Community Trust Bancorp (NASDAQ:CTBI) Hits New 12-Month High – Here’s Why

Community Trust Bancorp, Inc. (NASDAQ:CTBI) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $59.11 and last traded at $59.02, with a volume of 8319 shares trading hands. The stock had previously closed at $52.79.

Wall Street Analysts Forecast Growth

CTBI has been the subject of several research reports. Raymond James raised Community Trust Bancorp from a “market perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Friday, October 18th. Piper Sandler reiterated an “overweight” rating and issued a $64.00 price objective on shares of Community Trust Bancorp in a research report on Friday.

Community Trust Bancorp Trading Up 1.5 %

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $50.20 and its two-hundred day moving average is $46.59. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 13.10 and a beta of 0.63.

Community Trust Bancorp (NASDAQ:CTBI) last released its earnings results on Wednesday, October 16th. The financial services provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.15 by $0.08. Community Trust Bancorp had a return on equity of 11.13% and a net margin of 21.64%. The company had revenue of $95.38 million during the quarter, compared to analysts’ expectations of $62.00 million. Equities analysts anticipate that Community Trust Bancorp, Inc. will post 4.55 earnings per share for the current fiscal year.

Community Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, December 13th. Community Trust Bancorp’s dividend payout ratio (DPR) is presently 42.73%.

Hedge Funds Weigh In On Community Trust Bancorp

Large investors have recently bought and sold shares of the business. Heartland Advisors Inc. lifted its stake in shares of Community Trust Bancorp by 216.9% in the 1st quarter. Heartland Advisors Inc. now owns 161,700 shares of the financial services provider’s stock valued at $6,897,000 after purchasing an additional 110,681 shares during the period. Thoroughbred Financial Services LLC acquired a new position in Community Trust Bancorp in the second quarter valued at about $2,891,000. AQR Capital Management LLC boosted its holdings in Community Trust Bancorp by 37.8% during the second quarter. AQR Capital Management LLC now owns 188,707 shares of the financial services provider’s stock worth $8,239,000 after buying an additional 51,765 shares during the last quarter. American Century Companies Inc. boosted its holdings in Community Trust Bancorp by 20.5% during the second quarter. American Century Companies Inc. now owns 274,759 shares of the financial services provider’s stock worth $11,996,000 after buying an additional 46,745 shares during the last quarter. Finally, LSV Asset Management increased its stake in shares of Community Trust Bancorp by 9.0% in the 1st quarter. LSV Asset Management now owns 290,157 shares of the financial services provider’s stock valued at $12,375,000 after acquiring an additional 23,890 shares during the last quarter. 60.20% of the stock is currently owned by institutional investors and hedge funds.

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.