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

Community Trust Bancorp (NASDAQ:CTBI) announced its earnings results on Wednesday. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.12, Zacks reports. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.66%. The business had revenue of $78.49 million during the quarter, compared to analysts’ expectations of $76.85 million.

Community Trust Bancorp Trading Up 2.6%

NASDAQ:CTBI opened at $76.98 on Friday. Community Trust Bancorp has a twelve month low of $50.25 and a twelve month high of $78.03. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average price of $69.07 and a two-hundred day moving average price of $64.30. The company has a market cap of $1.40 billion, a P/E ratio of 12.89 and a beta of 0.54.

Community Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were paid a $0.53 dividend. The ex-dividend date was Monday, June 15th. This represents a $2.12 annualized dividend and a yield of 2.8%. Community Trust Bancorp’s payout ratio is presently 35.51%.

Institutional Investors Weigh In On Community Trust Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Verition Fund Management LLC acquired a new position in shares of Community Trust Bancorp during the 4th quarter worth about $453,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Community Trust Bancorp in the third quarter valued at about $382,000. The Manufacturers Life Insurance Company raised its holdings in Community Trust Bancorp by 13.1% during the second quarter. The Manufacturers Life Insurance Company now owns 6,197 shares of the financial services provider’s stock worth $328,000 after acquiring an additional 719 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Community Trust Bancorp during the fourth quarter valued at approximately $303,000. Finally, Tower Research Capital LLC TRC grew its stake in Community Trust Bancorp by 69.5% in the second quarter. Tower Research Capital LLC TRC now owns 5,649 shares of the financial services provider’s stock valued at $299,000 after purchasing an additional 2,317 shares in the last quarter. 60.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on CTBI. Weiss Ratings upgraded Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, May 18th. Piper Sandler increased their target price on Community Trust Bancorp from $76.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday. Zacks Research lowered shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Raymond James Financial restated an “outperform” rating and set a $82.00 target price on shares of Community Trust Bancorp in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Community Trust Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $81.50.

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.