Community Trust Bancorp, Inc. (NASDAQ:CTBI – Get Free Report) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totalling 115,000 shares, a decline of 13.6% from the March 15th total of 133,100 shares. Based on an average trading volume of 48,400 shares, the short-interest ratio is presently 2.4 days. Currently, 0.7% of the company’s stock are short sold.
Wall Street Analyst Weigh In
CTBI has been the topic of several research analyst reports. Janney Montgomery Scott initiated coverage on Community Trust Bancorp in a research note on Wednesday, March 27th. They set a “buy” rating and a $49.00 price target on the stock. Piper Sandler initiated coverage on Community Trust Bancorp in a research note on Friday, February 16th. They set an “overweight” rating and a $47.00 price target on the stock.
Insider Transactions at Community Trust Bancorp
In other Community Trust Bancorp news, Director Franky Minnifield bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were purchased at an average cost of $39.28 per share, for a total transaction of $78,560.00. Following the purchase, the director now directly owns 14,401 shares in the company, valued at $565,671.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Community Trust Bancorp news, CEO Mark A. Gooch bought 856 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were purchased at an average cost of $41.68 per share, for a total transaction of $35,678.08. Following the purchase, the chief executive officer now directly owns 27,191 shares in the company, valued at $1,133,320.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Franky Minnifield bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average price of $39.28 per share, for a total transaction of $78,560.00. Following the completion of the purchase, the director now owns 14,401 shares in the company, valued at $565,671.28. The disclosure for this purchase can be found here. In the last three months, insiders purchased 5,117 shares of company stock valued at $207,283. Corporate insiders own 4.30% of the company’s stock.
Institutional Trading of Community Trust Bancorp
Hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. acquired a new position in Community Trust Bancorp in the 2nd quarter worth about $26,000. Parallel Advisors LLC raised its holdings in Community Trust Bancorp by 77.8% in the 4th quarter. Parallel Advisors LLC now owns 704 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 308 shares during the period. Money Concepts Capital Corp acquired a new position in Community Trust Bancorp in the 4th quarter worth about $32,000. Royal Bank of Canada raised its holdings in Community Trust Bancorp by 84.9% in the 2nd quarter. Royal Bank of Canada now owns 1,622 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 745 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new position in shares of Community Trust Bancorp during the third quarter valued at approximately $60,000. Hedge funds and other institutional investors own 60.20% of the company’s stock.
Community Trust Bancorp Stock Performance
Community Trust Bancorp stock traded up $0.03 during trading hours on Friday, hitting $40.06. 35,037 shares of the stock traded hands, compared to its average volume of 54,857. Community Trust Bancorp has a 1 year low of $32.68 and a 1 year high of $45.74. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $721.92 million, a price-to-earnings ratio of 9.21 and a beta of 0.68. The firm’s 50 day moving average price is $40.42 and its 200-day moving average price is $40.12.
Community Trust Bancorp (NASDAQ:CTBI – Get Free Report) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.04). Community Trust Bancorp had a return on equity of 11.68% and a net margin of 23.91%. The company had revenue of $57.00 million during the quarter, compared to analysts’ expectations of $58.00 million. As a group, equities analysts expect that Community Trust Bancorp will post 4.09 EPS for the current fiscal year.
Community Trust Bancorp Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a $0.46 dividend. This is an increase from Community Trust Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, March 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 4.59%. Community Trust Bancorp’s dividend payout ratio is presently 42.30%.
Community Trust Bancorp Company Profile
Community Trust Bancorp, Inc operates as the bank holding company for Community Trust Bank, Inc that engages in the provision of commercial and personal banking, and trust and wealth management services to small and mid-sized communities in eastern, northeastern, central, and south-central Kentucky, as well as southern West Virginia, and northeastern Tennessee.