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Capital City (CCBG) Rewards Shareholders With Dividend Hike
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Capital City Bank Group Inc. (CCBG - Free Report) has followed through with its previous dividend hike plans and raised its quarterly cash dividends by 11.1%. The company will now pay out a dividend of 20 cents per share, which will be paid out on Sep 25 to shareholders of record as of Sep 11.
Based on the Aug 25 closing price of $30.04, Capital City's annual dividend yield, post the dividend hike, stands at 2.66%.
Prior to the recent hike, it had increased its dividend by 5.9% in February 2023. CCBG raised its quarterly dividend nine times in the last five years. Also, it has a five-year annualized dividend growth of 13.8%. Currently, the company's payout ratio is 23% of earnings.
Apart from the regular dividend payments, CCBG has a share repurchase program in place. In January 2019, the company announced a five-year repurchase program, under which, it is authorized to repurchase up to 750,000 shares. For the first half of 2023, Capital City repurchased 65,736 shares. As of Jun 30, 2023, the plan had nearly 507,312 shares remaining.
In the last three to five years, Capital City witnessed earnings per share growth of 14.6% compared with the industry’s average of 10.2%. The company’s earnings are expected to grow 42% this year.
As of Jun 30, 2023, Capital City had a total debt of $104 million, which was significantly lower than the cash and cash equivalent balance of $368.8 million. Also, its debt/equity ratio of 0.13 compares favorably with the industry average of 0.30, thereby reflecting its relatively strong financial health.
Supported by its earnings strength and solid liquidity position, the company is expected to continue with efficient capital deployment activities. Through this, Capital City will keep enhancing shareholder value.
Over the past three months, shares of CCBG have gained 0.2% compared with the industry’s upside of 6.8%.
Image Source: Zacks Investment Research
Capital City currently carries a Zacks Rank #4 (Sell).
Over the past month, Stock Yards Bancorp, Inc. (SYBT - Free Report) and Virtus Investment Partners, Inc. (VRTS - Free Report) announced increases in their quarterly dividend payouts.
SYBT announced a quarterly cash dividend of 30 cents per share, indicating a rise of 3.4%. The dividend will be paid out on Oct 2, to shareholders of record as of Sep 18.
Prior to the current hike, the company increased its dividend by 3.6% to 29 cents per share in August 2022. SYBT raised its quarterly dividend six times in the last five years. Also, it has a five-year annualized dividend growth of 3.2%. Currently, the company's payout ratio is 30% of earnings.
VRTS has followed through with its previous dividend hike plans and raised its quarterly cash dividends by 15.2%. The company will now pay out a dividend of $1.90 per share. The third-quarter 2023 dividend will be paid out on Nov 15, to shareholders of record as of Oct 31, 2023.
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Capital City (CCBG) Rewards Shareholders With Dividend Hike
Capital City Bank Group Inc. (CCBG - Free Report) has followed through with its previous dividend hike plans and raised its quarterly cash dividends by 11.1%. The company will now pay out a dividend of 20 cents per share, which will be paid out on Sep 25 to shareholders of record as of Sep 11.
Based on the Aug 25 closing price of $30.04, Capital City's annual dividend yield, post the dividend hike, stands at 2.66%.
Prior to the recent hike, it had increased its dividend by 5.9% in February 2023. CCBG raised its quarterly dividend nine times in the last five years. Also, it has a five-year annualized dividend growth of 13.8%. Currently, the company's payout ratio is 23% of earnings.
Apart from the regular dividend payments, CCBG has a share repurchase program in place. In January 2019, the company announced a five-year repurchase program, under which, it is authorized to repurchase up to 750,000 shares. For the first half of 2023, Capital City repurchased 65,736 shares. As of Jun 30, 2023, the plan had nearly 507,312 shares remaining.
In the last three to five years, Capital City witnessed earnings per share growth of 14.6% compared with the industry’s average of 10.2%. The company’s earnings are expected to grow 42% this year.
As of Jun 30, 2023, Capital City had a total debt of $104 million, which was significantly lower than the cash and cash equivalent balance of $368.8 million. Also, its debt/equity ratio of 0.13 compares favorably with the industry average of 0.30, thereby reflecting its relatively strong financial health.
Supported by its earnings strength and solid liquidity position, the company is expected to continue with efficient capital deployment activities. Through this, Capital City will keep enhancing shareholder value.
Over the past three months, shares of CCBG have gained 0.2% compared with the industry’s upside of 6.8%.
Image Source: Zacks Investment Research
Capital City currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Companies Taking Similar Steps
Over the past month, Stock Yards Bancorp, Inc. (SYBT - Free Report) and Virtus Investment Partners, Inc. (VRTS - Free Report) announced increases in their quarterly dividend payouts.
SYBT announced a quarterly cash dividend of 30 cents per share, indicating a rise of 3.4%. The dividend will be paid out on Oct 2, to shareholders of record as of Sep 18.
Prior to the current hike, the company increased its dividend by 3.6% to 29 cents per share in August 2022. SYBT raised its quarterly dividend six times in the last five years. Also, it has a five-year annualized dividend growth of 3.2%. Currently, the company's payout ratio is 30% of earnings.
VRTS has followed through with its previous dividend hike plans and raised its quarterly cash dividends by 15.2%. The company will now pay out a dividend of $1.90 per share. The third-quarter 2023 dividend will be paid out on Nov 15, to shareholders of record as of Oct 31, 2023.