Community Trust Bancorp (NASDAQ:CTBI) Shares Cross Above 200-Day Moving Average – Here’s Why

Shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $70.26 and traded as high as $75.66. Community Trust Bancorp shares last traded at $74.50, with a volume of 133,661 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Raymond James Financial began coverage on Community Trust Bancorp in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $82.00 price objective for the company. Zacks Research downgraded shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Piper Sandler boosted their price objective on 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, Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $81.50.

Community Trust Bancorp Stock Up 1.4%

The firm’s fifty day simple moving average is $76.94 and its two-hundred day simple moving average is $70.37. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 12.60 and a beta of 0.52. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08.

Community Trust Bancorp (NASDAQ:CTBI) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.12. Community Trust Bancorp had a return on equity of 12.52% and a net margin of 25.55%.The firm had revenue of $78.49 million for the quarter, compared to analysts’ expectations of $76.85 million. Sell-side analysts anticipate that Community Trust Bancorp, Inc. will post 6.41 EPS for the current year.

Community Trust Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 3.5%. 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. Community Trust Bancorp’s payout ratio is 43.55%.

Insider Activity at Community Trust Bancorp

In related news, Director Franky Minnifield sold 3,900 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $78.85, for a total transaction of $307,515.00. Following the completion of the transaction, the director owned 8,320 shares of the company’s stock, valued at approximately $656,032. This trade represents a 31.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CTBI. Heartland Advisors Inc. acquired a new position in Community Trust Bancorp during the 2nd quarter worth about $11,882,000. Lazard Asset Management LLC acquired a new position in Community Trust Bancorp in the 1st quarter valued at about $1,555,000. Fifth Third Bancorp purchased a new stake in Community Trust Bancorp during the first quarter worth about $844,000. Y Intercept Hong Kong Ltd purchased a new stake in Community Trust Bancorp during the first quarter worth about $994,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Community Trust Bancorp during the second quarter worth about $774,000. 60.20% of the stock is currently owned by hedge funds and other institutional investors.

Community Trust Bancorp Company Profile

Community Trust Bancorp, Inc is a bank holding company headquartered in Pikeville, Kentucky. Through its principal subsidiary, Community Trust Bank, the company provides banking and financial services to individuals, businesses, governmental entities and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards, online and mobile banking, treasury management and other deposit services.