Martingale Asset Management L P Sells 10,037 Shares of 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 lessened its holdings in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 23.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,928 shares of the financial services provider's stock after selling 10,037 shares during the period. Martingale Asset Management L P owned approximately 0.18% of Community Trust Bancorp worth $1,658,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in Community Trust Bancorp in the fourth quarter worth about $1,860,000. Deutsche Bank AG raised its position in Community Trust Bancorp by 56.2% in the fourth quarter. Deutsche Bank AG now owns 15,902 shares of the financial services provider's stock worth $843,000 after purchasing an additional 5,720 shares in the last quarter. Community Trust & Investment Co. raised its position in Community Trust Bancorp by 1.6% in the first quarter. Community Trust & Investment Co. now owns 1,920,934 shares of the financial services provider's stock worth $96,738,000 after purchasing an additional 29,577 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Community Trust Bancorp by 30.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 39,893 shares of the financial services provider's stock worth $2,009,000 after purchasing an additional 9,207 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Community Trust Bancorp by 39.8% in the first 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 in the last quarter. Institutional investors and hedge funds own 60.20% of the company's stock.

Insider Activity at Community Trust Bancorp

In other news, EVP Andy D. Waters sold 918 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $56.18, for a total transaction of $51,573.24. Following the sale, the executive vice president directly owned 632 shares of the company's stock, valued at $35,505.76. This represents a 59.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Franky Minnifield purchased 2,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were bought at an average cost of $51.01 per share, for a total transaction of $102,020.00. Following the completion of the purchase, the director directly owned 17,099 shares of the company's stock, valued at $872,219.99. The trade was 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 corporate insiders.

Community Trust Bancorp Price Performance

Shares of CTBI traded up $0.09 during mid-day trading on Friday, hitting $58.71. 5,572 shares of the company traded hands, compared to its average volume of 58,481. Community Trust Bancorp, Inc. has a one year low of $44.60 and a one year high of $61.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average of $55.20 and a 200 day moving average of $52.47. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 11.56 and a beta of 0.62.

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 EPS for the quarter, beating the consensus estimate of $1.27 by $0.11. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. The business had revenue of $70.21 million for the quarter, compared to analysts' expectations of $68.00 million. As a group, equities analysts expect that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current fiscal year.

Community Trust Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.6%. This is an increase 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 payout ratio is currently 37.01%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Raymond James Financial reaffirmed an "outperform" rating and set a $63.00 price objective (up from $58.00) on shares of Community Trust Bancorp in a research note on Thursday, July 17th. Piper Sandler assumed 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 objective on the stock. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $64.50.

About Community Trust Bancorp

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.