Hotchkis & Wiley Capital Management LLC Decreases Holdings in Community Trust Bancorp, Inc. $CTBI

Key Points

• Hotchkis & Wiley Capital Management LLC has sold 10,430 shares of Community Trust Bancorp, reducing its stake by 7.4%, and now owns 0.72% of the company, valued at approximately $6.6 million.
• The recent dividend announcement reflects an increase from $0.47 to $0.53 per share, yielding 3.6% with a payout ratio of 37.01%.
• Community Trust Bancorp has received positive analyst attention, with a consensus "Buy" rating and an average price target of $64.50, indicating strong growth prospects.

Hotchkis & Wiley Capital Management LLC lowered its stake in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 7.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 131,184 shares of the financial services provider's stock after selling 10,430 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 0.72% of Community Trust Bancorp worth $6,606,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake in shares of Community Trust Bancorp by 39.8% during 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 period. US Bancorp DE raised its stake in shares of Community Trust Bancorp by 90.2% during 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 period. Tower Research Capital LLC TRC raised its stake in shares of Community Trust Bancorp by 317.4% during 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 period. Aquatic Capital Management LLC raised its stake in shares of Community Trust Bancorp by 207.1% during 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 period. Finally, GAMMA Investing LLC raised its stake in shares of Community Trust Bancorp by 3,898.5% during the 1st quarter. GAMMA Investing LLC now owns 2,719 shares of the financial services provider's stock worth $137,000 after purchasing an additional 2,651 shares during the period. Institutional investors own 60.20% of the company's stock.

Analyst Ratings Changes

Several research 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 price target for the company. Raymond James Financial reiterated an "outperform" rating and set a $63.00 price target (up previously from $58.00) on shares of Community Trust Bancorp in a research note on Thursday, July 17th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $64.50.

Community Trust Bancorp Price Performance

Shares of NASDAQ:CTBI traded down $0.20 on Friday, hitting $58.42. The company's stock had a trading volume of 56,439 shares, compared to its average volume of 58,799. The company has a 50-day simple moving average of $55.20 and a 200 day simple moving average of $52.47. Community Trust Bancorp, Inc. has a 1 year low of $44.60 and a 1 year high of $61.67. The company has a market capitalization of $1.06 billion, a PE ratio of 11.50 and a beta of 0.62. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.93.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.11. Community Trust Bancorp had a return on equity of 11.77% and a net margin of 23.33%.The firm had revenue of $70.21 million for the quarter, compared to analysts' expectations of $68.00 million. Sell-side analysts forecast that Community Trust Bancorp, Inc. will post 5.06 EPS 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. Shareholders of record on Monday, September 15th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.6%. 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 payout ratio is 37.01%.

Insider Activity

In other Community Trust Bancorp news, EVP Andy D. Waters sold 918 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $56.18, for a total value of $51,573.24. Following the sale, the executive vice president owned 632 shares of the company's stock, valued at $35,505.76. This trade represents a 59.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Franky Minnifield purchased 2,000 shares of the stock in a transaction on Monday, June 2nd. The stock was acquired at an average cost of $51.01 per share, for a total transaction of $102,020.00. Following the acquisition, the director owned 17,099 shares in the company, valued at approximately $872,219.99. This represents a 13.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.