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

A number of other institutional investors and hedge funds have also made changes to their positions in the business. EntryPoint Capital LLC increased its stake in shares of Community Trust Bancorp by 18.2% during the first quarter. EntryPoint Capital LLC now owns 4,495 shares of the financial services provider's stock valued at $226,000 after purchasing an additional 691 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Community Trust Bancorp by 60.0% in the first quarter. Hsbc Holdings PLC now owns 12,200 shares of the financial services provider's stock worth $620,000 after purchasing an additional 4,576 shares during the last quarter. Northern Trust Corp boosted its holdings in Community Trust Bancorp by 8.4% in the first quarter. Northern Trust Corp now owns 384,942 shares of the financial services provider's stock worth $19,386,000 after purchasing an additional 29,864 shares during the last quarter. American Century Companies Inc. boosted its holdings in Community Trust Bancorp by 9.7% in the first quarter. American Century Companies Inc. now owns 384,618 shares of the financial services provider's stock worth $19,369,000 after purchasing an additional 33,863 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its holdings in Community Trust Bancorp by 30.4% in the first quarter. Kovitz Investment Group Partners LLC now owns 16,170 shares of the financial services provider's stock worth $814,000 after purchasing an additional 3,772 shares during the last quarter. Institutional investors own 60.20% of the company's stock.

Community Trust Bancorp Price Performance

CTBI stock traded down $0.20 during mid-day trading on Friday, hitting $58.42. The company had a trading volume of 56,439 shares, compared to its average volume of 51,260. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 11.50 and a beta of 0.62. Community Trust Bancorp, Inc. has a 12-month low of $44.60 and a 12-month high of $61.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $55.36 and a 200 day moving average price of $52.44.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $70.21 million for the quarter, compared to analysts' expectations of $68.00 million. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. On average, research analysts anticipate that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.53 per share. The ex-dividend date is Monday, September 15th. This represents a $2.12 annualized dividend and a dividend yield of 3.6%. This is a positive change from Community Trust Bancorp's previous quarterly dividend of $0.47. Community Trust Bancorp's dividend payout ratio is currently 37.01%.

Insider Activity

In other Community Trust Bancorp news, Director Franky Minnifield bought 2,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were purchased at an average cost of $51.01 per share, for a total transaction of $102,020.00. Following the transaction, the director owned 17,099 shares of the company's stock, valued at $872,219.99. This represents a 13.25% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Andy D. Waters sold 918 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 632 shares in the company, valued at $35,505.76. This trade represents a 59.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CTBI shares. 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. Piper Sandler started coverage on shares of Community Trust Bancorp in a research note on Monday, August 18th. They set an "overweight" rating and a $66.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Community Trust Bancorp has a consensus rating of "Buy" and an average target price of $64.50.

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.