Community Trust & Investment Co. Lowers Stock Holdings in Community Trust Bancorp, Inc. $CTBI

Community Trust & Investment Co. reduced its position in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 51.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,004,407 shares of the financial services provider’s stock after selling 1,083,681 shares during the quarter. Community Trust Bancorp comprises approximately 3.8% of Community Trust & Investment Co.’s portfolio, making the stock its 6th biggest holding. Community Trust & Investment Co. owned 0.06% of Community Trust Bancorp worth $72,679,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CTBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Community Trust Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider’s stock worth $459,000 after buying an additional 381 shares during the period. Millennium Management LLC grew its stake in shares of Community Trust Bancorp by 116.4% in the first 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 in the last quarter. Jane Street Group LLC grew its stake in shares of Community Trust Bancorp by 158.5% in the first quarter. Jane Street Group LLC now owns 28,493 shares of the financial services provider’s stock valued at $1,435,000 after acquiring an additional 17,470 shares in the last quarter. Strs Ohio bought a new position in Community Trust Bancorp during the first quarter worth about $86,000. Finally, Rhumbline Advisers increased its position in Community Trust Bancorp by 4.5% during the second quarter. Rhumbline Advisers now owns 24,696 shares of the financial services provider’s stock worth $1,307,000 after acquiring an additional 1,074 shares during the period. 60.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CTBI has been the subject of a number of recent research reports. Raymond James Financial reissued an “outperform” rating and issued a $82.00 price objective on shares of Community Trust Bancorp in a report on Thursday, July 16th. Weiss Ratings cut shares of Community Trust Bancorp from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday, July 31st. Piper Sandler lifted their price target on shares of 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 cut Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Community Trust Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Community Trust Bancorp Stock Down 0.8%

Shares of NASDAQ CTBI opened at $77.76 on Friday. The stock has a market capitalization of $1.41 billion, a P/E ratio of 13.03 and a beta of 0.53. The stock’s fifty day moving average is $72.65 and its 200 day moving average is $66.41. Community Trust Bancorp, Inc. has a 52 week low of $50.25 and a 52 week high of $79.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92.

Community Trust Bancorp (NASDAQ:CTBI) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.12. The business had revenue of $78.49 million during the quarter, compared to analysts’ expectations of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.66%. Sell-side analysts forecast that Community Trust Bancorp, Inc. will post 6.41 earnings per share for the current fiscal year.

Community Trust Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.65 per share. This is a boost from Community Trust Bancorp’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.3%. Community Trust Bancorp’s payout ratio is currently 35.51%.

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.