Community Trust Bancorp (NASDAQ:CTBI) Given Outperform Rating at Raymond James Financial

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report)'s stock had its "outperform" rating reiterated by research analysts at Raymond James Financial in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $63.00 price target on the financial services provider's stock, up from their previous price target of $58.00. Raymond James Financial's target price suggests a potential upside of 11.43% from the company's previous close.

Separately, Piper Sandler dropped their price target on Community Trust Bancorp from $60.00 to $56.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th.

Community Trust Bancorp Stock Performance

Shares of NASDAQ CTBI traded up $0.60 during trading hours on Thursday, reaching $56.54. The stock had a trading volume of 33,866 shares, compared to its average volume of 56,812. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 11.79 and a beta of 0.58. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09. Community Trust Bancorp has a fifty-two week low of $44.60 and a fifty-two week high of $61.67. The firm has a 50-day moving average of $52.52 and a 200-day moving average of $51.92.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $70.21 million during the quarter, compared to analysts' expectations of $68.00 million. Community Trust Bancorp had a return on equity of 11.40% and a net margin of 22.49%. Equities research analysts predict that Community Trust Bancorp will post 5.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Franky Minnifield acquired 2,000 shares of the stock in a transaction that occurred 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 completion of the acquisition, the director directly owned 17,099 shares in the company, valued at $872,219.99. This represents a 13.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Community Trust Bancorp

Institutional investors have recently made changes to their positions in the stock. US Bancorp DE grew its holdings in shares of Community Trust Bancorp by 311.8% during the fourth quarter. US Bancorp DE now owns 560 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 424 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Community Trust Bancorp during the second quarter worth approximately $40,000. PNC Financial Services Group Inc. boosted its position in shares of Community Trust Bancorp by 39.8% during the first quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock worth $40,000 after buying an additional 228 shares during the period. Federated Hermes Inc. acquired a new position in shares of Community Trust Bancorp during the fourth quarter worth approximately $46,000. Finally, Strs Ohio acquired a new position in shares of Community Trust Bancorp during the first quarter worth 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.

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