Wedge Capital Management L L P NC Buys 27,572 Shares of Community Trust Bancorp, Inc. $CTBI

Wedge Capital Management L L P NC grew its stake in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 180.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 42,847 shares of the financial services provider’s stock after buying 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.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Community Trust & Investment Co. lifted its holdings in Community Trust Bancorp by 3.0% in the second quarter. Community Trust & Investment Co. now owns 1,979,076 shares of the financial services provider’s stock valued at $104,733,000 after buying an additional 58,142 shares during the period. Vanguard Group Inc. raised its holdings in shares of Community Trust Bancorp by 4.0% during the first quarter. Vanguard Group Inc. now owns 921,499 shares of the financial services provider’s stock valued at $46,407,000 after purchasing an additional 35,815 shares during the period. Northern Trust Corp raised its holdings in shares of Community Trust Bancorp by 8.4% during the first quarter. Northern Trust Corp now owns 384,942 shares of the financial services provider’s stock valued at $19,386,000 after purchasing an additional 29,864 shares during the period. American Century Companies Inc. raised its holdings in shares of Community Trust Bancorp by 9.7% during the first quarter. American Century Companies Inc. now owns 384,618 shares of the financial services provider’s stock valued at $19,369,000 after purchasing an additional 33,863 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Community Trust Bancorp by 2.7% during the first quarter. Bridgeway Capital Management LLC now owns 122,716 shares of the financial services provider’s stock valued at $6,180,000 after purchasing an additional 3,273 shares during the period. Institutional investors own 60.20% of the company’s stock.

Insider Activity at Community Trust Bancorp

In related news, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $56.18, for a total transaction of $51,573.24. Following the completion of the sale, the executive vice president owned 632 shares in the company, valued at $35,505.76. This trade represents a 59.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Community Trust Bancorp Trading Down 1.9%

Shares of NASDAQ CTBI opened at $56.50 on Monday. The firm’s 50 day moving average price is $56.32 and its 200-day moving average price is $52.78. The company has a market cap of $1.02 billion, a PE ratio of 11.12 and a beta of 0.62. Community Trust Bancorp, Inc. has a 52-week low of $44.60 and a 52-week high of $61.67. 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 (NASDAQ:CTBI) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.11. The business had revenue of $70.21 million during the quarter, compared to analysts’ expectations of $68.00 million. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. On average, equities research analysts expect that Community Trust Bancorp, Inc. will post 5.06 EPS for the current fiscal year.

Community Trust Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from Community Trust Bancorp’s previous quarterly dividend of $0.47. Community Trust Bancorp’s dividend payout ratio is presently 41.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Piper Sandler assumed coverage on shares of Community Trust Bancorp in a report on Monday, August 18th. They issued an “overweight” rating and a $66.00 target price on the stock. Raymond James Financial restated an “outperform” rating and issued a $63.00 target price (up previously from $58.00) on shares of Community Trust Bancorp in a report on Thursday, July 17th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $64.50.

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.