Community Trust Bancorp (NASDAQ:CTBI) Reaches New 1-Year High on Strong Earnings

Community Trust Bancorp, Inc. (NASDAQ:CTBI)’s stock price hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $52.22 and last traded at $52.22, with a volume of 9808 shares traded. The stock had previously closed at $50.76.

The financial services provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.08. Community Trust Bancorp had a net margin of 21.85% and a return on equity of 11.14%. The business had revenue of $95.38 million during the quarter, compared to analysts’ expectations of $62.00 million.

Community Trust Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Sunday, September 15th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date was Friday, September 13th. This is an increase from Community Trust Bancorp’s previous quarterly dividend of $0.46. Community Trust Bancorp’s payout ratio is currently 43.62%.

Insider Activity

In other news, EVP David Andrew Jones bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was acquired at an average cost of $32.27 per share, for a total transaction of $322,700.00. Following the completion of the purchase, the executive vice president now owns 10,000 shares of the company’s stock, valued at $322,700. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.30% of the company’s stock.

Institutional Trading of Community Trust Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BTC Capital Management Inc. acquired a new position in shares of Community Trust Bancorp during the first quarter worth approximately $348,000. Hennion & Walsh Asset Management Inc. increased its position in Community Trust Bancorp by 12.8% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 12,015 shares of the financial services provider’s stock worth $512,000 after purchasing an additional 1,367 shares during the period. BNP Paribas Financial Markets boosted its stake in Community Trust Bancorp by 86.9% in the first quarter. BNP Paribas Financial Markets now owns 7,691 shares of the financial services provider’s stock valued at $328,000 after acquiring an additional 3,577 shares during the last quarter. LSV Asset Management grew its holdings in Community Trust Bancorp by 9.0% during the 1st quarter. LSV Asset Management now owns 290,157 shares of the financial services provider’s stock worth $12,375,000 after acquiring an additional 23,890 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Community Trust Bancorp by 8.0% during the 1st quarter. Empowered Funds LLC now owns 56,904 shares of the financial services provider’s stock valued at $2,427,000 after acquiring an additional 4,200 shares during the last quarter. 60.20% of the stock is currently owned by institutional investors and hedge funds.

Community Trust Bancorp Stock Performance

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. The company has a market cap of $927.98 million, a price-to-earnings ratio of 11.94 and a beta of 0.64. The stock has a 50 day moving average price of $48.68 and a two-hundred day moving average price of $45.32.

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.