Community Trust Bancorp, Inc. (NASDAQ:CTBI) to Issue Quarterly Dividend of $0.65

Key Points

• Community Trust Bancorp raised its quarterly dividend to $0.65 per share, up 22.6% from $0.53. The dividend is payable October 1 to shareholders of record on September 15 and represents a 3.3% yield.
• The company has increased its dividend for 44 consecutive years, with a 48.2% payout ratio. Analysts expect its earnings to comfortably cover the $2.60 annualized dividend.
• Community Trust Bancorp reported quarterly earnings of $1.64 per share, beating estimates of $1.52, while analysts maintain a “Moderate Buy” consensus and an average price target of $81.50.

Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) declared a quarterly dividend on Sunday, July 19th. Investors of record on Tuesday, September 15th will be given a dividend of 0.65 per share by the financial services provider on Thursday, October 1st. This represents a c) dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. This is a 22.6% increase from Community Trust Bancorp's previous quarterly dividend of $0.53.

Community Trust Bancorp has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 44 consecutive years. Community Trust Bancorp has a payout ratio of 48.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Community Trust Bancorp to earn $6.50 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 40.0%.

Community Trust Bancorp Price Performance

Shares of Community Trust Bancorp stock traded up $0.30 on Friday, hitting $77.67. 84,981 shares of the company traded hands, compared to its average volume of 90,048. Community Trust Bancorp has a 52 week low of $50.25 and a 52 week high of $79.92. The business has a 50-day simple moving average of $76.38 and a 200 day simple moving average of $68.93. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $1.41 billion, a P/E ratio of 13.01 and a beta of 0.52.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.12. The firm had revenue of $78.49 million during the quarter, compared to analyst estimates of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.52%. Research analysts expect that Community Trust Bancorp will post 6.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CTBI. Zacks Research lowered Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Raymond James Financial started coverage on Community Trust Bancorp in a research note on Tuesday, September 1st. They set an "outperform" rating and a $82.00 price target for the company. Finally, Piper Sandler raised their price target on Community Trust Bancorp from $76.00 to $81.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $81.50.

About Community Trust Bancorp

Community Trust Bancorp, Inc is a bank holding company headquartered in Pikeville, Kentucky. Through its principal subsidiary, Community Trust Bank, the company provides banking and financial services to individuals, businesses, governmental entities and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards, online and mobile banking, treasury management and other deposit services.

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