Adage Capital Partners GP L.L.C. Raises Stake in Community Trust Bancorp, Inc. $CTBI

Adage Capital Partners GP L.L.C. raised its holdings in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 237.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 67,499 shares of the financial services provider's stock after acquiring an additional 47,499 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.37% of Community Trust Bancorp worth $3,399,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CTBI. PNC Financial Services Group Inc. lifted its holdings in Community Trust Bancorp by 39.8% in the first quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 228 shares during the period. US Bancorp DE raised its stake in shares of Community Trust Bancorp by 90.2% during the 1st quarter. US Bancorp DE now owns 1,065 shares of the financial services provider's stock worth $54,000 after buying an additional 505 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Community Trust Bancorp by 3,898.5% during the 1st quarter. GAMMA Investing LLC now owns 2,719 shares of the financial services provider's stock worth $137,000 after buying an additional 2,651 shares during the last quarter. CWM LLC raised its stake in shares of Community Trust Bancorp by 11.4% during the 1st quarter. CWM LLC now owns 3,516 shares of the financial services provider's stock worth $177,000 after buying an additional 361 shares during the last quarter. Finally, Graham Capital Management L.P. acquired a new position in shares of Community Trust Bancorp during the 4th quarter worth $226,000. Institutional investors and hedge funds own 60.20% of the company's stock.

Community Trust Bancorp Trading Down 0.3%

CTBI traded down $0.16 during midday trading on Friday, hitting $56.99. The company's stock had a trading volume of 9,475 shares, compared to its average volume of 57,949. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.03 billion, a P/E ratio of 11.23 and a beta of 0.62. The firm has a 50-day moving average price of $56.18 and a two-hundred day moving average price of $52.67. Community Trust Bancorp, Inc. has a 52-week low of $44.60 and a 52-week high of $61.67.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $70.21 million during the quarter, compared to analysts' expectations of $68.00 million. Community Trust Bancorp had a return on equity of 11.77% and a net margin of 23.33%. On average, research analysts anticipate that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.53 dividend. This is a positive change from Community Trust Bancorp's previous quarterly dividend of $0.47. The ex-dividend date is Monday, September 15th. This represents a $2.12 annualized dividend and a yield of 3.7%. Community Trust Bancorp's dividend payout ratio (DPR) is presently 41.73%.

Insider Buying and Selling

In other Community Trust Bancorp news, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $56.18, for a total value of $51,573.24. Following the completion of the sale, the executive vice president owned 632 shares in the company, valued at $35,505.76. The trade was a 59.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CTBI. Piper Sandler began coverage on Community Trust Bancorp in a research report on Monday, August 18th. They set an "overweight" rating and a $66.00 price objective for the company. 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. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $64.50.

About Community Trust Bancorp

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.