LSV Asset Management Lowers Stock Holdings in Community Trust Bancorp, Inc. (NASDAQ:CTBI)

Key Points

• LSV Asset Management has reduced its stake in Community Trust Bancorp by 3.1%, selling 8,000 shares, and now holds approximately 247,427 shares valued at $12.46 million.
• Community Trust Bancorp has announced a quarterly dividend increase from $0.47 to $0.53, with a yield of 3.9% and a payout ratio of 37.01%.
• Recent analyst reports highlight a price target increase for Community Trust Bancorp from Raymond James to $63.00 while Piper Sandler has reduced their price objective to $56.00.

LSV Asset Management cut its stake in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 3.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 247,427 shares of the financial services provider's stock after selling 8,000 shares during the quarter. LSV Asset Management owned approximately 1.37% of Community Trust Bancorp worth $12,460,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. acquired a new position in shares of Community Trust Bancorp during the 4th quarter worth about $46,000. US Bancorp DE raised its position 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 acquiring an additional 505 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Community Trust Bancorp by 317.4% during the fourth 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 last quarter. Aquatic Capital Management LLC boosted its holdings in Community Trust Bancorp by 207.1% in the fourth quarter. Aquatic Capital Management LLC now owns 2,457 shares of the financial services provider's stock valued at $130,000 after purchasing an additional 1,657 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in 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 last quarter. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Community Trust Bancorp news, Director Franky Minnifield purchased 2,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average price of $51.01 per share, for a total transaction of $102,020.00. Following the purchase, the director directly owned 17,099 shares in the company, valued at approximately $872,219.99. This trade represents a 13.25% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Piper Sandler reduced their price objective on shares of Community Trust Bancorp from $60.00 to $56.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Raymond James Financial reiterated an "outperform" rating and set a $63.00 price target (up from $58.00) on shares of Community Trust Bancorp in a research note on Thursday, July 17th.

Community Trust Bancorp Stock Performance

Shares of Community Trust Bancorp stock traded up $0.51 on Friday, hitting $53.63. The stock had a trading volume of 13,925 shares, compared to its average volume of 59,383. Community Trust Bancorp, Inc. has a 52-week low of $44.60 and a 52-week high of $61.67. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09. The stock has a market cap of $971.20 million, a price-to-earnings ratio of 10.56 and a beta of 0.62. The company's 50 day moving average price is $53.57 and its 200 day moving average price is $52.24.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.11. The firm had revenue of $70.21 million for the quarter, compared to the consensus estimate of $68.00 million. Community Trust Bancorp had a return on equity of 11.92% and a net margin of 23.33%. On average, research analysts anticipate that Community Trust Bancorp, Inc. will post 5.06 EPS for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.53 dividend. This is a positive change from Community Trust Bancorp's previous quarterly dividend of $0.47. The ex-dividend date is Monday, September 15th. This represents a $2.12 annualized dividend and a yield of 4.0%. Community Trust Bancorp's payout ratio is currently 41.73%.

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.