Community Trust Bancorp (NASDAQ:CTBI) Hits New 1-Year High – Here’s Why

Community Trust Bancorp, Inc. (NASDAQ:CTBI) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $60.78 and last traded at $60.4850, with a volume of 13972 shares changing hands. The stock had previously closed at $60.10.

Wall Street Analysts Forecast Growth

CTBI has been the subject of several research reports. Piper Sandler initiated coverage on Community Trust Bancorp in a research note on Monday, August 18th. They set an “overweight” rating and a $66.00 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of Community Trust Bancorp in a research report on Monday, December 8th. Finally, Raymond James Financial set a $61.00 target price on shares of Community Trust Bancorp in a report on Wednesday, October 15th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Community Trust Bancorp has a consensus rating of “Buy” and an average price target of $63.50.

Community Trust Bancorp Trading Up 0.8%

The business’s 50-day simple moving average is $54.49 and its 200-day simple moving average is $54.83. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.10 billion, a PE ratio of 11.72 and a beta of 0.60.

Community Trust Bancorp (NASDAQ:CTBI) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.32 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.06). The company had revenue of $71.50 million during the quarter, compared to analyst estimates of $71.85 million. Community Trust Bancorp had a return on equity of 11.73% and a net margin of 23.24%. As a group, analysts expect that Community Trust Bancorp, Inc. will post 5.06 EPS for the current fiscal year.

Community Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, December 15th. Community Trust Bancorp’s payout ratio is currently 41.01%.

Hedge Funds Weigh In On Community Trust Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its stake in Community Trust Bancorp by 39.8% in the first quarter. PNC Financial Services Group Inc. now owns 801 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 228 shares during the last quarter. Farther Finance Advisors LLC bought a new position in shares of Community Trust Bancorp during the 2nd quarter valued at $40,000. State of Alaska Department of Revenue acquired a new stake in shares of Community Trust Bancorp in the 3rd quarter valued at $40,000. US Bancorp DE boosted its holdings in Community Trust Bancorp by 90.2% in the first quarter. US Bancorp DE now owns 1,065 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 505 shares in the last quarter. Finally, Quadrant Capital Group LLC bought a new stake in Community Trust Bancorp in the third quarter worth $86,000. Institutional investors own 60.20% of the company’s stock.

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.