Wedge Capital Management L L P NC Has $2.27 Million Stock Position in Community Trust Bancorp, Inc. $CTBI

Key Points

• Wedge Capital Management increased its stake in Community Trust Bancorp by 180.5%, acquiring an additional 27,572 shares, bringing its total to 42,847 shares valued at approximately $2.27 million.
• Community Trust Bancorp recently declared a quarterly dividend of $0.53 per share, reflecting a boost from the previous dividend of $0.47, resulting in an annualized dividend yield of 3.8%.
• Equities research analysts have a positive outlook on Community Trust Bancorp, with an average target price of $64.50 and analysts issuing "Buy" ratings, indicating expected growth in the company’s stock value.

Wedge Capital Management L L P NC grew its stake in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Free Report) by 180.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,847 shares of the financial services provider's stock after purchasing an additional 27,572 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.24% of Community Trust Bancorp worth $2,267,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTBI. PNC Financial Services Group Inc. boosted its holdings 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. US Bancorp DE boosted its position 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 purchasing an additional 505 shares during the last quarter. Strs Ohio bought a new position in Community Trust Bancorp during the first quarter worth about $86,000. GAMMA Investing LLC raised its holdings in shares of Community Trust Bancorp by 3,898.5% during the 1st quarter. GAMMA Investing LLC now owns 2,719 shares of the financial services provider's stock worth $137,000 after buying an additional 2,651 shares in the last quarter. Finally, CWM LLC increased its stake in shares of Community Trust Bancorp by 11.4% in the first quarter. CWM LLC now owns 3,516 shares of the financial services provider's stock valued at $177,000 after buying an additional 361 shares during the period. 60.20% of the stock is owned by institutional investors.

Insider Activity at Community Trust Bancorp

In other news, EVP Andy D. Waters sold 918 shares of the stock in a transaction 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 completion of the transaction, the executive vice president owned 632 shares in the company, valued at approximately $35,505.76. This represents a 59.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Piper Sandler initiated 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 target for the company. Raymond James Financial reaffirmed an "outperform" rating and set a $63.00 price target (up previously from $58.00) on shares of Community Trust Bancorp in a research report on Thursday, July 17th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $64.50.

Community Trust Bancorp Stock Down 0.5%

CTBI stock traded down $0.29 during midday trading on Monday, reaching $56.21. 53,897 shares of the company were exchanged, compared to its average volume of 50,017. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 11.06 and a beta of 0.62. The stock's 50-day simple moving average is $56.34 and its 200 day simple moving average is $52.81. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93. Community Trust Bancorp, Inc. has a 1-year low of $44.60 and a 1-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, 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 analyst estimates of $68.00 million. On average, equities analysts forecast that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders 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. This represents a $2.12 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, September 15th. Community Trust Bancorp's payout ratio is presently 41.73%.

Community Trust Bancorp Company 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.