Community Trust Bancorp (NASDAQ:CTBI) Releases Quarterly Earnings Results

Key Points

• Community Trust Bancorp beat earnings expectations, reporting quarterly EPS of $1.64 versus analysts’ estimate of $1.52. The bank also posted a return on equity of 12.27% and a net margin of 24.85%.
• The company declared a quarterly dividend of $0.53 per share, equal to an annualized dividend of $2.12 and a yield of 2.9%. Its payout ratio was reported at 37.13%.
• Shares were trading near $72.25, close to the stock’s 52-week high of $74.57, and analysts currently rate CTBI as a Moderate Buy with an average price target of $68.50.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) announced its earnings results on Wednesday. The financial services provider reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.12, Zacks reports. Community Trust Bancorp had a return on equity of 12.27% and a net margin of 24.85%.

Community Trust Bancorp Trading Up 0.0%

NASDAQ:CTBI opened at $72.25 on Wednesday. Community Trust Bancorp has a 12 month low of $50.25 and a 12 month high of $74.57. 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's 50 day moving average is $68.68 and its 200 day moving average is $64.05. The stock has a market capitalization of $1.31 billion, a PE ratio of 12.65 and a beta of 0.54.

Community Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 15th. Community Trust Bancorp's payout ratio is 37.13%.

Institutional Trading of Community Trust Bancorp

Several hedge funds have recently made changes to their positions in the company. Garton & Associates Financial Advisors LLC bought a new position in shares of Community Trust Bancorp during the 4th quarter worth $30,000. Quadrant Capital Group LLC bought a new stake in Community Trust Bancorp in the 3rd quarter valued at about $86,000. Russell Investments Group Ltd. lifted its holdings in Community Trust Bancorp by 478.9% during the third quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider's stock valued at $92,000 after purchasing an additional 1,365 shares during the last quarter. Strs Ohio purchased a new stake in Community Trust Bancorp during the first quarter valued at about $86,000. Finally, Virtus Advisers LLC bought a new position in Community Trust Bancorp during the third quarter worth about $142,000. 60.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

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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