Comerica Bank Lowers Stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI)

Comerica Bank lessened its position in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 7.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,894 shares of the financial services provider’s stock after selling 313 shares during the period. Comerica Bank’s holdings in Community Trust Bancorp were worth $206,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in Community Trust Bancorp during the fourth quarter valued at about $1,860,000. Barclays PLC grew its position in Community Trust Bancorp by 45.8% during the third quarter. Barclays PLC now owns 50,376 shares of the financial services provider’s stock valued at $2,502,000 after acquiring an additional 15,832 shares during the period. Intech Investment Management LLC purchased a new stake in Community Trust Bancorp during the fourth quarter valued at about $414,000. JPMorgan Chase & Co. grew its position in Community Trust Bancorp by 34.9% during the third quarter. JPMorgan Chase & Co. now owns 95,233 shares of the financial services provider’s stock valued at $4,729,000 after acquiring an additional 24,622 shares during the period. Finally, Keystone Financial Group purchased a new stake in Community Trust Bancorp during the fourth quarter valued at about $571,000. Hedge funds and other institutional investors own 60.20% of the company’s stock.

Community Trust Bancorp Price Performance

Shares of NASDAQ CTBI opened at $52.65 on Friday. Community Trust Bancorp, Inc. has a 1-year low of $40.19 and a 1-year high of $61.67. The business has a 50-day moving average of $49.67 and a 200-day moving average of $53.31. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $953.54 million, a price-to-earnings ratio of 11.42 and a beta of 0.56.

Community Trust Bancorp (NASDAQ:CTBI) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.03. Community Trust Bancorp had a return on equity of 11.36% and a net margin of 22.02%. The company had revenue of $66.16 million during the quarter, compared to the consensus estimate of $64.92 million. During the same quarter in the prior year, the business earned $1.04 earnings per share. On average, equities analysts anticipate that Community Trust Bancorp, Inc. will post 5.06 EPS for the current fiscal year.

Community Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Sunday, June 15th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Friday, June 13th. Community Trust Bancorp’s dividend payout ratio (DPR) is 39.25%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CTBI shares. Raymond James lowered their price target on Community Trust Bancorp from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. Piper Sandler decreased their target price on Community Trust Bancorp from $60.00 to $56.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th.

About Community Trust Bancorp

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.