Renaissance Technologies LLC Sells 21,236 Shares of Community Trust Bancorp, Inc. $CTBI

Key Points

• Renaissance Technologies reduced its Community Trust Bancorp stake by 13.8%, selling 21,236 shares and retaining 132,937 shares worth approximately $8.1 million. Institutional investors collectively own 60.2% of CTBI.
• Analyst sentiment remains favorable, with CTBI carrying a “Moderate Buy” consensus rating and an average price target of $81.50. Piper Sandler raised its target to $81, while Raymond James maintained an “outperform” rating with an $82 target.
• Community Trust Bancorp reported quarterly EPS of $1.64, beating estimates of $1.52, and revenue of $78.49 million. The company also raised its quarterly dividend to $0.65 per share, implying a 3.3% annual yield.

Renaissance Technologies LLC cut its stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 13.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,937 shares of the financial services provider's stock after selling 21,236 shares during the period. Renaissance Technologies LLC owned about 0.73% of Community Trust Bancorp worth $8,072,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Thrivent Financial for Lutherans grew its position in Community Trust Bancorp by 0.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 55,617 shares of the financial services provider's stock valued at $3,143,000 after acquiring an additional 163 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Community Trust Bancorp by 7.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 2,958 shares of the financial services provider's stock valued at $156,000 after acquiring an additional 208 shares during the period. BTC Capital Management Inc. boosted its stake in shares of Community Trust Bancorp by 4.0% in the 1st quarter. BTC Capital Management Inc. now owns 9,139 shares of the financial services provider's stock valued at $555,000 after purchasing an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Community Trust Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider's stock valued at $459,000 after purchasing an additional 381 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Community Trust Bancorp by 4.5% in the 4th quarter. Franklin Resources Inc. now owns 10,496 shares of the financial services provider's stock worth $593,000 after purchasing an additional 452 shares during the last quarter. Institutional investors own 60.20% of the company's stock.

Analyst Upgrades and Downgrades

CTBI has been the subject of a number of recent analyst reports. Piper Sandler increased their target price on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Raymond James Financial restated an "outperform" rating and issued a $82.00 price target on shares of Community Trust Bancorp in a research report on Thursday, July 16th. Zacks Research cut shares of Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. Finally, Weiss Ratings lowered shares of Community Trust Bancorp from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Community Trust Bancorp currently has an average rating of "Moderate Buy" and an average target price of $81.50.

Community Trust Bancorp Trading Up 0.6%

Shares of CTBI opened at $78.93 on Tuesday. The stock's fifty day simple moving average is $71.71 and its 200-day simple moving average is $65.92. The firm has a market capitalization of $1.43 billion, a PE ratio of 13.22 and a beta of 0.54. Community Trust Bancorp, Inc. has a 12-month low of $50.25 and a 12-month high of $79.60. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.52 by $0.12. Community Trust Bancorp had a return on equity of 12.66% and a net margin of 25.55%.The firm had revenue of $78.49 million during the quarter, compared to analyst estimates of $76.85 million. As a group, research analysts predict that Community Trust Bancorp, Inc. will post 6.41 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.3%. This is a positive change from Community Trust Bancorp's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Tuesday, September 15th. Community Trust Bancorp's payout ratio is presently 43.55%.

Community Trust Bancorp Company Profile

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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