Community Trust Bancorp (NASDAQ:CTBI) Sees Strong Trading Volume - Should You Buy?

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.

Shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) saw an uptick in trading volume on Friday . 44,017 shares changed hands 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.

Analyst Ratings Changes

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

Community Trust Bancorp Price Performance

The firm has a market cap of $1.02 billion, a PE ratio of 11.04 and a beta of 0.62. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.93. The business's fifty day moving average is $54.21 and its 200-day moving average is $52.32.

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

Community Trust Bancorp Increases Dividend

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

Insider Transactions at Community Trust Bancorp

In related news, Director Franky Minnifield bought 2,000 shares of the business's stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $51.01 per share, for a total transaction of $102,020.00. Following the purchase, the director directly owned 17,099 shares in the company, valued at $872,219.99. This trade represents a 13.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andy D. Waters sold 918 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $56.18, for a total value of $51,573.24. Following the sale, the executive vice president owned 632 shares in the company, valued at approximately $35,505.76. This represents a 59.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CTBI. Equitable Trust Co. boosted its position in Community Trust Bancorp by 3.4% during the 2nd quarter. Equitable Trust Co. now owns 5,930 shares of the financial services provider's stock valued at $314,000 after acquiring an additional 193 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Community Trust Bancorp by 7.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 2,958 shares of the financial services provider's stock worth $156,000 after purchasing an additional 208 shares in the last quarter. Aptus Capital Advisors LLC lifted its position in Community Trust Bancorp by 1.8% during the fourth quarter. Aptus Capital Advisors LLC now owns 12,456 shares of the financial services provider's stock valued at $666,000 after buying an additional 219 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Community Trust Bancorp by 39.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock valued at $40,000 after buying an additional 228 shares in the last quarter. Finally, BTC Capital Management Inc. increased its stake in shares of Community Trust Bancorp by 3.4% in the 2nd quarter. BTC Capital Management Inc. now owns 7,811 shares of the financial services provider's stock worth $412,000 after acquiring an additional 259 shares in the last quarter. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

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.