Community Trust Bancorp (NASDAQ:CTBI) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Community Trust Bancorp (NASDAQ:CTBI) issued its quarterly earnings results on Wednesday. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08, FiscalAI reports. Community Trust Bancorp had a return on equity of 11.73% and a net margin of 23.24%.The business had revenue of $74.72 million during the quarter, compared to analysts’ expectations of $73.15 million.

Community Trust Bancorp Price Performance

Community Trust Bancorp stock traded up $3.53 during midday trading on Wednesday, reaching $62.51. 24,312 shares of the stock were exchanged, compared to its average volume of 66,142. The company’s fifty day moving average is $57.29 and its 200-day moving average is $55.98. The firm has a market cap of $1.13 billion, a PE ratio of 12.07 and a beta of 0.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 0.93. Community Trust Bancorp has a 52 week low of $44.60 and a 52 week high of $62.61.

Community Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a $0.53 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.12 annualized dividend and a yield of 3.4%. Community Trust Bancorp’s dividend payout ratio (DPR) is 41.01%.

Hedge Funds Weigh In On Community Trust Bancorp

A number of large investors have recently modified their holdings of CTBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Community Trust Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,122 shares of the financial services provider’s stock valued at $459,000 after purchasing an additional 381 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Community Trust Bancorp by 116.4% during the 1st quarter. Millennium Management LLC now owns 100,651 shares of the financial services provider’s stock worth $5,069,000 after acquiring an additional 54,130 shares during the period. Jane Street Group LLC grew its holdings in shares of Community Trust Bancorp by 158.5% during the 1st quarter. Jane Street Group LLC now owns 28,493 shares of the financial services provider’s stock worth $1,435,000 after acquiring an additional 17,470 shares during the period. Strs Ohio bought a new position in shares of Community Trust Bancorp in the 1st quarter worth approximately $86,000. Finally, Rhumbline Advisers lifted its stake in shares of Community Trust Bancorp by 4.5% in the 2nd quarter. Rhumbline Advisers now owns 24,696 shares of the financial services provider’s stock valued at $1,307,000 after purchasing an additional 1,074 shares during the period. 60.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CTBI. Weiss Ratings restated a “buy (b)” rating on shares of Community Trust Bancorp in a report on Monday, December 29th. Raymond James Financial set a $61.00 price target on shares of Community Trust Bancorp in a research note on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Community Trust Bancorp currently has a consensus rating of “Buy” and an average price target of $63.50.

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.