Community Trust Bancorp, Inc. $CTBI Shares Bought 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 position in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 3.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,979,076 shares of the financial services provider's stock after buying an additional 58,142 shares during the period. Community Trust Bancorp makes up approximately 6.1% of Community Trust & Investment Co.'s portfolio, making the stock its 3rd largest position. 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 and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE increased its holdings in Community Trust Bancorp by 11.5% in the 4th quarter. Bank of America Corp DE now owns 28,016 shares of the financial services provider's stock valued at $1,486,000 after purchasing an additional 2,897 shares during the last quarter. Deutsche Bank AG boosted its position in Community Trust Bancorp by 56.2% in the 4th quarter. Deutsche Bank AG now owns 15,902 shares of the financial services provider's stock valued at $843,000 after buying an additional 5,720 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Community Trust Bancorp by 3.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,741 shares of the financial services provider's stock worth $464,000 after purchasing an additional 323 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Community Trust Bancorp by 19.6% during the 4th quarter. Nuveen Asset Management LLC now owns 111,538 shares of the financial services provider's stock worth $5,915,000 after purchasing an additional 18,260 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of Community Trust Bancorp during the 4th quarter worth $229,000. Institutional investors and hedge funds own 60.20% of the company's stock.

Community Trust Bancorp Stock Up 0.8%

CTBI stock opened at $56.09 on Thursday. The stock has a market capitalization of $1.02 billion, a P/E ratio of 11.04 and a beta of 0.62. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93. Community Trust Bancorp, Inc. has a one year low of $44.60 and a one year high of $61.67. The company has a 50 day moving average price of $56.24 and a two-hundred day moving average price of $52.73.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $1.38 EPS for the quarter, topping the consensus estimate of $1.27 by $0.11. The firm had revenue of $70.21 million during 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%. As a group, sell-side analysts expect that Community Trust Bancorp, Inc. will post 5.06 EPS for the current year.

Community Trust Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.8%. 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 dividend payout ratio is presently 41.73%.

Analyst Upgrades and Downgrades

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

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 that occurred 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 completion of the sale, the executive vice president directly owned 632 shares of the company's stock, valued at approximately $35,505.76. The trade was a 59.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.30% of the company's stock.

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.

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