Community Trust Bancorp, Inc. $CTBI Stake Decreased by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC has reduced its stake in Community Trust Bancorp by 15.0%, now holding 139,812 shares worth approximately $7.04 million.
• Community Trust Bancorp recently announced a quarterly dividend increase from $0.47 to $0.53 per share, representing an annual yield of 3.7%.
• During the latest quarter, Community Trust Bancorp reported earnings per share of $1.38, exceeding analysts' estimates of $1.27, along with revenues of $70.21 million.

AQR Capital Management LLC cut its holdings in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 15.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 139,812 shares of the financial services provider's stock after selling 24,715 shares during the period. AQR Capital Management LLC owned about 0.77% of Community Trust Bancorp worth $7,041,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Community Trust & Investment Co. grew its stake in shares of Community Trust Bancorp by 1.6% during the first quarter. Community Trust & Investment Co. now owns 1,920,934 shares of the financial services provider's stock valued at $96,738,000 after acquiring an additional 29,577 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Community Trust Bancorp by 4.0% during 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. Northern Trust Corp grew its stake 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 valued at $19,386,000 after acquiring an additional 29,864 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Community Trust Bancorp by 9.7% during the first quarter. American Century Companies Inc. now owns 384,618 shares of the financial services provider's stock valued at $19,369,000 after acquiring an additional 33,863 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Community Trust Bancorp by 19.6% during the fourth quarter. Nuveen Asset Management LLC now owns 111,538 shares of the financial services provider's stock valued at $5,915,000 after acquiring an additional 18,260 shares in the last quarter. 60.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on CTBI shares. Piper Sandler started coverage on Community Trust Bancorp in a research note on Monday, August 18th. They set an "overweight" rating and a $66.00 target price for the company. Raymond James Financial reiterated an "outperform" rating and issued 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, Community Trust Bancorp presently has an average rating of "Buy" and an average price target of $64.50.

Community Trust Bancorp Stock Performance

NASDAQ CTBI traded up $0.47 during trading hours on Wednesday, reaching $56.09. The company's stock had a trading volume of 62,023 shares, compared to its average volume of 44,074. 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 business has a 50-day simple moving average of $56.24 and a 200 day simple moving average of $52.73. Community Trust Bancorp, Inc. has a 52 week low of $44.60 and a 52 week high of $61.67. The stock has a market cap of $1.02 billion, a PE ratio of 11.04 and a beta of 0.62.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.11. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. The firm had revenue of $70.21 million for the quarter, compared to analysts' expectations of $68.00 million. Equities research analysts predict that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current fiscal year.

Community Trust Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from Community Trust Bancorp's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, September 15th. Community Trust Bancorp's dividend payout ratio is presently 41.73%.

Insider Buying and Selling at Community Trust Bancorp

In other news, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $56.18, for a total transaction of $51,573.24. Following the sale, the executive vice president owned 632 shares of the company's stock, valued at approximately $35,505.76. The trade was a 59.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 4.30% of the company's stock.

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.