Piper Sandler Initiates Coverage on Community Trust Bancorp (NASDAQ:CTBI)

Key Points

• Piper Sandler has initiated coverage of Community Trust Bancorp with an "overweight" rating and a price target of $66.00, indicating a potential upside of 18.81% from its current trading price.
• Raymond James Financial also maintains an "outperform" rating on the stock, raising its price target to $63.00 from $58.00.
• Community Trust Bancorp's recent quarterly earnings report showed an EPS of $1.38, exceeding analyst expectations by $0.11, alongside revenues of $70.21 million.

Piper Sandler began coverage on shares of Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) in a report issued on Monday, MarketBeat reports. The firm set an "overweight" rating and a $66.00 price target on the financial services provider's stock. Piper Sandler's price target points to a potential upside of 17.93% from the company's current price.

Separately, Raymond James Financial restated an "outperform" rating and set a $63.00 target price (up from $58.00) on shares of Community Trust Bancorp in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Strong Buy" and a consensus price target of $64.50.

Community Trust Bancorp Price Performance

NASDAQ:CTBI traded down $0.5250 during trading hours on Monday, hitting $55.9650. The company's stock had a trading volume of 7,595 shares, compared to its average volume of 59,243. Community Trust Bancorp has a 52-week low of $44.60 and a 52-week high of $61.67. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93. The business's 50-day moving average is $54.15 and its two-hundred day moving average is $52.30. The company has a market capitalization of $1.01 billion, a PE ratio of 11.02 and a beta of 0.62.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.11. The business had revenue of $70.21 million for the quarter, compared to analysts' expectations of $68.00 million. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. As a group, research analysts anticipate that Community Trust Bancorp will post 5.06 EPS for the current fiscal year.

Insider Buying and Selling at Community Trust Bancorp

In related news, Director Franky Minnifield acquired 2,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average price of $51.01 per share, with a total value of $102,020.00. Following the completion of the purchase, the director directly owned 17,099 shares in the company, valued at approximately $872,219.99. The trade was a 13.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $56.18, for a total value of $51,573.24. Following the sale, the executive vice president owned 632 shares of the company's stock, valued at approximately $35,505.76. This represents a 59.23% decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Community Trust Bancorp

A number of hedge funds have recently bought and sold shares of CTBI. PNC Financial Services Group Inc. raised its holdings in Community Trust Bancorp by 39.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 228 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in Community Trust Bancorp in the second quarter valued at $40,000. US Bancorp DE lifted its position in Community Trust Bancorp by 90.2% during the first quarter. US Bancorp DE now owns 1,065 shares of the financial services provider's stock worth $54,000 after buying an additional 505 shares during the period. Strs Ohio acquired a new stake in Community Trust Bancorp in the 1st quarter worth about $86,000. Finally, Tower Research Capital LLC TRC grew its holdings in Community Trust Bancorp by 317.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,824 shares of the financial services provider's stock valued at $97,000 after buying an additional 1,387 shares during the period. Institutional investors and hedge funds own 60.20% of the company's stock.

Community Trust Bancorp Company Profile

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.