30,448 Shares in Community Trust Bancorp, Inc. $CTBI Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 30,448 shares of Community Trust Bancorp, valued at approximately $2.2 million, giving it a 0.17% stake. Institutional investors collectively own 60.20% of the company.
• Community Trust Bancorp exceeded quarterly earnings expectations, reporting $1.64 EPS versus the $1.52 consensus and revenue of $78.49 million versus $76.85 million expected.
• The company raised its quarterly dividend to $0.65 per share, or $2.60 annualized, implying a 3.4% yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $81.50.

Empowered Funds LLC bought a new stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 30,448 shares of the financial services provider's stock, valued at approximately $2,203,000. Empowered Funds LLC owned approximately 0.17% of Community Trust Bancorp as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CTBI. Fifth Third Bancorp purchased a new stake in shares of Community Trust Bancorp in the 1st quarter valued at approximately $844,000. Heartland Advisors Inc. acquired a new position in shares of Community Trust Bancorp during the second quarter worth $11,882,000. Lazard Asset Management LLC acquired a new position in shares of Community Trust Bancorp during the first quarter worth $1,555,000. Y Intercept Hong Kong Ltd purchased a new position in Community Trust Bancorp in the first quarter valued at $994,000. Finally, Janus Henderson Group PLC increased its holdings in Community Trust Bancorp by 114.0% in the first quarter. Janus Henderson Group PLC now owns 192,413 shares of the financial services provider's stock valued at $11,684,000 after buying an additional 102,488 shares during the last quarter. Hedge funds and other institutional investors own 60.20% of the company's stock.

Community Trust Bancorp Stock Performance

Shares of Community Trust Bancorp stock opened at $77.06 on Thursday. The firm's fifty day simple moving average is $75.71 and its 200-day simple moving average is $68.29. Community Trust Bancorp, Inc. has a 12 month low of $50.25 and a 12 month high of $79.92. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 12.91 and a beta of 0.52. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.52 by $0.12. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.52%. The business had revenue of $78.49 million during the quarter, compared to analysts' expectations of $76.85 million. As a group, equities analysts forecast that Community Trust Bancorp, Inc. will post 6.41 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.60 annualized dividend and a yield of 3.4%. This is an increase from Community Trust Bancorp's previous quarterly dividend of $0.53. Community Trust Bancorp's dividend payout ratio is presently 35.51%.

Insider Transactions at Community Trust Bancorp

In other Community Trust Bancorp news, Director Franky Minnifield sold 3,900 shares of Community Trust Bancorp stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $78.85, for a total value of $307,515.00. Following the sale, the director owned 8,320 shares of the company's stock, valued at approximately $656,032. The trade was a 31.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company's stock.

Analyst Ratings Changes

CTBI has been the subject of a number of recent analyst reports. Weiss Ratings raised Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Raymond James Financial began coverage on Community Trust Bancorp in a report on Tuesday. They issued an "outperform" rating and a $82.00 price objective on the stock. Piper Sandler raised their target price on Community Trust Bancorp from $76.00 to $81.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Finally, Zacks Research cut Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Community Trust Bancorp currently has an average 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. As the parent of Community Trust Bank, the company provides a comprehensive range of banking services to individuals, families and businesses throughout eastern Kentucky, southern West Virginia and northeast Tennessee. With origins dating back to the early 20th century, the organization has built a reputation for supporting community development and regional economic growth across the Appalachian region.

The company's personal banking offerings include checking and savings accounts, consumer installment loans, home equity and mortgage lending, as well as online and mobile banking platforms.

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