Fifth Third Bancorp Invests $844,000 in Community Trust Bancorp, Inc. $CTBI

Key Points

• Fifth Third Bancorp initiated a position in Community Trust Bancorp, buying 13,906 shares valued at approximately $844,000, or about 0.08% of CTBI. Institutional investors collectively own 60.20% of the company.
• Community Trust Bancorp reported quarterly earnings of $1.64 per share, beating the $1.52 consensus estimate, while revenue of $78.49 million also exceeded expectations. Shares opened at $76.15, near their 52-week high of $78.03.
• The bank pays a quarterly dividend of $0.53 per share, representing a $2.12 annualized payout and a 2.8% yield. Analysts have a consensus “Moderate Buy” rating with an average price target of $81.50.

Fifth Third Bancorp purchased a new position in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 13,906 shares of the financial services provider's stock, valued at approximately $844,000. Fifth Third Bancorp owned approximately 0.08% of Community Trust Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LSV Asset Management lifted its holdings in Community Trust Bancorp by 14.9% during the 4th quarter. LSV Asset Management now owns 280,380 shares of the financial services provider's stock worth $15,841,000 after buying an additional 36,300 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Community Trust Bancorp by 5.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 213,223 shares of the financial services provider's stock worth $12,047,000 after purchasing an additional 10,892 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Community Trust Bancorp by 60.4% during the fourth quarter. JPMorgan Chase & Co. now owns 147,957 shares of the financial services provider's stock worth $8,360,000 after purchasing an additional 55,733 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Community Trust Bancorp by 0.5% in the second quarter. AQR Capital Management LLC now owns 140,460 shares of the financial services provider's stock worth $7,433,000 after purchasing an additional 648 shares during the period. Finally, Bridgeway Capital Management LLC boosted its holdings in Community Trust Bancorp by 4.1% in the third quarter. Bridgeway Capital Management LLC now owns 129,803 shares of the financial services provider's stock worth $7,262,000 after purchasing an additional 5,167 shares during the period. 60.20% of the stock is owned by institutional investors.

Community Trust Bancorp Stock Performance

Shares of CTBI opened at $76.15 on Monday. The firm has a fifty day moving average of $70.28 and a 200-day moving average of $65.06. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 12.76 and a beta of 0.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92. Community Trust Bancorp, Inc. has a 1 year low of $50.25 and a 1 year high of $78.03.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.12. The firm had revenue of $78.49 million for the quarter, compared to the consensus estimate of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.66%. As a group, equities analysts anticipate that Community Trust Bancorp, Inc. will post 6.41 earnings per share for the current year.

Community Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were given a dividend of $0.53 per share. The ex-dividend date was Monday, June 15th. This represents a $2.12 annualized dividend and a dividend yield of 2.8%. Community Trust Bancorp's payout ratio is currently 35.51%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CTBI shares. Raymond James Financial reissued an "outperform" rating and set a $82.00 target price on shares of Community Trust Bancorp in a report on Thursday, July 16th. Zacks Research downgraded shares of Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded shares of Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, May 18th. Finally, Piper Sandler raised their target price on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.50.

Community Trust Bancorp Profile

Community Trust Bancorp, Inc is a bank holding company headquartered in Pikeville, Kentucky. As the parent of Community Trust Bank, the company provides a comprehensive range of banking services to individuals, families and businesses throughout eastern Kentucky, southern West Virginia and northeast Tennessee. With origins dating back to the early 20th century, the organization has built a reputation for supporting community development and regional economic growth across the Appalachian region.

The company's personal banking offerings include checking and savings accounts, consumer installment loans, home equity and mortgage lending, as well as online and mobile banking platforms.

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