Community Trust Bancorp (NASDAQ:CTBI) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) posted its quarterly earnings data on Wednesday. The financial services provider reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.11, Zacks reports. The company had revenue of $70.21 million during the quarter, compared to analyst estimates of $68.00 million. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.92%.

Community Trust Bancorp Stock Down 0.1%

Shares of Community Trust Bancorp stock traded down $0.05 on Friday, hitting $56.75. 16,547 shares of the company traded hands, compared to its average volume of 56,653. The company has a market cap of $1.03 billion, a PE ratio of 11.16 and a beta of 0.58. The company has a 50-day moving average price of $52.63 and a 200 day moving average price of $51.95. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09. Community Trust Bancorp has a 12-month low of $44.60 and a 12-month high of $61.67.

Community Trust Bancorp Announces Dividend

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

Insiders Place Their Bets

In other Community Trust Bancorp news, Director Franky Minnifield acquired 2,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average price of $51.01 per share, with a total value of $102,020.00. Following the completion of the transaction, the director owned 17,099 shares in the company, valued at $872,219.99. The trade was a 13.25% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Community Trust Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTBI. Millennium Management LLC grew 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 valued at $5,069,000 after purchasing an additional 54,130 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Community Trust Bancorp by 158.5% in the first quarter. Jane Street Group LLC now owns 28,493 shares of the financial services provider's stock worth $1,435,000 after acquiring an additional 17,470 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Community Trust Bancorp by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider's stock worth $459,000 after acquiring an additional 381 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Community Trust Bancorp in the first quarter worth $86,000. Institutional investors own 60.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $63.00 price objective (up previously from $58.00) on shares of Community Trust Bancorp in a research note on Thursday. Piper Sandler lowered their price target on shares of 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 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.