Community Trust Bancorp (NASDAQ:CTBI) Reaches New 52-Week High – What’s Next?

Community Trust Bancorp, Inc. (NASDAQ:CTBI) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $78.03 and last traded at $78.2850, with a volume of 24334 shares trading hands. The stock had previously closed at $76.66.

Analysts Set New Price Targets

A number of analysts have weighed in on CTBI shares. Raymond James Financial reissued an “outperform” rating and set a $82.00 price objective on shares of Community Trust Bancorp in a report on Thursday, July 16th. Zacks Research downgraded shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 18th. Finally, Piper Sandler boosted their price target on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Community Trust Bancorp presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Community Trust Bancorp Price Performance

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 stock has a market cap of $1.42 billion, a PE ratio of 13.12 and a beta of 0.54. The company’s fifty day moving average is $70.51 and its 200 day moving average is $65.20.

Community Trust Bancorp (NASDAQ:CTBI) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.12. The company had revenue of $78.49 million during the quarter, compared to analyst estimates of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.66%. As a group, sell-side analysts anticipate that Community Trust Bancorp, Inc. will post 6.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Community Trust Bancorp

Several large investors have recently added to or reduced their stakes in the company. LSV Asset Management increased its stake in Community Trust Bancorp by 14.9% during the fourth quarter. LSV Asset Management now owns 280,380 shares of the financial services provider’s stock valued at $15,841,000 after purchasing an additional 36,300 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Community Trust Bancorp by 5.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 213,223 shares of the financial services provider’s stock worth $12,047,000 after acquiring an additional 10,892 shares during the period. Janus Henderson Group PLC raised its stake in Community Trust Bancorp by 114.0% during the first quarter. Janus Henderson Group PLC now owns 192,413 shares of the financial services provider’s stock worth $11,684,000 after acquiring an additional 102,488 shares during the period. JPMorgan Chase & Co. lifted its holdings in Community Trust Bancorp by 60.4% in the fourth quarter. JPMorgan Chase & Co. now owns 147,957 shares of the financial services provider’s stock worth $8,360,000 after acquiring an additional 55,733 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Community Trust Bancorp by 0.5% in the second quarter. AQR Capital Management LLC now owns 140,460 shares of the financial services provider’s stock worth $7,433,000 after acquiring an additional 648 shares during the last quarter. 60.20% of the stock is currently owned by institutional investors.

About Community Trust Bancorp

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.