Community Trust Bancorp (NASDAQ:CTBI) Posts Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Community Trust Bancorp (NASDAQ:CTBI) released its quarterly earnings data on Wednesday. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.12, Zacks reports. Community Trust Bancorp had a return on equity of 12.27% and a net margin of 24.85%.The business had revenue of $78.49 million during the quarter, compared to analyst estimates of $76.85 million.

Community Trust Bancorp Stock Up 3.8%

CTBI stock opened at $75.03 on Thursday. Community Trust Bancorp has a 12 month low of $50.25 and a 12 month high of $75.70. The firm has a 50 day simple moving average of $68.86 and a 200 day simple moving average of $64.16. The firm has a market cap of $1.36 billion, a PE ratio of 13.14 and a beta of 0.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92.

Community Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, June 15th. Community Trust Bancorp’s payout ratio is presently 37.13%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CTBI. Garton & Associates Financial Advisors LLC purchased a new stake in Community Trust Bancorp in the 4th quarter worth about $30,000. Strs Ohio purchased a new position in Community Trust Bancorp in the first quarter valued at about $86,000. Quadrant Capital Group LLC acquired a new stake in shares of Community Trust Bancorp during the 3rd quarter valued at about $86,000. Russell Investments Group Ltd. increased its holdings in Community Trust Bancorp by 478.9% in the third quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider’s stock worth $92,000 after buying an additional 1,365 shares during the last quarter. Finally, Virtus Advisers LLC acquired a new position in Community Trust Bancorp in the third quarter worth approximately $142,000. 60.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CTBI shares. Piper Sandler assumed coverage on shares of Community Trust Bancorp in a report on Thursday, June 11th. They set a “neutral” rating and a $76.00 price target for the company. Zacks Research lowered shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $68.50.

Community Trust Bancorp Company Profile

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.