Hsbc Holdings PLC Invests $1.63 Million in Community Trust Bancorp, Inc. $CTBI

Key Points

• HSBC Holdings acquired 22,515 shares of Community Trust Bancorp valued at approximately $1.63 million, giving it a 0.12% stake. Institutional investors and hedge funds collectively own 60.20% of CTBI.
• Community Trust Bancorp exceeded quarterly expectations, reporting $1.64 in EPS and $78.49 million in revenue. Analysts maintain a “Moderate Buy” consensus with an $81.50 average price target.
• The company raised its quarterly dividend from $0.53 to $0.65 per share, equating to an annualized $2.60 dividend and a 3.4% yield.

Hsbc Holdings PLC bought a new stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 22,515 shares of the financial services provider's stock, valued at approximately $1,627,000. Hsbc Holdings PLC owned 0.12% of Community Trust Bancorp as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Garton & Associates Financial Advisors LLC bought a new position in Community Trust Bancorp during the fourth quarter worth about $30,000. Quantbot Technologies LP acquired a new stake in shares of Community Trust Bancorp in the second quarter valued at approximately $40,000. Quadrant Capital Group LLC acquired a new stake in shares of Community Trust Bancorp in the third quarter valued at approximately $86,000. Strs Ohio bought a new position in shares of Community Trust Bancorp during the 1st quarter worth approximately $86,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of Community Trust Bancorp by 478.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider's stock worth $92,000 after acquiring an additional 1,365 shares during the period. 60.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Franky Minnifield sold 3,900 shares of Community Trust Bancorp stock in a transaction on Friday, August 14th. The stock was sold at an average price of $78.85, for a total transaction of $307,515.00. Following the completion of the sale, the director owned 8,320 shares of the company's stock, valued at approximately $656,032. This trade represents a 31.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

Community Trust Bancorp Stock Performance

Shares of NASDAQ:CTBI opened at $76.66 on Monday. Community Trust Bancorp, Inc. has a 12-month low of $50.25 and a 12-month high of $79.92. The business has a 50 day moving average of $75.33 and a 200-day moving average of $68.02. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.39 billion, a PE ratio of 12.84 and a beta of 0.53.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.12. The company had revenue of $78.49 million for the quarter, compared to analyst estimates of $76.85 million. Community Trust Bancorp had a return on equity of 12.52% and a net margin of 25.55%. As a group, equities research analysts forecast that Community Trust Bancorp, Inc. will post 6.41 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 3.4%. The ex-dividend date is Tuesday, September 15th. This is a positive change from Community Trust Bancorp's previous quarterly dividend of $0.53. Community Trust Bancorp's dividend payout ratio (DPR) is 43.55%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CTBI. Raymond James Financial restated an "outperform" rating and issued a $82.00 price target on shares of Community Trust Bancorp in a research note on Thursday, July 16th. Weiss Ratings raised shares of Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Zacks Research downgraded shares of Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. Finally, Piper Sandler increased their price objective on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Community Trust Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $81.50.

About Community Trust Bancorp

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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