The Manufacturers Life Insurance Company Makes New $533,000 Investment in Community Trust Bancorp, Inc. $CTBI

The Manufacturers Life Insurance Company bought a new position in Community Trust Bancorp, Inc. (NASDAQ:CTBI) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 7,371 shares of the financial services provider’s stock, valued at approximately $533,000.

Several other hedge funds have also recently made changes to their positions in CTBI. Thrivent Financial for Lutherans lifted its holdings in shares of Community Trust Bancorp by 0.3% in the 4th quarter. Thrivent Financial for Lutherans now owns 55,617 shares of the financial services provider’s stock valued at $3,143,000 after acquiring an additional 163 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in Community Trust Bancorp by 7.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 2,958 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 208 shares during the period. BTC Capital Management Inc. raised its position in Community Trust Bancorp by 4.0% during the first quarter. BTC Capital Management Inc. now owns 9,139 shares of the financial services provider’s stock valued at $555,000 after purchasing an additional 350 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Community Trust Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider’s stock valued at $459,000 after purchasing an additional 381 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Community Trust Bancorp by 4.5% in the 4th quarter. Franklin Resources Inc. now owns 10,496 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 452 shares during the period. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

Community Trust Bancorp Price Performance

Shares of CTBI stock opened at $77.76 on Monday. Community Trust Bancorp, Inc. has a 52-week low of $50.25 and a 52-week high of $79.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $1.41 billion, a P/E ratio of 13.03 and a beta of 0.52. The stock has a 50 day moving average price of $75.94 and a 200 day moving average price of $68.48.

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

Community Trust Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.65 dividend. The ex-dividend date is Tuesday, September 15th. This is a boost from Community Trust Bancorp’s previous quarterly dividend of $0.53. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.3%. Community Trust Bancorp’s dividend payout ratio (DPR) is currently 35.51%.

Analyst Ratings Changes

Several research firms recently weighed in on CTBI. Raymond James Financial began coverage on Community Trust Bancorp in a report on Tuesday, September 1st. They set an “outperform” rating and a $82.00 price target on the stock. Piper Sandler boosted their price objective on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Weiss Ratings raised shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Finally, Zacks Research lowered shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. One 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. According to data from MarketBeat.com, Community Trust Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

Insider Buying and Selling

In related news, Director Franky Minnifield sold 3,900 shares of Community Trust Bancorp stock in a transaction dated 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. This trade represents a 31.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.60% of the stock is owned by corporate insiders.

About Community Trust Bancorp

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.