Wedge Capital Management L L P NC Raises Stock Position in Community Trust Bancorp, Inc. (NASDAQ:CTBI)

Wedge Capital Management L L P NC increased its stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 10.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,652 shares of the financial services provider’s stock after purchasing an additional 1,069 shares during the quarter. Wedge Capital Management L L P NC owned 0.06% of Community Trust Bancorp worth $511,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clifford Capital Partners LLC raised its position in Community Trust Bancorp by 3.9% in the third quarter. Clifford Capital Partners LLC now owns 319,257 shares of the financial services provider’s stock worth $10,938,000 after acquiring an additional 12,121 shares during the period. LSV Asset Management raised its position in Community Trust Bancorp by 50.7% in the third quarter. LSV Asset Management now owns 267,757 shares of the financial services provider’s stock worth $9,173,000 after acquiring an additional 90,100 shares during the period. UBS Group AG raised its position in Community Trust Bancorp by 3.9% in the third quarter. UBS Group AG now owns 66,797 shares of the financial services provider’s stock worth $2,288,000 after acquiring an additional 2,523 shares during the period. Alberta Investment Management Corp bought a new position in Community Trust Bancorp in the third quarter worth approximately $1,059,000. Finally, Assenagon Asset Management S.A. raised its position in Community Trust Bancorp by 118.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 65,844 shares of the financial services provider’s stock worth $2,888,000 after acquiring an additional 35,765 shares during the period. Hedge funds and other institutional investors own 60.20% of the company’s stock.

Community Trust Bancorp Stock Down 0.3 %

Shares of CTBI stock opened at $42.64 on Friday. The company has a market capitalization of $768.37 million, a price-to-earnings ratio of 9.89 and a beta of 0.68. Community Trust Bancorp, Inc. has a one year low of $32.68 and a one year high of $45.74. The company’s fifty day moving average price is $40.68 and its 200-day moving average price is $40.51. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.87.

Community Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Saturday, June 15th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.84 annualized dividend and a dividend yield of 4.32%. Community Trust Bancorp’s payout ratio is 42.69%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CTBI. Piper Sandler began coverage on shares of Community Trust Bancorp in a research report on Friday, February 16th. They issued an “overweight” rating and a $47.00 price target on the stock. Janney Montgomery Scott began coverage on shares of Community Trust Bancorp in a research report on Wednesday, March 27th. They set a “buy” rating and a $49.00 price objective on the stock.

Insider Activity

In other news, Director Franky Minnifield acquired 2,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were purchased at an average cost of $39.28 per share, for a total transaction of $78,560.00. Following the transaction, the director now directly owns 14,401 shares of the company’s stock, valued at $565,671.28. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have bought 2,602 shares of company stock worth $102,359 in the last three months. Company insiders own 4.30% of the company’s stock.

Community Trust Bancorp 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.