Martingale Asset Management L P Lowers Stock Position in Community Trust Bancorp, Inc. $CTBI

Key Points

• Martingale Asset Management L P sold 10,037 shares of Community Trust Bancorp, reducing its stake by 23.4% to 32,928 shares, valued at $1.66 million.
• Several institutional investors, including LPL Financial and Wells Fargo, increased their holdings in Community Trust Bancorp during the fourth quarter, indicating strong institutional interest in the stock.
• Community Trust Bancorp announced a quarterly dividend of $0.53 per share, up from $0.47, reflecting an annual yield of 3.6% and a payout ratio of 41.73%.

Martingale Asset Management L P decreased its position in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 23.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,928 shares of the financial services provider's stock after selling 10,037 shares during the quarter. Martingale Asset Management L P owned 0.18% of Community Trust Bancorp worth $1,658,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. EntryPoint Capital LLC increased its holdings in shares of Community Trust Bancorp by 18.2% during the 1st 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 increased its holdings in Community Trust Bancorp by 60.0% in the 1st quarter. Hsbc Holdings PLC now owns 12,200 shares of the financial services provider's stock worth $620,000 after acquiring an additional 4,576 shares in the last quarter. Northern Trust Corp increased its holdings in Community Trust Bancorp by 8.4% in the 1st quarter. Northern Trust Corp now owns 384,942 shares of the financial services provider's stock worth $19,386,000 after acquiring an additional 29,864 shares in the last quarter. American Century Companies Inc. increased its holdings in Community Trust Bancorp by 9.7% in the 1st quarter. American Century Companies Inc. now owns 384,618 shares of the financial services provider's stock worth $19,369,000 after acquiring an additional 33,863 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its holdings in Community Trust Bancorp by 30.4% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 16,170 shares of the financial services provider's stock worth $814,000 after acquiring an additional 3,772 shares in the last quarter. 60.20% of the stock is owned by hedge funds and other institutional investors.

Community Trust Bancorp Stock Down 0.1%

Shares of CTBI traded down $0.07 during mid-day trading on Thursday, hitting $58.71. 16,162 shares of the company's stock were exchanged, compared to its average volume of 58,683. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 11.56 and a beta of 0.62. Community Trust Bancorp, Inc. has a fifty-two week low of $44.60 and a fifty-two week high of $61.67. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93. The stock's 50-day moving average is $55.03 and its 200-day moving average is $52.45.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.38 earnings per share (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, sell-side analysts anticipate that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current fiscal year.

Community Trust Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.6%. This is a positive change 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 dividend payout ratio is 37.01%.

Analysts Set New Price Targets

Several brokerages have issued reports on CTBI. Raymond James Financial reaffirmed an "outperform" rating and set a $63.00 target price (up previously from $58.00) on shares of Community Trust Bancorp in a research note on Thursday, July 17th. Piper Sandler began coverage on shares of Community Trust Bancorp in a research report on Monday, August 18th. They set an "overweight" rating and a $66.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Community Trust Bancorp has an average rating of "Buy" and an average target price of $64.50.

Insider Activity at Community Trust Bancorp

In related news, EVP Andy D. Waters sold 918 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Franky Minnifield bought 2,000 shares of Community Trust Bancorp stock in a transaction that occurred on Monday, June 2nd. The stock was purchased 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 of the company's stock, valued at $872,219.99. This represents a 13.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.30% of the stock is owned by company insiders.

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.