Connor Clark & Lunn Investment Management Ltd. Has $2.01 Million Position in Community Trust Bancorp, Inc. $CTBI

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Community Trust Bancorp by 30.0% in the first quarter, acquiring an additional 9,207 shares for a total of 39,893 shares valued at approximately $2,009,000.
• The company announced an increase in its quarterly dividend from $0.47 to $0.53 per share, translating to an annualized dividend of $2.12 and a yield of 3.8%.
• Community Trust Bancorp recently reported earnings of $1.38 EPS, exceeding analysts' expectations of $1.27 EPS for the quarter, with a net margin of 23.33%.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 30.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,893 shares of the financial services provider's stock after buying an additional 9,207 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.22% of Community Trust Bancorp worth $2,009,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in shares of Community Trust Bancorp by 39.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock worth $40,000 after purchasing an additional 228 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of Community Trust Bancorp in the 4th quarter worth $46,000. US Bancorp DE boosted its position in shares of Community Trust Bancorp by 90.2% in the 1st quarter. US Bancorp DE now owns 1,065 shares of the financial services provider's stock worth $54,000 after purchasing an additional 505 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Community Trust Bancorp by 317.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,824 shares of the financial services provider's stock worth $97,000 after purchasing an additional 1,387 shares during the last quarter. Finally, Aquatic Capital Management LLC boosted its position in shares of Community Trust Bancorp by 207.1% in the 4th quarter. Aquatic Capital Management LLC now owns 2,457 shares of the financial services provider's stock worth $130,000 after purchasing an additional 1,657 shares during the last quarter. 60.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CTBI has been the topic of several recent research reports. Piper Sandler initiated coverage on Community Trust Bancorp in a research report on Monday. They issued an "overweight" rating and a $66.00 price target on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $63.00 target price (up from $58.00) on shares of Community Trust Bancorp in a report on Thursday, July 17th.

Insider Transactions at Community Trust Bancorp

In other news, Director Franky Minnifield purchased 2,000 shares of Community Trust Bancorp stock in a transaction on Monday, June 2nd. The stock was purchased at an average price of $51.01 per share, with a total value of $102,020.00. Following the transaction, the director directly owned 17,099 shares in the company, valued at $872,219.99. The trade was a 13.25% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 4.30% of the company's stock.

Community Trust Bancorp Trading Up 2.1%

CTBI traded up $1.16 during mid-day trading on Monday, hitting $56.21. The stock had a trading volume of 23,573 shares, compared to its average volume of 59,388. The stock's fifty day simple moving average is $54.06 and its 200-day simple moving average is $52.28. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 11.06 and a beta of 0.62. Community Trust Bancorp, Inc. has a 1-year low of $44.60 and a 1-year high of $61.67.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.38 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 business had revenue of $70.21 million for the quarter, compared to analyst estimates of $68.00 million. As a group, research analysts forecast that Community Trust Bancorp, Inc. will post 5.06 EPS for the current fiscal year.

Community Trust Bancorp Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.12 dividend on an annualized basis and a yield of 3.8%. This is a boost from Community Trust Bancorp's previous quarterly dividend of $0.47. Community Trust Bancorp's payout ratio is 41.73%.

Community Trust Bancorp Company 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.