Jupiter Topco LLC Purchases New Shares in Community Trust Bancorp, Inc. $CTBI

Jupiter Topco LLC purchased a new position in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 206,688 shares of the financial services provider’s stock, valued at approximately $14,956,000. Jupiter Topco LLC owned 1.14% of Community Trust Bancorp at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Hsbc Holdings PLC bought a new stake in Community Trust Bancorp in the second quarter worth about $1,627,000. Canada Pension Plan Investment Board bought a new position in shares of Community Trust Bancorp during the second quarter valued at approximately $774,000. Legal & General Group Plc purchased a new stake in shares of Community Trust Bancorp in the second quarter worth approximately $856,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Community Trust Bancorp in the second quarter worth approximately $533,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Community Trust Bancorp during the 2nd quarter worth approximately $5,032,000. 60.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CTBI. 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 report on Thursday, July 16th. Weiss Ratings upgraded Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Zacks Research lowered shares of Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, Raymond James Financial restated an “outperform” rating and issued a $82.00 price target on shares of Community Trust Bancorp in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.50.

Community Trust Bancorp Price Performance

Shares of CTBI stock opened at $76.66 on Friday. Community Trust Bancorp, Inc. has a twelve month low of $50.25 and a twelve month high of $79.92. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 12.84 and a beta of 0.53. The stock has a fifty day simple moving average of $75.33 and a two-hundred day simple moving average of $68.00. 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 announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.52 by $0.12. The firm had revenue of $78.49 million for the quarter, compared to analyst estimates of $76.85 million. Community Trust Bancorp had a return on equity of 12.52% and a net margin of 25.55%. On average, analysts predict that Community Trust Bancorp, Inc. will post 6.41 EPS for the current fiscal year.

Community Trust Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.65 per share. This is a positive change from Community Trust Bancorp’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.60 dividend on an annualized basis and a yield of 3.4%. Community Trust Bancorp’s payout ratio is 35.51%.

Insider Buying and Selling

In other news, Director Franky Minnifield sold 3,900 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $78.85, for a total value of $307,515.00. Following the completion of the sale, the director owned 8,320 shares in the company, valued at approximately $656,032. The trade was a 31.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.60% of the company’s stock.

Community Trust Bancorp 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.