Community Trust Bancorp (NASDAQ:CTBI) Now Covered by Piper Sandler

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 initiated coverage on shares of Community Trust Bancorp (NASDAQ:CTBI - Free Report) in a report published on Monday, Marketbeat reports. The brokerage issued an overweight rating and a $66.00 price objective on the financial services provider's stock.

Separately, Raymond James Financial reissued an "outperform" rating and set a $63.00 price target (up from $58.00) on shares of Community Trust Bancorp in a research note on Thursday, July 17th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $64.50.

Community Trust Bancorp Trading Up 5.0%

Shares of CTBI traded up $2.81 on Monday, reaching $58.64. 63,405 shares of the company's stock were exchanged, compared to its average volume of 50,658. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.06 billion, a P/E ratio of 11.54 and a beta of 0.62. The business has a 50 day moving average price of $54.52 and a two-hundred day moving average price of $52.40. 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 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 during the quarter, compared to the consensus estimate of $68.00 million. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. Research analysts anticipate that Community Trust Bancorp will post 5.06 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Monday, September 15th. This is a boost from Community Trust Bancorp's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 3.6%. Community Trust Bancorp's payout ratio is currently 37.01%.

Insider Activity at Community Trust Bancorp

In other Community Trust Bancorp news, EVP Andy D. Waters sold 918 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $56.18, for a total value of $51,573.24. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Franky Minnifield bought 2,000 shares of the stock in a transaction on Monday, June 2nd. The stock was purchased at an average cost of $51.01 per share, with a total value of $102,020.00. Following the purchase, the director directly owned 17,099 shares of the company's stock, valued at approximately $872,219.99. This represents a 13.25% increase in their position. The disclosure for this purchase can be found here. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CTBI. ProShare Advisors LLC acquired a new position in shares of Community Trust Bancorp in the second quarter valued at approximately $6,378,000. Nuveen LLC acquired a new position in shares of Community Trust Bancorp in the first quarter valued at approximately $5,210,000. Community Trust & Investment Co. boosted its holdings in shares of Community Trust Bancorp by 3.0% in the second quarter. Community Trust & Investment Co. now owns 1,979,076 shares of the financial services provider's stock valued at $104,733,000 after buying an additional 58,142 shares during the period. Millennium Management LLC boosted its holdings in Community Trust Bancorp by 116.4% during the first quarter. Millennium Management LLC now owns 100,651 shares of the financial services provider's stock worth $5,069,000 after purchasing an additional 54,130 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Community Trust Bancorp by 237.5% during the first quarter. Adage Capital Partners GP L.L.C. now owns 67,499 shares of the financial services provider's stock worth $3,399,000 after purchasing an additional 47,499 shares during the last quarter. 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.