Community Trust Bancorp (NASDAQ:CTBI) Rating Increased to Moderate Buy at Raymond James Financial

Raymond James Financial upgraded shares of Community Trust Bancorp (NASDAQ:CTBI) from an outperform rating to a moderate buy rating in a research report report published on Tuesday morning, Marketbeat Ratings reports.

Other equities analysts have also issued research reports about 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. Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Finally, Piper Sandler increased their target price on Community Trust Bancorp from $76.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.50.

Community Trust Bancorp Stock Performance

NASDAQ:CTBI opened at $77.06 on Tuesday. The stock has a market cap of $1.40 billion, a P/E ratio of 12.91 and a beta of 0.52. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The business’s 50-day moving average price is $75.71 and its two-hundred day moving average price is $68.29. Community Trust Bancorp has a twelve month low of $50.25 and a twelve month high of $79.92.

Community Trust Bancorp (NASDAQ:CTBI) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.52 by $0.12. The company had revenue of $78.49 million during the quarter, compared to analyst estimates of $76.85 million. Community Trust Bancorp had a return on equity of 12.52% and a net margin of 25.55%. As a group, equities analysts predict that Community Trust Bancorp will post 6.41 EPS for the current fiscal year.

Community Trust Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.65 dividend. 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. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.4%. Community Trust Bancorp’s dividend payout ratio is currently 43.55%.

Insider Activity

In related news, Director Franky Minnifield sold 3,900 shares of the stock in a transaction 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 transaction, the director owned 8,320 shares of the company’s stock, valued at approximately $656,032. This trade represents a 31.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Community Trust Bancorp

Several institutional investors have recently added to or reduced their stakes in CTBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Community Trust Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider’s stock valued at $459,000 after buying an additional 381 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Community Trust Bancorp by 116.4% in the 1st quarter. Millennium Management LLC now owns 100,651 shares of the financial services provider’s stock valued at $5,069,000 after acquiring an additional 54,130 shares during the last quarter. Jane Street Group LLC boosted its holdings in Community Trust Bancorp by 158.5% during the 1st quarter. Jane Street Group LLC now owns 28,493 shares of the financial services provider’s stock valued at $1,435,000 after acquiring an additional 17,470 shares during the period. Strs Ohio purchased a new stake in Community Trust Bancorp during the 1st quarter valued at about $86,000. Finally, Rhumbline Advisers grew its position in Community Trust Bancorp by 4.5% during the 2nd quarter. Rhumbline Advisers now owns 24,696 shares of the financial services provider’s stock worth $1,307,000 after acquiring an additional 1,074 shares during the last quarter. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

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.