Community Trust Bancorp, Inc. $CTBI Stake Raised by Community Trust & Investment Co.

Key Points

• Community Trust & Investment Co. increased its stake in Community Trust Bancorp by 3.0%, now holding approximately 10.93% of the company valued at $104.7 million.
• Community Trust Bancorp announced a quarterly dividend increase to $0.53 per share, with an annual yield of 3.8%.
• Recent earnings showed an EPS of $1.38, surpassing estimates and reflecting a solid financial performance, boosting future earnings expectations to $5.06 for the year.

Community Trust & Investment Co. lifted its holdings in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 3.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,979,076 shares of the financial services provider's stock after purchasing an additional 58,142 shares during the quarter. Community Trust Bancorp comprises about 6.1% of Community Trust & Investment Co.'s holdings, making the stock its 3rd biggest holding. Community Trust & Investment Co. owned about 10.93% of Community Trust Bancorp worth $104,733,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Northern Trust Corp lifted its position in shares of Community Trust Bancorp by 8.4% during the first quarter. Northern Trust Corp now owns 384,942 shares of the financial services provider's stock worth $19,386,000 after purchasing an additional 29,864 shares in the last quarter. Nuveen LLC acquired a new stake in Community Trust Bancorp in the first quarter valued at approximately $5,210,000. Deutsche Bank AG raised its holdings 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 in the last quarter. Vanguard Group Inc. raised its holdings in Community Trust Bancorp by 4.0% in the first quarter. Vanguard Group Inc. now owns 921,499 shares of the financial services provider's stock valued at $46,407,000 after acquiring an additional 35,815 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Community Trust Bancorp by 30.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 39,893 shares of the financial services provider's stock valued at $2,009,000 after acquiring an additional 9,207 shares in the last quarter. Institutional investors and hedge funds own 60.20% of the company's stock.

Insiders Place Their Bets

In related news, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp stock in a transaction on Monday, August 18th. The shares were sold at an average price of $56.18, for a total value of $51,573.24. Following the transaction, the executive vice president directly owned 632 shares in the company, valued at $35,505.76. This trade represents a 59.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Community Trust Bancorp Stock Performance

Shares of Community Trust Bancorp stock traded down $0.29 during trading on Monday, reaching $56.21. The company's stock had a trading volume of 53,897 shares, compared to its average volume of 50,017. The company has a 50-day moving average price of $56.34 and a two-hundred day moving average price of $52.81. The firm has a market cap of $1.02 billion, a PE ratio of 11.06 and a beta of 0.62. 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 current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its 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. The business had revenue of $70.21 million for the quarter, compared to analysts' expectations of $68.00 million. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. On average, analysts forecast that Community Trust Bancorp, Inc. will post 5.06 EPS for the current year.

Community Trust Bancorp Increases Dividend

The company 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 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 dividend on an annualized basis and a yield of 3.8%. Community Trust Bancorp's payout ratio is 41.73%.

Wall Street Analyst Weigh In

CTBI has been the topic of several analyst reports. Piper Sandler initiated coverage on shares of Community Trust Bancorp in a report on Monday, August 18th. They issued an "overweight" rating and a $66.00 target price on the stock. Raymond James Financial reissued an "outperform" rating and set a $63.00 price objective (up previously from $58.00) on shares of Community Trust Bancorp in a report on Thursday, July 17th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $64.50.

Community Trust Bancorp 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.