Community Trust Bancorp (NASDAQ:CTBI) Sets New 52-Week High Following Earnings Beat

Shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $61.97 and last traded at $62.5390, with a volume of 20053 shares. The stock had previously closed at $58.98.

The financial services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The firm had revenue of $74.72 million during the quarter, compared to analyst estimates of $73.15 million. Community Trust Bancorp had a return on equity of 11.73% and a net margin of 23.24%.

Community Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.12 annualized dividend and a dividend yield of 3.4%. Community Trust Bancorp’s payout ratio is presently 41.01%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CTBI shares. Weiss Ratings restated a “buy (b)” rating on shares of Community Trust Bancorp in a research note on Monday, December 29th. Raymond James Financial set a $61.00 target price on shares of Community Trust Bancorp in a report on Wednesday, October 15th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $63.50.

Hedge Funds Weigh In On Community Trust Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in CTBI. ProShare Advisors LLC purchased a new stake in Community Trust Bancorp during the second quarter worth about $6,378,000. Millennium Management LLC grew its position in shares of Community Trust Bancorp by 116.4% during the 1st quarter. Millennium Management LLC now owns 100,651 shares of the financial services provider’s stock valued at $5,069,000 after acquiring an additional 54,130 shares during the period. American Century Companies Inc. increased its stake in shares of Community Trust Bancorp by 10.1% during the 3rd quarter. American Century Companies Inc. now owns 452,995 shares of the financial services provider’s stock worth $25,345,000 after purchasing an additional 41,551 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Community Trust Bancorp by 462.8% in the 4th quarter. SG Americas Securities LLC now owns 36,957 shares of the financial services provider’s stock worth $2,088,000 after purchasing an additional 30,390 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Community Trust Bancorp by 43.4% in the 3rd quarter. Qube Research & Technologies Ltd now owns 84,468 shares of the financial services provider’s stock worth $4,726,000 after purchasing an additional 25,549 shares during the period. 60.20% of the stock is owned by hedge funds and other institutional investors.

Community Trust Bancorp Trading Up 5.9%

The firm has a 50 day moving average of $57.29 and a 200 day moving average of $55.98. The firm has a market cap of $1.13 billion, a PE ratio of 12.13 and a beta of 0.58. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.08.

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.