Community Trust Bancorp (NASDAQ:CTBI) Stock Crosses Above Two Hundred Day Moving Average After Earnings Miss

Key Points

• Community Trust Bancorp's stock price crossed above its two hundred day moving average after reporting earnings of $1.32 EPS, which missed analysts' expectations of $1.38.
• The company has announced a quarterly dividend of $0.53 per share, reflecting a positive change from the previous $0.47, with a yield of 4.0%.
• According to Wall Street analysts, the stock has an average rating of "Buy" with a target price of $63.50, indicating optimism for future growth.

Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday following a stronger than expected earnings report. The stock has a two hundred day moving average of $53.26 and traded as high as $55.95. Community Trust Bancorp shares last traded at $53.19, with a volume of 106,809 shares changing hands.

The financial services provider reported $1.32 EPS for the quarter, missing analysts' consensus estimates of $1.38 by ($0.06). Community Trust Bancorp had a return on equity of 11.77% and a net margin of 23.33%.The company had revenue of $71.50 million for the quarter, compared to analyst estimates of $71.85 million.

Community Trust Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were given a dividend of $0.53 per share. The ex-dividend date was Monday, September 15th. This represents a $2.12 dividend on an annualized basis and a yield of 4.0%. This is a positive change from Community Trust Bancorp's previous quarterly dividend of $0.47. Community Trust Bancorp's dividend payout ratio is currently 41.73%.

Wall Street Analysts Forecast Growth

CTBI has been the topic of several research analyst reports. Piper Sandler initiated coverage on shares of Community Trust Bancorp in a research note on Monday, August 18th. They set an "overweight" rating and a $66.00 target price on the stock. Raymond James Financial set a $61.00 target price on shares of Community Trust Bancorp in a research report on Wednesday. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Community Trust Bancorp in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $63.50.

Insider Activity at Community Trust Bancorp

In related news, EVP Andy D. Waters sold 918 shares of the 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 sale, the executive vice president directly owned 632 shares of the company's stock, valued at approximately $35,505.76. This represents a 59.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.30% of the stock is owned by insiders.

Institutional Trading of Community Trust Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the business. Equitable Trust Co. raised its holdings in Community Trust Bancorp by 3.4% in the second quarter. Equitable Trust Co. now owns 5,930 shares of the financial services provider's stock worth $314,000 after purchasing an additional 193 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted 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 valued at $156,000 after acquiring an additional 208 shares during the period. PNC Financial Services Group Inc. raised its stake 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 worth $40,000 after buying an additional 228 shares during the period. BTC Capital Management Inc. raised its stake in 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 valued at $412,000 after purchasing an additional 259 shares during the last quarter. Finally, SummerHaven Investment Management LLC grew its holdings in Community Trust Bancorp by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 18,571 shares of the financial services provider's stock valued at $983,000 after buying an additional 293 shares in the last quarter. 60.20% of the stock is currently owned by institutional investors.

Community Trust Bancorp Trading Down 5.3%

The company has a market capitalization of $963.27 million, a PE ratio of 10.47 and a beta of 0.57. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $56.37 and a 200-day simple moving average of $53.26.

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.

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