Community Trust Bancorp (NASDAQ:CTBI) Hits New 12-Month High on Better-Than-Expected Earnings

Key Points

• Community Trust Bancorp hit a new 52-week high after reporting quarterly EPS of $1.64, topping analyst expectations of $1.52 by $0.12.
• The company also paid a quarterly dividend of $0.53 per share, equal to an annualized yield of 2.8%, with a payout ratio of 37.13%.
• Analysts remain mixed on the stock, but MarketBeat notes an overall rating of Moderate Buy with a consensus price target of $68.50, while the shares recently traded above that level.

Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $74.75 and last traded at $74.63, with a volume of 40935 shares trading hands. The stock had previously closed at $72.25.

The financial services provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.12. Community Trust Bancorp had a net margin of 24.85% and a return on equity of 12.27%.

Community Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Monday, June 15th. Community Trust Bancorp's payout ratio is 37.13%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, May 18th. Piper Sandler initiated coverage on Community Trust Bancorp in a research note on Thursday, June 11th. They issued a "neutral" rating and a $76.00 price objective for the company. Finally, Zacks Research downgraded Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $68.50.

Institutional Investors Weigh In On Community Trust Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wedge Capital Management L L P NC boosted its holdings in Community Trust Bancorp by 3.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 62,275 shares of the financial services provider's stock valued at $4,506,000 after purchasing an additional 1,883 shares during the period. Bank of America Corp DE increased its holdings in shares of Community Trust Bancorp by 26.8% in the first quarter. Bank of America Corp DE now owns 38,716 shares of the financial services provider's stock worth $2,351,000 after purchasing an additional 8,174 shares during the period. Janus Henderson Group PLC raised its position in shares of Community Trust Bancorp by 114.0% in the first quarter. Janus Henderson Group PLC now owns 192,413 shares of the financial services provider's stock worth $11,684,000 after buying an additional 102,488 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Community Trust Bancorp by 22.0% in the first quarter. California State Teachers Retirement System now owns 17,314 shares of the financial services provider's stock worth $1,051,000 after buying an additional 3,121 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in Community Trust Bancorp by 6.1% during the first quarter. Empowered Funds LLC now owns 80,948 shares of the financial services provider's stock valued at $4,915,000 after buying an additional 4,638 shares during the period. Institutional investors own 60.20% of the company's stock.

Community Trust Bancorp Stock Performance

The company has a 50-day moving average of $68.68 and a 200 day moving average of $64.05. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.36 billion, a PE ratio of 13.13 and a beta of 0.54.

About Community Trust Bancorp

Community Trust Bancorp, Inc is a bank holding company headquartered in Pikeville, Kentucky. As the parent of Community Trust Bank, the company provides a comprehensive range of banking services to individuals, families and businesses throughout eastern Kentucky, southern West Virginia and northeast Tennessee. With origins dating back to the early 20th century, the organization has built a reputation for supporting community development and regional economic growth across the Appalachian region.

The company's personal banking offerings include checking and savings accounts, consumer installment loans, home equity and mortgage lending, as well as online and mobile banking platforms.

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