On Jul 6, Zacks Investment Research upgraded
Capital City Bank Group Inc.
) to a Zacks Rank #1 (Strong Buy).
CAPITAL CITY BK (CCBG): Free Stock Analysis
FARMERS CAP KY (FFKT): Free Stock Analysis
HOME BANCSHARES (HOMB): Free Stock Analysis
WESBANCO INC (WSBC): Free Stock Analysis
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Why the Upgrade?
Capital City Bank has been witnessing rising earnings estimates
on the back of strong first-quarter 2013 results. The company
recorded earnings as compared with loss in the prior-year
quarter. Moreover, this well-known commercial and retail banking
products and services provider delivered average earnings
surprise of 291.7% in the last 4 quarters.
Capital City Bank reported its first-quarter results on Apr 22
with earnings per share of 5 cents as compared with a loss of 7
cents in the prior-year quarter. However, results were in line
with the Zacks Consensus Estimate.
Robust results for the reported quarter were primarily aided by
substantial reduction in provision for loan losses. Moreover,
Capital City Bank recorded a strong capital position and a marked
improvement in credit quality. The quarter also reflected the
company's prudent expense management.
As of Mar 31, 2013, the ratio of nonperforming assets to total
assets reduced to 3.99% from 5.14% in the prior-year quarter. Net
charge-offs to average loans ratio also decreased 50 basis points
year over year to 1.16%.
Reduced net interest income, which declined 8.3% year over year
to $19.9 million, was a headwind.
Following first-quarter 2013 results, the Zacks Consensus
Estimate for 2013 jumped 6.9% to 31 cents per share over the last
60 days. For 2014, the Zacks Consensus Estimate surged 5.7% to 37
cents per share over the same time frame.
Other Stocks to Consider
Besides Capital City Bank, other Southeast banks that are worth
Farmers Capital Bank Corporation
Home Bancshares, Inc. (Conway, AR)
). All the 3 companies carry a Zacks Rank #1.