Goldman Sachs Group Inc. Reduces Position in Community Trust Bancorp, Inc. $CTBI

Key Points

• Goldman Sachs Group Inc. has reduced its holdings in Community Trust Bancorp by 15%, selling 20,375 shares, and now owns about 115,229 shares valued at around $5.8 million.
• In contrast, other institutional investors like PNC Financial and US Bancorp have increased their stakes significantly, indicating strong interest in Community Trust Bancorp.
• The company recently declared a quarterly dividend of $0.53 per share, up from the previous $0.47, reflecting a commitment to returning value to shareholders with an annualized yield of 3.8%.

Goldman Sachs Group Inc. reduced its position in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 15.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,229 shares of the financial services provider's stock after selling 20,375 shares during the quarter. Goldman Sachs Group Inc. owned 0.64% of Community Trust Bancorp worth $5,803,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Community Trust Bancorp by 39.8% during the first quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock worth $40,000 after acquiring an additional 228 shares in the last quarter. US Bancorp DE raised its position in Community Trust Bancorp by 90.2% during the first quarter. US Bancorp DE now owns 1,065 shares of the financial services provider's stock worth $54,000 after acquiring an additional 505 shares in the last quarter. Strs Ohio bought a new position in shares of Community Trust Bancorp in the first quarter valued at about $86,000. GAMMA Investing LLC raised its position in shares of Community Trust Bancorp by 3,898.5% in the first quarter. GAMMA Investing LLC now owns 2,719 shares of the financial services provider's stock valued at $137,000 after purchasing an additional 2,651 shares during the period. Finally, CWM LLC raised its position in shares of Community Trust Bancorp by 11.4% in the first quarter. CWM LLC now owns 3,516 shares of the financial services provider's stock valued at $177,000 after purchasing an additional 361 shares during the period. 60.20% of the stock is owned by institutional investors.

Community Trust Bancorp Price Performance

CTBI stock traded down $1.12 during mid-day trading on Friday, reaching $56.50. 152,907 shares of the company traded hands, compared to its average volume of 45,542. Community Trust Bancorp, Inc. has a 52-week low of $44.60 and a 52-week high of $61.67. 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 company has a market capitalization of $1.02 billion, a P/E ratio of 11.12 and a beta of 0.62. The company has a fifty day moving average price of $56.32 and a 200-day moving average price of $52.77.

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 the consensus estimate of $1.27 by $0.11. The company had revenue of $70.21 million during the quarter, compared to analyst estimates of $68.00 million. Community Trust Bancorp had a return on equity of 11.77% and a net margin of 23.33%. As a group, analysts anticipate that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid 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 payout ratio is currently 41.73%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Raymond James Financial reiterated an "outperform" rating and set a $63.00 price objective (up from $58.00) on shares of Community Trust Bancorp in a research note on Thursday, July 17th. Piper Sandler assumed 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 for the company. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Community Trust Bancorp currently has a consensus rating of "Buy" and an average target price of $64.50.

Insider Buying and Selling at Community Trust Bancorp

In related news, EVP Andy D. Waters sold 918 shares of the company's 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 completion of the transaction, the executive vice president owned 632 shares in the company, valued at $35,505.76. This represents a 59.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.30% of the company's stock.

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.