital City Bank from Overweight to Neutral, albeit with an increased price target of $34, up from $30.
The downgrade comes as Piper Sandler views the bank's shares as more fully valued, considering potential Federal Reserve rate cuts on the horizon. These recent developments reflect the ongoing efforts of Capital City Bank to enhance its technological footprint and maintain its competitive edge in the banking industry.
InvestingPro Insights
Capital City Bank Group, Inc. (NASDAQ:CCBG) has demonstrated a firm commitment to rewarding its shareholders, as evidenced by the recent increase in its quarterly dividend. This marks a continuation of its impressive track record of raising dividends, now for 11 consecutive years, which is a strong signal of the company's financial health and management's confidence in sustained profitability. In fact, the company's dividend growth over the last twelve months was a robust 16.67%.
The bank's performance metrics offer further insights into its financial standing. With a market capitalization of approximately $585.51 million and a price-to-earnings (P/E) ratio of 11.51, the company is positioned in the market with a valuation that suggests investor confidence. Moreover, the P/E ratio has remained stable, with an adjusted figure of 11.58 for the last twelve months as of Q2 2024.
InvestingPro Tips indicate that analysts are optimistic about the company's earnings outlook, with 3 analysts having revised their earnings estimates upwards for the upcoming period. This is a positive indication that could potentially signal further growth and stability for Capital City Bank Group. Additionally, the company has been profitable over the last twelve months and is expected to remain so, which is a reassuring sign for both current and prospective investors.
For those looking to delve deeper into Capital City Bank Group's financials and future prospects, InvestingPro provides a wealth of additional tips, with a total of 8 more tips available. These insights, along with real-time metrics and analyst predictions, can be found at InvestingPro, offering valuable guidance for making informed investment decisions.
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