Voya Investment Management LLC Trims Stock Position in Community Trust Bancorp, Inc. $CTBI

Voya Investment Management LLC trimmed its position in Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 9.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,054 shares of the financial services provider’s stock after selling 513 shares during the quarter. Voya Investment Management LLC’s holdings in Community Trust Bancorp were worth $255,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in Community Trust Bancorp by 39.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 228 shares in the last quarter. US Bancorp DE grew its position in shares of Community Trust Bancorp by 90.2% in the 1st quarter. US Bancorp DE now owns 1,065 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 505 shares in the last quarter. Strs Ohio acquired a new position in shares of Community Trust Bancorp in the 1st quarter worth approximately $86,000. GAMMA Investing LLC grew its position in shares of Community Trust Bancorp by 3,898.5% in the 1st quarter. GAMMA Investing LLC now owns 2,719 shares of the financial services provider’s stock worth $137,000 after acquiring an additional 2,651 shares in the last quarter. Finally, CWM LLC grew its position in shares of Community Trust Bancorp by 11.4% in the 1st quarter. CWM LLC now owns 3,516 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 361 shares in the last quarter. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

Community Trust Bancorp Stock Performance

Shares of NASDAQ CTBI opened at $55.59 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.94 and a beta of 0.62. The stock’s fifty day simple moving average is $56.34 and its 200 day simple moving average is $52.99. Community Trust Bancorp, Inc. has a 52-week low of $44.60 and a 52-week high of $61.67.

Community Trust Bancorp (NASDAQ:CTBI) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.11. Community Trust Bancorp had a return on equity of 11.77% and a net margin of 23.33%.The business had revenue of $70.21 million for the quarter, compared to the consensus estimate of $68.00 million. As a group, sell-side analysts forecast that Community Trust Bancorp, Inc. will post 5.06 earnings per share for the current fiscal year.

Community Trust Bancorp Increases Dividend

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

Insider Buying and Selling at Community Trust Bancorp

In other news, EVP Andy D. Waters sold 918 shares of Community Trust Bancorp stock in a transaction on Monday, August 18th. The stock was sold at an average price of $56.18, for a total transaction of $51,573.24. Following the transaction, the executive vice president owned 632 shares in the company, valued at approximately $35,505.76. The trade was a 59.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.