Northern Trust Corp Increases Holdings in Community Trust Bancorp, Inc. $CTBI

Northern Trust Corp lifted its position in Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 8.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 384,942 shares of the financial services provider’s stock after purchasing an additional 29,864 shares during the period. Northern Trust Corp owned 2.13% of Community Trust Bancorp worth $19,386,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Deutsche Bank AG boosted its holdings in shares of Community Trust Bancorp by 56.2% in the fourth quarter. Deutsche Bank AG now owns 15,902 shares of the financial services provider’s stock valued at $843,000 after purchasing an additional 5,720 shares during the period. Nuveen LLC purchased a new position in Community Trust Bancorp during the first quarter valued at approximately $5,210,000. Community Trust & Investment Co. increased its holdings in Community Trust Bancorp by 1.6% during the first quarter. Community Trust & Investment Co. now owns 1,920,934 shares of the financial services provider’s stock valued at $96,738,000 after buying an additional 29,577 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Community Trust Bancorp by 30.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 39,893 shares of the financial services provider’s stock valued at $2,009,000 after buying an additional 9,207 shares during the period. Finally, Vanguard Group Inc. increased its holdings in 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 buying an additional 35,815 shares during the period. Hedge funds and other institutional investors own 60.20% of the company’s stock.

Community Trust Bancorp Price Performance

NASDAQ CTBI opened at $58.42 on Tuesday. The firm’s fifty day simple moving average is $55.50 and its two-hundred day simple moving average is $52.46. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. Community Trust Bancorp, Inc. has a 12-month low of $44.60 and a 12-month high of $61.67. The firm has a market capitalization of $1.06 billion, a P/E ratio of 11.50 and a beta of 0.62.

Community Trust Bancorp (NASDAQ:CTBI) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.11. Community Trust Bancorp had a net margin of 23.33% and a return on equity of 11.77%. The business had revenue of $70.21 million for the quarter, compared to analyst estimates of $68.00 million. Analysts forecast 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. Shareholders of record on Monday, September 15th will be issued a $0.53 dividend. This is an increase from Community Trust Bancorp’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, September 15th. Community Trust Bancorp’s dividend payout ratio is presently 37.01%.

Insider Transactions at Community Trust Bancorp

In other Community Trust Bancorp news, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp stock in a transaction on Monday, August 18th. The shares were sold at an average price of $56.18, for a total value of $51,573.24. Following the transaction, the executive vice president directly owned 632 shares of the company’s stock, valued at approximately $35,505.76. The trade was a 59.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CTBI shares. Raymond James Financial reissued an “outperform” rating and set a $63.00 price objective (up from $58.00) on shares of Community Trust Bancorp in a report on Thursday, July 17th. Piper Sandler started coverage on shares of Community Trust Bancorp in a report on Monday, August 18th. They set an “overweight” rating and a $66.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target 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.