Community Trust Bancorp (NASDAQ:CTBI) Hits New 12-Month High - Time to Buy?

Key Points

• Community Trust Bancorp shares reached a new 52-week high, trading as high as $78.03 and last changing hands near $78.29, up from a previous close of $76.66.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $81.50. Individual targets range from $81 to $82.
• The bank exceeded quarterly expectations, reporting $1.64 in EPS versus the $1.52 consensus and revenue of $78.49 million versus $76.85 million expected; institutional investors own 60.2% of the stock.

Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $78.03 and last traded at $78.2850, with a volume of 24334 shares traded. The stock had previously closed at $76.66.

Wall Street Analyst Weigh In

CTBI has been the topic of several research reports. Piper Sandler increased their target price on Community Trust Bancorp from $76.00 to $81.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Raymond James Financial reissued an "outperform" rating and set a $82.00 price target on shares of Community Trust Bancorp in a research report on Thursday, July 16th. Zacks Research lowered shares of Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. Finally, 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. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $81.50.

Community Trust Bancorp Stock Up 2.2%

The firm has a 50 day moving average price of $70.51 and a 200-day moving average price of $65.20. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.42 billion, a PE ratio of 13.12 and a beta of 0.54.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.52 by $0.12. The business had revenue of $78.49 million during the quarter, compared to the consensus estimate of $76.85 million. Community Trust Bancorp had a return on equity of 12.66% and a net margin of 25.55%. Research analysts forecast that Community Trust Bancorp, Inc. will post 6.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Community Trust Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of CTBI. Janus Henderson Group PLC grew its stake in shares of Community Trust Bancorp by 114.0% during the first quarter. Janus Henderson Group PLC now owns 192,413 shares of the financial services provider's stock worth $11,684,000 after purchasing an additional 102,488 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Community Trust Bancorp by 60.4% during the 4th quarter. JPMorgan Chase & Co. now owns 147,957 shares of the financial services provider's stock worth $8,360,000 after buying an additional 55,733 shares during the last quarter. Millennium Management LLC lifted its holdings in Community Trust Bancorp by 116.4% during the 1st quarter. Millennium Management LLC now owns 100,651 shares of the financial services provider's stock worth $5,069,000 after buying an additional 54,130 shares during the last quarter. Maltese Capital Management LLC boosted its position in shares of Community Trust Bancorp by 266.7% during the 4th quarter. Maltese Capital Management LLC now owns 55,000 shares of the financial services provider's stock worth $3,108,000 after acquiring an additional 40,000 shares in the last quarter. Finally, LSV Asset Management boosted its position in shares of Community Trust Bancorp by 14.9% during the 4th quarter. LSV Asset Management now owns 280,380 shares of the financial services provider's stock worth $15,841,000 after acquiring an additional 36,300 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 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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