Community Trust Bancorp (NASDAQ:CTBI) Sees Large Volume Increase - Here's What Happened

Key Points

• Community Trust Bancorp experienced a decline in trading volume, with 44,017 shares traded, down 26% from the previous session.
• Analysts have varying outlooks on the stock, with Raymond James raising its target price to $63.00, while Piper Sandler lowered its target from $60.00 to $56.00.
• The company announced an increase in its quarterly dividend to $0.53 per share, representing an annualized yield of 3.8% for shareholders of record.

Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 44,017 shares were traded during trading, a decline of 26% from the previous session's volume of 59,383 shares.The stock last traded at $55.53 and had previously closed at $56.22.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CTBI shares. Piper Sandler initiated coverage on shares of Community Trust Bancorp in a research report on Monday. They set an "overweight" rating and a $66.00 target price on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $63.00 price target (up previously from $58.00) on shares of Community Trust Bancorp in a report on Thursday, July 17th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Community Trust Bancorp currently has an average rating of "Buy" and an average price target of $64.50.

Community Trust Bancorp Stock Up 0.1%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $1.02 billion, a PE ratio of 11.06 and a beta of 0.62. The firm has a fifty day simple moving average of $54.21 and a 200 day simple moving average of $52.32.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.11. Community Trust Bancorp had a return on equity of 11.77% and a net margin of 23.33%.The business had revenue of $70.21 million during the quarter, compared to analysts' expectations of $68.00 million. Equities research analysts predict that Community Trust Bancorp, Inc. will post 5.06 EPS for the current year.

Community Trust Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.53 per share. This is a boost from Community Trust Bancorp's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.12 annualized dividend and a yield of 3.8%. Community Trust Bancorp's dividend payout ratio is presently 37.01%.

Insider Activity at Community Trust Bancorp

In related news, Director Franky Minnifield purchased 2,000 shares of Community Trust Bancorp stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average cost of $51.01 per share, with a total value of $102,020.00. Following the transaction, the director owned 17,099 shares of the company's stock, valued at approximately $872,219.99. The trade was a 13.25% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Andy D. Waters sold 918 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $56.18, for a total value of $51,573.24. Following the completion of the transaction, the executive vice president directly owned 632 shares in the company, valued at approximately $35,505.76. The trade was a 59.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Community Trust Bancorp

Institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC acquired a new stake in shares of Community Trust Bancorp during the 2nd quarter valued at approximately $40,000. PNC Financial Services Group Inc. increased its holdings in shares of Community Trust Bancorp by 39.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock worth $40,000 after acquiring an additional 228 shares during the period. US Bancorp DE boosted its position in shares of Community Trust Bancorp by 90.2% during the first quarter. US Bancorp DE now owns 1,065 shares of the financial services provider's stock worth $54,000 after buying an additional 505 shares during the period. Strs Ohio bought a new position in shares of Community Trust Bancorp in the first quarter worth $86,000. Finally, Tower Research Capital LLC TRC grew its position in Community Trust Bancorp by 317.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,824 shares of the financial services provider's stock valued at $97,000 after buying an additional 1,387 shares in the last quarter. 60.20% of the stock is owned by institutional investors and hedge funds.

About Community Trust Bancorp

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.