The Manufacturers Life Insurance Company Buys Shares of 7,371 Community Trust Bancorp, Inc. $CTBI

The Manufacturers Life Insurance Company purchased a new position in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) during the second quarter, Holdings Channel reports. The institutional investor purchased 7,371 shares of the financial services provider’s stock, valued at approximately $533,000.

Several other institutional investors have also recently made changes to their positions in CTBI. Heartland Advisors Inc. purchased a new stake in Community Trust Bancorp in the second quarter worth about $11,882,000. Fifth Third Bancorp purchased a new position in Community Trust Bancorp during the 1st quarter valued at about $844,000. Lazard Asset Management LLC purchased a new position in Community Trust Bancorp during the 1st quarter valued at about $1,555,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Community Trust Bancorp in the 1st quarter valued at about $994,000. Finally, Janus Henderson Group PLC raised its holdings in shares of Community Trust Bancorp by 114.0% in the 1st quarter. Janus Henderson Group PLC now owns 192,413 shares of the financial services provider’s stock valued at $11,684,000 after purchasing an additional 102,488 shares in the last quarter. Hedge funds and other institutional investors own 60.20% of the company’s stock.

Community Trust Bancorp Stock Performance

CTBI stock opened at $77.76 on Monday. Community Trust Bancorp, Inc. has a one year low of $50.25 and a one year high of $79.92. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 13.03 and a beta of 0.52. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50-day simple moving average of $75.94 and a two-hundred day simple moving average of $68.48.

Community Trust Bancorp (NASDAQ:CTBI) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.12. The firm had revenue of $78.49 million for the quarter, compared to the consensus estimate of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.52%. On average, equities analysts forecast that Community Trust Bancorp, Inc. will post 6.41 EPS for the current fiscal year.

Community Trust Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.65 dividend. This is an increase from Community Trust Bancorp’s previous quarterly dividend of $0.53. This represents a $2.60 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Community Trust Bancorp’s dividend payout ratio is presently 35.51%.

Insider Activity

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CTBI shares. Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Piper Sandler boosted their price objective on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Raymond James Financial assumed coverage on Community Trust Bancorp in a report on Tuesday, September 1st. They set an “outperform” rating and a $82.00 target price for the company. Finally, Zacks Research cut Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. One 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.50.

Community Trust Bancorp Company 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.