Raymond James Financial Reiterates "Outperform" Rating for Community Trust Bancorp (NASDAQ:CTBI)

Raymond James Financial reaffirmed their outperform rating on shares of Community Trust Bancorp (NASDAQ:CTBI - Free Report) in a report published on Thursday,Benzinga reports. Raymond James Financial currently has a $63.00 target price on the financial services provider's stock, up from their prior target price of $58.00.

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

Community Trust Bancorp Price Performance

NASDAQ:CTBI traded down $0.10 during trading hours on Thursday, reaching $56.84. 17,392 shares of the company traded hands, compared to its average volume of 56,550. The firm's 50-day moving average is $52.74 and its 200-day moving average is $51.97. The stock has a market cap of $1.03 billion, a P/E ratio of 11.19 and a beta of 0.58. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.92 and a quick ratio of 0.92. Community Trust Bancorp has a 1-year low of $44.60 and a 1-year high of $61.67.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.11. Community Trust Bancorp had a return on equity of 11.92% and a net margin of 23.33%. The business had revenue of $70.21 million for the quarter, compared to analyst estimates of $68.00 million. Equities research analysts expect that Community Trust Bancorp will post 5.06 earnings per share for the current fiscal year.

Community Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Sunday, June 15th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.31%. Community Trust Bancorp's payout ratio is 37.01%.

Insiders Place Their Bets

In related news, Director Franky Minnifield acquired 2,000 shares of the stock in a transaction dated 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 acquisition, the director owned 17,099 shares in the company, valued at approximately $872,219.99. The trade was a 13.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Community Trust Bancorp

Hedge funds have recently bought and sold shares of the stock. Aptus Capital Advisors LLC grew its stake in Community Trust Bancorp by 1.8% during the fourth quarter. Aptus Capital Advisors LLC now owns 12,456 shares of the financial services provider's stock valued at $666,000 after acquiring an additional 219 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Community Trust Bancorp by 39.8% during 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 in the last quarter. BTC Capital Management Inc. raised its stake in Community Trust Bancorp by 3.4% in the 2nd quarter. BTC Capital Management Inc. now owns 7,811 shares of the financial services provider's stock worth $412,000 after acquiring an additional 259 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in Community Trust Bancorp by 1.5% during the 1st quarter. SummerHaven Investment Management LLC now owns 18,278 shares of the financial services provider's stock worth $920,000 after purchasing an additional 268 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in Community Trust Bancorp by 6.6% during the fourth quarter. LPL Financial LLC now owns 4,964 shares of the financial services provider's stock worth $263,000 after purchasing an additional 307 shares in the last quarter. 60.20% of the stock is currently owned by institutional investors and hedge funds.

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.