37,813 Shares of Community Trust Bancorp, Inc. $CTBI Bought by Bank of America Corp DE

Key Points

• Bank of America bought 37,813 shares of Community Trust Bancorp during the second quarter, worth approximately $2.7 million; institutional investors collectively own 60.2% of CTBI.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a consensus price target of $81.50 versus the stock’s reported $74.50 price.
• Community Trust Bancorp raised its quarterly dividend from $0.53 to $0.65 per share, implying a $2.60 annualized payout and a 3.5% yield; the company also exceeded quarterly earnings expectations.

Bank of America Corp DE purchased a new stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 37,813 shares of the financial services provider's stock, valued at approximately $2,736,000. Bank of America Corp DE owned 0.21% of Community Trust Bancorp as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. purchased a new position in Community Trust Bancorp in the 2nd quarter valued at approximately $129,034,000. Jupiter Topco LLC purchased a new stake in shares of Community Trust Bancorp during the second quarter worth $14,956,000. Heartland Advisors Inc. bought a new position in shares of Community Trust Bancorp in the second quarter worth $11,882,000. Janus Henderson Group PLC boosted its holdings in shares of 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 worth $11,684,000 after acquiring an additional 102,488 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Community Trust Bancorp during the 2nd quarter valued at $7,971,000. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling 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 on Friday, August 14th. The stock was sold at an average price of $78.85, for a total transaction of $307,515.00. Following the completion of the transaction, the director owned 8,320 shares in the company, valued at approximately $656,032. The trade was a 31.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

Community Trust Bancorp Trading Down 1.0%

NASDAQ:CTBI opened at $74.50 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. Community Trust Bancorp, Inc. has a 12 month low of $50.25 and a 12 month high of $79.92. The company has a 50-day moving average price of $76.94 and a 200-day moving average price of $70.26. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 12.48 and a beta of 0.52.

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

Community Trust Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This is an increase from Community Trust Bancorp's previous quarterly dividend of $0.53. This represents a $2.60 annualized dividend and a yield of 3.5%. Community Trust Bancorp's payout ratio is presently 43.55%.

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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