BlackRock Inc. Takes Position in Community Trust Bancorp, Inc. $CTBI

BlackRock Inc. bought a new stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,783,223 shares of the financial services provider's stock, valued at approximately $129,034,000. BlackRock Inc. owned 9.82% of Community Trust Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Garton & Associates Financial Advisors LLC bought a new stake in shares of Community Trust Bancorp in the 4th quarter worth approximately $30,000. Quadrant Capital Group LLC bought a new stake in shares of Community Trust Bancorp during the third quarter valued at approximately $86,000. Strs Ohio bought a new stake in shares of Community Trust Bancorp during the first quarter valued at approximately $86,000. Russell Investments Group Ltd. increased its position in shares of Community Trust Bancorp by 478.9% during the third quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider's stock valued at $92,000 after purchasing an additional 1,365 shares during the period. Finally, Virtus Advisers LLC acquired a new position in shares of Community Trust Bancorp in the third quarter valued at $142,000. 60.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CTBI has been the subject of several research reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $82.00 target price on shares of Community Trust Bancorp in a research report on Thursday, July 16th. Weiss Ratings raised shares of Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Piper Sandler increased 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 downgraded shares of Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $81.50.

Community Trust Bancorp Stock Up 0.5%

CTBI opened at $76.66 on Friday. The firm's 50-day simple moving average is $75.33 and its 200-day simple moving average is $68.00. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. Community Trust Bancorp, Inc. has a twelve month low of $50.25 and a twelve month high of $79.92. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 12.84 and a beta of 0.53.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.12. The firm had revenue of $78.49 million during the quarter, compared to the consensus estimate of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.52%. Equities research analysts anticipate that Community Trust Bancorp, Inc. will post 6.41 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. Stockholders of record on Tuesday, September 15th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from Community Trust Bancorp's previous quarterly dividend of $0.53. The ex-dividend date is Tuesday, September 15th. Community Trust Bancorp's dividend payout ratio is presently 35.51%.

Insider Activity at Community Trust Bancorp

In related news, Director Franky Minnifield sold 3,900 shares of the stock in a transaction that occurred 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 sale, the director directly owned 8,320 shares in the company, valued at $656,032. This represents a 31.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by insiders.

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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