Community Trust Bancorp, Inc. (NASDAQ:CTBI) Announces Dividend Increase - $0.53 Per Share

Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) declared a quarterly dividend on Tuesday, July 22nd, RTT News reports. Shareholders of record on Monday, September 15th will be paid a dividend of 0.53 per share by the financial services provider on Wednesday, October 1st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Monday, September 15th. This is a 12.8% increase from Community Trust Bancorp's previous quarterly dividend of $0.47.

Community Trust Bancorp has a dividend payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Community Trust Bancorp to earn $5.35 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 35.1%.

Community Trust Bancorp Trading Down 0.2%

Shares of CTBI traded down $0.09 on Friday, reaching $55.73. 40,346 shares of the company's stock were exchanged, compared to its average volume of 68,632. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $1.01 billion, a P/E ratio of 10.97 and a beta of 0.58. The business has a 50 day moving average price of $53.06 and a two-hundred day moving average price of $52.10. Community Trust Bancorp has a 12 month low of $44.60 and a 12 month high of $61.67.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.27 by $0.11. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.92%. The firm had revenue of $70.21 million during the quarter, compared to the consensus estimate of $68.00 million. Research analysts anticipate that Community Trust Bancorp will post 5.06 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on CTBI. Piper Sandler lowered their target price on shares of Community Trust Bancorp from $60.00 to $56.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Raymond James Financial reiterated an "outperform" rating and issued a $63.00 price target (up previously from $58.00) on shares of Community Trust Bancorp in a report on Thursday, July 17th.

Insider Transactions at Community Trust Bancorp

In other news, Director Franky Minnifield purchased 2,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were purchased at an average cost of $51.01 per share, with a total value of $102,020.00. Following the completion of the transaction, the director owned 17,099 shares of the company's stock, valued at $872,219.99. The trade was a 13.25% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.30% of the company's stock.

Institutional Trading of Community Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Community Trust Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider's stock worth $459,000 after buying an additional 381 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Community Trust Bancorp by 116.4% in the 1st quarter. Millennium Management LLC now owns 100,651 shares of the financial services provider's stock valued at $5,069,000 after purchasing an additional 54,130 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Community Trust Bancorp by 158.5% in the 1st quarter. Jane Street Group LLC now owns 28,493 shares of the financial services provider's stock valued at $1,435,000 after purchasing an additional 17,470 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Community Trust Bancorp in the 1st quarter valued at approximately $86,000. 60.20% of the stock is owned by institutional investors.

About Community Trust Bancorp

Community Trust Bancorp, Inc operates as the bank holding company for Community Trust Bank, Inc that engages in the provision of commercial and personal banking, and trust and wealth management services to small and mid-sized communities in eastern, northeastern, central, and south-central Kentucky, as well as southern West Virginia, and northeastern Tennessee.