Hsbc Holdings PLC Takes $1.63 Million Position in Community Trust Bancorp, Inc. $CTBI

Hsbc Holdings PLC acquired a new stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 22,515 shares of the financial services provider’s stock, valued at approximately $1,627,000.

Other large investors have also recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new position in Community Trust Bancorp in the 2nd quarter valued at approximately $774,000. Legal & General Group Plc bought a new stake in Community Trust Bancorp during the 2nd quarter worth approximately $856,000. The Manufacturers Life Insurance Company acquired a new position in Community Trust Bancorp in the 2nd quarter valued at approximately $533,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Community Trust Bancorp during the second quarter valued at $5,032,000. Finally, Globeflex Capital L P acquired a new position in shares of Community Trust Bancorp during the second quarter worth $284,000. 60.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on CTBI shares. Weiss Ratings upgraded Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Raymond James Financial reaffirmed an “outperform” rating and set a $82.00 target price on shares of Community Trust Bancorp in a report on Thursday, July 16th. Piper Sandler upped their price target on Community Trust Bancorp from $76.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Finally, Zacks Research downgraded Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.50.

Insider Buying and Selling

In related news, Director Franky Minnifield sold 3,900 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $78.85, for a total transaction of $307,515.00. Following the completion of the sale, the director owned 8,320 shares of the company’s stock, valued at $656,032. This trade represents a 31.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is owned by corporate insiders.

Community Trust Bancorp Stock Performance

CTBI opened at $76.66 on Monday. Community Trust Bancorp, Inc. has a twelve month low of $50.25 and a twelve month high of $79.92. The company has a fifty day moving average of $75.33 and a 200-day moving average of $68.02. The stock has a market cap of $1.39 billion, a PE ratio of 12.84 and a beta of 0.53. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

Community Trust Bancorp (NASDAQ:CTBI) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.12. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.52%. The business had revenue of $78.49 million for the quarter, compared to analysts’ expectations of $76.85 million. On average, sell-side analysts predict that Community Trust Bancorp, Inc. will post 6.41 EPS for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Tuesday, September 15th. This is a positive change from Community Trust Bancorp’s previous quarterly dividend of $0.53. Community Trust Bancorp’s dividend payout ratio is currently 43.55%.

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.