Bank of New York Mellon Corp Invests $7.97 Million in Community Trust Bancorp, Inc. $CTBI

Key Points

• Bank of New York Mellon acquired 110,158 shares of Community Trust Bancorp worth approximately $7.97 million, representing a 0.61% stake. Institutional investors collectively own 60.20% of the company.
• Community Trust Bancorp exceeded quarterly expectations, reporting $1.64 EPS versus the $1.52 consensus estimate and revenue of $78.49 million versus $76.85 million expected.
• The bank raised its quarterly dividend from $0.53 to $0.65 per share, equivalent to a $2.60 annualized payout and a 3.4% yield. Analysts maintain a “Moderate Buy” consensus with an $81.50 average price target.

Bank of New York Mellon Corp 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 13F filing with the Securities and Exchange Commission (SEC). The fund bought 110,158 shares of the financial services provider's stock, valued at approximately $7,971,000. Bank of New York Mellon Corp owned 0.61% of Community Trust Bancorp as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Community Trust Bancorp by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider's stock valued at $459,000 after buying an additional 381 shares during the period. Millennium Management LLC raised its holdings in shares of Community Trust Bancorp by 116.4% during the first quarter. Millennium Management LLC now owns 100,651 shares of the financial services provider's stock valued at $5,069,000 after purchasing an additional 54,130 shares during the period. Jane Street Group LLC boosted its position in shares of Community Trust Bancorp by 158.5% during the 1st quarter. Jane Street Group LLC now owns 28,493 shares of the financial services provider's stock worth $1,435,000 after purchasing an additional 17,470 shares in the last quarter. Strs Ohio acquired a new stake in shares of Community Trust Bancorp in the 1st quarter valued at about $86,000. Finally, Rhumbline Advisers grew its stake in shares of Community Trust Bancorp by 4.5% in the 2nd quarter. Rhumbline Advisers now owns 24,696 shares of the financial services provider's stock valued at $1,307,000 after buying an additional 1,074 shares during the period. Institutional investors own 60.20% of the company's stock.

Community Trust Bancorp Trading Up 0.6%

NASDAQ CTBI opened at $77.49 on Friday. The firm has a market capitalization of $1.41 billion, a P/E ratio of 12.98 and a beta of 0.52. The business has a fifty day simple moving average of $75.83 and a 200 day simple moving average of $68.38. Community Trust Bancorp, Inc. has a 12 month low of $50.25 and a 12 month high of $79.92. 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 (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 (EPS) for the quarter, topping 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 firm had revenue of $78.49 million for the quarter, compared to the consensus estimate of $76.85 million. On average, analysts predict that Community Trust Bancorp, Inc. will post 6.38 EPS for the current fiscal year.

Community Trust Bancorp Increases Dividend

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

Insider Buying and Selling at Community Trust Bancorp

In other news, Director Franky Minnifield sold 3,900 shares of the business's 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 transaction, the director owned 8,320 shares in the company, valued at $656,032. The trade was a 31.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CTBI shares. Raymond James Financial started coverage on Community Trust Bancorp in a report on Tuesday. They set an "outperform" rating and a $82.00 price objective for the company. Zacks Research downgraded shares of Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. Piper Sandler raised 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, Weiss Ratings upgraded shares of Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. 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 stock. According to MarketBeat.com, Community Trust Bancorp currently 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. 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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