Nuveen LLC Acquires Shares of 103,452 Community Trust Bancorp, Inc. $CTBI

Key Points

• Nuveen LLC has acquired a new stake in Community Trust Bancorp, purchasing 103,452 shares valued at approximately $5.21 million, representing 0.57% ownership.
• Community Trust Bancorp reported earnings per share (EPS) of $1.38 for the last quarter, surpassing expectations, alongside a revenue of $70.21 million.
• The company announced an increase in its quarterly dividend to $0.53 per share, resulting in an annualized yield of 3.6%.

Nuveen LLC purchased a new position in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 103,452 shares of the financial services provider's stock, valued at approximately $5,210,000. Nuveen LLC owned 0.57% of Community Trust Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its holdings in Community Trust Bancorp by 39.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider's stock worth $40,000 after buying an additional 228 shares during the period. US Bancorp DE raised its holdings in Community Trust Bancorp by 90.2% during the first quarter. US Bancorp DE now owns 1,065 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 505 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Community Trust Bancorp by 317.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,824 shares of the financial services provider's stock valued at $97,000 after acquiring an additional 1,387 shares in the last quarter. Aquatic Capital Management LLC boosted its stake in shares of 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 worth $130,000 after acquiring an additional 1,657 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of 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 worth $137,000 after acquiring an additional 2,651 shares during the period. 60.20% of the stock is currently owned by institutional investors.

Community Trust Bancorp Price Performance

Shares of Community Trust Bancorp stock traded down $0.20 during trading hours on Friday, reaching $58.42. The company's stock had a trading volume of 56,439 shares, compared to its average volume of 51,545. The firm has a 50 day moving average price of $55.36 and a 200-day moving average price of $52.48. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $1.06 billion, a P/E ratio of 11.50 and a beta of 0.62. Community Trust Bancorp, Inc. has a one year low of $44.60 and a one year high of $61.67.

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, topping the consensus estimate of $1.27 by $0.11. Community Trust Bancorp had a return on equity of 11.77% and a net margin of 23.33%.The company had revenue of $70.21 million during the quarter, compared to analyst estimates of $68.00 million. On average, analysts predict that Community Trust Bancorp, Inc. will post 5.06 EPS for the current year.

Community Trust Bancorp Increases Dividend

The business 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 of this dividend is Monday, September 15th. 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. Community Trust Bancorp's dividend payout ratio is presently 37.01%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Piper Sandler initiated coverage on Community Trust Bancorp in a report on Monday, August 18th. They issued an "overweight" rating and a $66.00 price target on the stock. Raymond James Financial reiterated an "outperform" rating and set a $63.00 price objective (up previously from $58.00) on shares of Community Trust Bancorp in a research report on Thursday, July 17th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $64.50.

Insiders Place Their Bets

In other news, Director Franky Minnifield bought 2,000 shares of the stock in a transaction dated 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 acquisition, the director 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp 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 transaction, the executive vice president directly owned 632 shares of the company's stock, valued at approximately $35,505.76. This represents a 59.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.30% of the stock is owned by company insiders.

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.