Zacks Investment Research cut shares of Community Trust Bancorp Inc. (NASDAQ:CTBI) from a hold rating to a sell rating in a report issued on Monday.

According to Zacks, “Community Trust Financial Services Corporation was incorporated under the laws for the purpose of becoming a bank holding company for Community Trust Bank. The Company is intended to facilitate the Bank’s ability to serve its customers’ requirements for financial services. The primary activity of the Company currently is, and is expected to remain for the foreseeable future, the ownership and operation of the Bank. “

Shares of Community Trust Bancorp (NASDAQ:CTBI) opened at 37.16 on Monday. The firm has a market capitalization of $651.41 million, a PE ratio of 14.08 and a beta of 0.80. Community Trust Bancorp has a 12-month low of $30.89 and a 12-month high of $37.49. The company’s 50 day moving average is $36.42 and its 200 day moving average is $35.55.

Community Trust Bancorp (NASDAQ:CTBI) last released its earnings results on Wednesday, July 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by $0.02. Community Trust Bancorp had a net margin of 24.13% and a return on equity of 9.61%. On average, analysts forecast that Community Trust Bancorp will post $2.70 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 13th. This is an increase from Community Trust Bancorp’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 3.44%. Community Trust Bancorp’s dividend payout ratio is presently 48.49%.

In other Community Trust Bancorp news, CFO Kevin J. Stumbo sold 1,487 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $36.45, for a total transaction of $54,201.15. Following the transaction, the chief financial officer now directly owns 917 shares in the company, valued at approximately $33,424.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark A. Gooch sold 9,532 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $37.19, for a total transaction of $354,495.08. Following the transaction, the executive vice president now owns 19,585 shares in the company, valued at $728,366.15. The disclosure for this sale can be found here. Company insiders own 5.10% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of Community Trust Bancorp by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 100,127 shares of the financial services provider’s stock worth $3,470,000 after buying an additional 1,580 shares during the period. Strs Ohio boosted its stake in shares of Community Trust Bancorp by 3.5% in the second quarter. Strs Ohio now owns 20,600 shares of the financial services provider’s stock worth $713,000 after buying an additional 700 shares during the period. Smith Asset Management Group LP boosted its stake in shares of Community Trust Bancorp by 68.2% in the second quarter. Smith Asset Management Group LP now owns 7,890 shares of the financial services provider’s stock worth $273,000 after buying an additional 3,200 shares during the period. Shell Asset Management Co. bought a new stake in shares of Community Trust Bancorp during the second quarter worth approximately $559,000. Finally, Dalton Greiner Hartman Maher & Co. boosted its stake in shares of Community Trust Bancorp by 2.0% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 392,653 shares of the financial services provider’s stock worth $13,609,000 after buying an additional 7,533 shares during the period. 53.44% of the stock is owned by institutional investors.

Community Trust Bancorp Company Profile

Community Trust Bancorp, Inc (CTBI) is a bank holding company. The Company operates in the community banking services segment. The Company owns a commercial bank and a trust company, serving small and mid-sized communities in eastern, northeastern, central and south central Kentucky; southern West Virginia, and northeastern Tennessee.

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