Community Trust Bancorp (NASDAQ:CTBI) Reaches New 1-Year High After Better-Than-Expected Earnings

Community Trust Bancorp, Inc. (NASDAQ:CTBI)’s share price hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $74.75 and last traded at $74.63, with a volume of 40935 shares trading hands. The stock had previously closed at $72.25.

The financial services provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.12. Community Trust Bancorp had a return on equity of 12.27% and a net margin of 24.85%.

Community Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, June 15th. Community Trust Bancorp’s dividend payout ratio (DPR) is presently 37.13%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CTBI shares. Piper Sandler assumed coverage on shares of Community Trust Bancorp in a report on Thursday, June 11th. They issued a “neutral” rating and a $76.00 price target on the stock. Zacks Research lowered shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Weiss Ratings raised Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $68.50.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Assetmark Inc. bought a new position in shares of Community Trust Bancorp in the fourth quarter worth approximately $27,000. Garton & Associates Financial Advisors LLC purchased a new position in Community Trust Bancorp in the 4th quarter worth approximately $30,000. Quadrant Capital Group LLC purchased a new position in Community Trust Bancorp in the 3rd quarter worth approximately $86,000. Strs Ohio bought a new position in Community Trust Bancorp in the 1st quarter valued at approximately $86,000. Finally, Russell Investments Group Ltd. boosted its stake in Community Trust Bancorp by 478.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 1,365 shares during the last quarter. 60.20% of the stock is owned by hedge funds and other institutional investors.

Community Trust Bancorp Trading Up 3.8%

The firm has a market capitalization of $1.36 billion, a PE ratio of 13.13 and a beta of 0.54. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $68.68 and a 200 day simple moving average of $64.05.

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.