Community Trust Bancorp (NASDAQ:CTBI) Sets New 52-Week High – What’s Next?

Community Trust Bancorp, Inc. (NASDAQ:CTBI) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $71.28 and last traded at $70.16, with a volume of 100608 shares traded. The stock had previously closed at $70.65.

Analysts Set New Price Targets

Several research firms have issued reports on CTBI. Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 18th. Piper Sandler began coverage on shares of Community Trust Bancorp in a research note on Thursday, June 11th. They set a “neutral” rating and a $76.00 price objective for the company. Finally, Zacks Research upgraded shares of Community Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $68.50.

Community Trust Bancorp Stock Up 0.2%

The firm has a market capitalization of $1.25 billion, a PE ratio of 12.08 and a beta of 0.54. The firm’s 50 day moving average price is $66.17 and its two-hundred day moving average price is $62.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08.

Community Trust Bancorp (NASDAQ:CTBI) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.11. The business had revenue of $74.20 million during the quarter, compared to the consensus estimate of $73.00 million. Community Trust Bancorp had a net margin of 24.85% and a return on equity of 12.27%. As a group, research analysts forecast that Community Trust Bancorp, Inc. will post 6.13 EPS for the current fiscal year.

Community Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.53 dividend. The ex-dividend date is Monday, June 15th. This represents a $2.12 annualized dividend and a dividend yield of 3.1%. Community Trust Bancorp’s dividend payout ratio is 37.13%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC boosted its stake in shares of Community Trust Bancorp by 462.8% in the fourth quarter. SG Americas Securities LLC now owns 36,957 shares of the financial services provider’s stock valued at $2,088,000 after purchasing an additional 30,390 shares during the period. JPMorgan Chase & Co. raised its holdings in Community Trust Bancorp by 24.9% in the third quarter. JPMorgan Chase & Co. now owns 92,224 shares of the financial services provider’s stock valued at $5,160,000 after acquiring an additional 18,387 shares in the last quarter. American Century Companies Inc. raised its holdings in Community Trust Bancorp by 10.1% in the third quarter. American Century Companies Inc. now owns 452,995 shares of the financial services provider’s stock valued at $25,345,000 after acquiring an additional 41,551 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Community Trust Bancorp in the fourth quarter valued at $1,892,000. Finally, Hillsdale Investment Management Inc. raised its holdings in Community Trust Bancorp by 24.8% in the third quarter. Hillsdale Investment Management Inc. now owns 124,669 shares of the financial services provider’s stock valued at $6,975,000 after acquiring an additional 24,800 shares in the last quarter. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

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.