Community Trust Bancorp (NASDAQ:CTBI) Stock Passes Above 200 Day Moving Average - Here's Why

Key Points

• The stock of Community Trust Bancorp (NASDAQ:CTBI) has surpassed its 200-day moving average, indicating potential upward momentum, with shares trading at $55.99.
• Recent earnings reports show the company exceeded analysts' expectations, with an earnings per share of $1.38, beating the consensus estimate of $1.27.
• The company announced a quarterly dividend increase to $0.53 per share, resulting in an annualized yield of 3.8% and reflecting its healthy financial position.

Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $52.25 and traded as high as $57.01. Community Trust Bancorp shares last traded at $55.99, with a volume of 58,943 shares traded.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial reiterated an "outperform" rating and set a $63.00 price target (up previously from $58.00) on shares of Community Trust Bancorp in a research report on Thursday, July 17th.

Community Trust Bancorp Stock Down 2.1%

The firm has a market capitalization of $996.96 million, a price-to-earnings ratio of 10.84 and a beta of 0.62. The business's 50-day moving average is $54.06 and its two-hundred day moving average is $52.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last posted 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. On average, equities analysts anticipate that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.12 annualized dividend and a dividend yield of 3.9%. This is an increase from Community Trust Bancorp's previous quarterly dividend of $0.47. Community Trust Bancorp's dividend payout ratio (DPR) is 37.01%.

Insider Buying and Selling at Community Trust Bancorp

In other news, Director Franky Minnifield bought 2,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $51.01 per share, with a total value of $102,020.00. Following the completion of the purchase, the director owned 17,099 shares of the company's stock, valued at $872,219.99. This represents 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 link. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Community Trust Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Community Trust & Investment Co. lifted its holdings in shares of Community Trust Bancorp by 3.0% during the second quarter. Community Trust & Investment Co. now owns 1,979,076 shares of the financial services provider's stock worth $104,733,000 after buying an additional 58,142 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Community Trust Bancorp by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,208,065 shares of the financial services provider's stock worth $64,064,000 after buying an additional 21,008 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Community Trust Bancorp by 4.0% during the first quarter. Vanguard Group Inc. now owns 921,499 shares of the financial services provider's stock worth $46,407,000 after buying an additional 35,815 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Community Trust Bancorp by 4.6% during the second quarter. Geode Capital Management LLC now owns 413,312 shares of the financial services provider's stock worth $21,872,000 after buying an additional 17,995 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Community Trust Bancorp by 7.0% during the second quarter. American Century Companies Inc. now owns 411,444 shares of the financial services provider's stock worth $21,774,000 after buying an additional 26,826 shares in the last quarter. Institutional investors and hedge funds own 60.20% of the company's stock.

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.