Heartland Advisors, an investment management firm, published its “Heartland Value Fund” fourth-quarter 2021 investor letter – a copy of which can be seen here. The fund continues to focus its relentless research on identifying and owning companies that are poised to succeed against a variety of backdrops or those that are priced at significant discounts to peers regardless of the sector. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Heartland Value Fund, in its Q4 2021 investor letter, mentioned Capital City Bank Group, Inc. (NASDAQ: CCBG) and discussed its stance on the firm. Capital City Bank Group, Inc. is a Tallahassee, Florida-based bank holding company with a $467.2 Million market capitalization. CCBG delivered a 4.77% return since the beginning of the year, while its 12-month returns are up by 23.87%. The stock closed at $27.66 per share on January 27, 2022.
Here is what Heartland Value Fund has to say about Capital City Bank Group, Inc. in its Q4 2021 investor letter:
“The portfolio’s Financials holdings have been a source of strength throughout 2021. While shares of large national banks cooled late in the year on concerns that loan losses could inch higher, we continue to find well run regional players that are thriving by serving unique niches. Capital City Bank Group, Inc. (CCBG), is a prime example of our approach.
The bank serves the booming state of Florida and fast-growing Southeastern U.S. through its 57 branches. We’ve been long-term investors in Capital City, attracted by its unique position as one of the largest publicly traded financial holding institutions headquartered in Florida, conservative long-term capital allocation strategy, and significant insider ownership.
Capital City has made the most of population increases as reflected by its five-year compounded 35% annual growth rate. Additionally, management has been able to produce a 9.5% return on equity, outpacing the roughly 7% rate of regional banks on average.
Despite its high-growth footprint and strong management, shares of Capital City are priced at a nearly 10% discount to competitors.”
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Our calculations show that Capital City Bank Group, Inc. (NASDAQ: CCBG) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CCBG was in 6 hedge fund portfolios at the end of the third quarter of 2021, compared to 6 funds in the previous quarter. Capital City Bank Group, Inc. (NASDAQ: CCBG) delivered a 2.94% return in the past 3 months.
In May 2021, we also shared another hedge fund’s views on CCBG in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
