Community Trust Bancorp (NASDAQ:CTBI) Stock Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Community Trust Bancorp shares rose above their 200-day moving average, reaching $76.42 and closing at $75.56 versus the $69.62 long-term average.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $81.50; Raymond James initiated coverage with an “outperform” rating and an $82 target.
• The company exceeded quarterly earnings and revenue estimates and increased its quarterly dividend to $0.65 per share, producing a 3.4% annualized yield.

Shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $69.62 and traded as high as $76.42. Community Trust Bancorp shares last traded at $75.56, with a volume of 82,986 shares traded.

Analyst Ratings Changes

Several brokerages have recently weighed in on CTBI. Weiss Ratings raised Community Trust Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. Zacks Research cut Community Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Piper Sandler lifted their price target on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Finally, Raymond James Financial initiated coverage on shares of Community Trust Bancorp in a research note on Tuesday, September 1st. They set an "outperform" rating and a $82.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $81.50.

Community Trust Bancorp Stock Performance

The company has a market capitalization of $1.37 billion, a P/E ratio of 12.66 and a beta of 0.52. The stock has a fifty day simple moving average of $76.92 and a 200-day simple moving average of $69.62. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

Community Trust Bancorp (NASDAQ:CTBI - Get Free Report) last issued 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. The firm had revenue of $78.49 million for the quarter, compared to analyst estimates of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.52%. Equities analysts forecast that Community Trust Bancorp, Inc. will post 6.41 EPS for the current year.

Community Trust Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.4%. This is a boost 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 currently 43.55%.

Insider Transactions at Community Trust Bancorp

In other news, Director Franky Minnifield sold 3,900 shares of Community Trust Bancorp stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $78.85, for a total transaction of $307,515.00. Following the completion of the sale, the director owned 8,320 shares in the company, valued at $656,032. The trade was a 31.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Community Trust Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of CTBI. BlackRock Inc. acquired a new stake in shares of Community Trust Bancorp during the second quarter worth $129,034,000. Jupiter Topco LLC acquired a new position in Community Trust Bancorp in the second quarter valued at about $14,956,000. Heartland Advisors Inc. bought a new stake in shares of Community Trust Bancorp in the 2nd quarter valued at about $11,882,000. Bank of New York Mellon Corp acquired a new stake in shares of Community Trust Bancorp in the 2nd quarter valued at approximately $7,971,000. Finally, Janus Henderson Group PLC grew its holdings in Community Trust Bancorp by 114.0% during the first quarter. Janus Henderson Group PLC now owns 192,413 shares of the financial services provider's stock valued at $11,684,000 after purchasing an additional 102,488 shares during the period. 60.20% of the stock is owned by institutional investors.

About Community Trust Bancorp

Community Trust Bancorp, Inc is a bank holding company headquartered in Pikeville, Kentucky. Through its principal subsidiary, Community Trust Bank, the company provides banking and financial services to individuals, businesses, governmental entities and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards, online and mobile banking, treasury management and other deposit services.

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