Community Trust Bancorp, Inc. $CTBI Shares Bought by American Century Companies Inc.

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. boosted its holdings in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 9.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 about 2.12% of Community Trust Bancorp worth $19,369,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Community Trust & Investment Co. raised its stake in Community Trust Bancorp by 1.6% during 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. Dimensional Fund Advisors LP raised its stake in Community Trust Bancorp by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,208,065 shares of the financial services provider's stock valued at $64,064,000 after purchasing an additional 21,008 shares in the last quarter. Vanguard Group Inc. raised its stake in Community Trust Bancorp by 4.0% during the first quarter. Vanguard Group Inc. now owns 921,499 shares of the financial services provider's stock valued at $46,407,000 after purchasing an additional 35,815 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Community Trust Bancorp by 19.6% during the fourth quarter. Nuveen Asset Management LLC now owns 111,538 shares of the financial services provider's stock valued at $5,915,000 after purchasing an additional 18,260 shares in the last quarter. Finally, Nuveen LLC bought a new position in Community Trust Bancorp during the first quarter valued at $5,210,000. Hedge funds and other institutional investors own 60.20% of the company's stock.

Insider Activity at Community Trust Bancorp

In related news, Director Franky Minnifield acquired 2,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $51.01 per share, with a total value of $102,020.00. Following the transaction, the director directly owned 17,099 shares of the company's stock, valued at $872,219.99. This trade represents a 13.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Andy D. Waters sold 918 shares of the stock in a transaction that occurred 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 owned 632 shares in the company, valued at approximately $35,505.76. This trade represents a 59.23% decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.30% of the company's stock.

Community Trust Bancorp Stock Performance

Shares of Community Trust Bancorp stock traded down $0.20 during midday trading on Friday, hitting $58.42. The company had a trading volume of 56,439 shares, compared to its average volume of 51,545. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 11.50 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 company has a fifty day simple moving average of $55.36 and a 200 day simple moving average of $52.48. Community Trust Bancorp, Inc. has a 12-month low of $44.60 and a 12-month high of $61.67.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.27 by $0.11. The firm had revenue of $70.21 million during the quarter, compared to analyst estimates of $68.00 million. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. As a group, analysts predict that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current fiscal year.

Community Trust Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, September 15th. This is an increase from Community Trust Bancorp's previous quarterly dividend of $0.47. Community Trust Bancorp's payout ratio is 37.01%.

Analysts Set New Price Targets

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

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.