Community Trust Bancorp (NASDAQ:CTBI) Hits New 12-Month High After Better-Than-Expected Earnings

Community Trust Bancorp, Inc. (NASDAQ:CTBI)’s stock price hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $74.75 and last traded at $74.63, with a volume of 40935 shares traded. The stock had previously closed at $72.25.

The financial services provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.12. The business had revenue of $78.49 million during the quarter, compared to the consensus estimate of $76.85 million. Community Trust Bancorp had a return on equity of 12.66% and a net margin of 25.55%.

Community Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Monday, June 15th. Community Trust Bancorp’s dividend payout ratio is currently 35.51%.

Analysts Set New Price Targets

A number of research firms have commented on CTBI. Raymond James Financial reissued an “outperform” rating and issued a $82.00 target price on shares of Community Trust Bancorp in a report on Thursday. Weiss Ratings raised shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 18th. Zacks Research downgraded shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Piper Sandler raised 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 note on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Community Trust Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $81.50.

Hedge Funds Weigh In On Community Trust Bancorp

Several hedge funds have recently bought and sold shares of the company. Assetmark Inc. acquired a new position in Community Trust Bancorp during the fourth quarter worth $27,000. Garton & Associates Financial Advisors LLC purchased a new stake in Community Trust Bancorp during the fourth quarter worth $30,000. Quadrant Capital Group LLC acquired a new stake in Community Trust Bancorp in the third quarter valued at $86,000. Strs Ohio acquired a new stake in Community Trust Bancorp in the first quarter valued at $86,000. Finally, Russell Investments Group Ltd. increased its position in shares of Community Trust Bancorp by 478.9% in the third quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider’s stock valued at $92,000 after buying an additional 1,365 shares in the last quarter. 60.20% of the stock is owned by hedge funds and other institutional investors.

Community Trust Bancorp Trading Up 2.6%

The firm has a market cap of $1.40 billion, a PE ratio of 12.89 and a beta of 0.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50-day moving average price of $69.07 and a two-hundred day moving average price of $64.30.

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.