American Century Companies Inc. Buys 33,863 Shares of Community Trust Bancorp, Inc. $CTBI

Key Points

• American Century Companies Inc. increased its holdings in Community Trust Bancorp by 9.7% during the first quarter, owning approximately 2.12% of the company worth $19.37 million.
• Community Trust Bancorp recently announced a quarterly dividend of $0.53, up from $0.47, representing an annual yield of 3.6%.
• The company's stock has shown strong performance with a 12-month high of $61.67 and analysts have set a consensus rating of "Buy" with an average price target of $64.50.

American Century Companies Inc. raised its holdings in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 384,618 shares of the financial services provider's stock after purchasing an additional 33,863 shares during the quarter. American Century Companies Inc. owned approximately 2.12% of Community Trust Bancorp worth $19,369,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in shares of Community Trust Bancorp in the 4th quarter valued at $1,860,000. Deutsche Bank AG grew its stake in Community Trust Bancorp by 56.2% in the fourth quarter. Deutsche Bank AG now owns 15,902 shares of the financial services provider's stock valued at $843,000 after acquiring an additional 5,720 shares during the period. Community Trust & Investment Co. lifted its holdings in shares of Community Trust Bancorp by 1.6% in the first quarter. Community Trust & Investment Co. now owns 1,920,934 shares of the financial services provider's stock valued at $96,738,000 after purchasing an additional 29,577 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Community Trust Bancorp by 30.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 39,893 shares of the financial services provider's stock worth $2,009,000 after buying an additional 9,207 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Community Trust Bancorp by 39.8% during the first 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. 60.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Raymond James Financial reiterated an "outperform" rating and set a $63.00 target price (up previously from $58.00) on shares of Community Trust Bancorp in a report on Thursday, July 17th. Piper Sandler assumed coverage on Community Trust Bancorp in a research note on Monday, August 18th. They issued an "overweight" rating and a $66.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $64.50.

Community Trust Bancorp Price Performance

Shares of CTBI stock traded down $0.08 during trading hours on Friday, reaching $58.54. The company's stock had a trading volume of 3,480 shares, compared to its average volume of 58,477. Community Trust Bancorp, Inc. has a fifty-two week low of $44.60 and a fifty-two week high of $61.67. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 11.53 and a beta of 0.62. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm's 50 day simple moving average is $55.20 and its 200-day simple moving average is $52.47.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.38 EPS for the quarter, beating 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 company had revenue of $70.21 million during the quarter, compared to analysts' expectations of $68.00 million. Sell-side analysts forecast that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given 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 yield of 3.6%. This is an increase from Community Trust Bancorp's previous quarterly dividend of $0.47. Community Trust Bancorp's dividend payout ratio is 37.01%.

Insider Buying and Selling at Community Trust Bancorp

In related news, EVP Andy D. Waters sold 918 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $56.18, for a total transaction of $51,573.24. Following the completion of the transaction, the executive vice president directly owned 632 shares of the company's stock, valued at $35,505.76. This trade represents a 59.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Franky Minnifield bought 2,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average cost of $51.01 per share, with a total value of $102,020.00. Following the completion of the transaction, the director owned 17,099 shares in the company, valued at $872,219.99. The trade was a 13.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.30% of the stock is owned by company insiders.

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.