Community Trust Bancorp, Inc. (NASDAQ:CTBI) to Issue Quarterly Dividend of $0.33
Community Trust Bancorp, Inc. (NASDAQ:CTBI) declared a quarterly dividend on Wednesday, July 26th, Wall Street Journal reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.33 per share by the financial services provider on Sunday, October 1st. This represents a $1.32 annualized dividend and a yield of 3.02%. The ex-dividend date is Thursday, September 14th. This is an increase from Community Trust Bancorp’s previous quarterly dividend of $0.32.
Community Trust Bancorp has decreased its dividend by an average of 0.4% per year over the last three years and has raised its dividend every year for the last 36 years. Community Trust Bancorp has a payout ratio of 46.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Community Trust Bancorp to earn $3.01 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 42.5%.
Community Trust Bancorp (NASDAQ:CTBI) traded down 0.80% on Wednesday, reaching $43.30. 16,047 shares of the company’s stock traded hands. Community Trust Bancorp has a 12-month low of $34.43 and a 12-month high of $51.35. The stock has a 50 day moving average price of $43.46 and a 200 day moving average price of $44.89. The stock has a market cap of $763.16 million, a price-to-earnings ratio of 16.22 and a beta of 0.69.
Community Trust Bancorp (NASDAQ:CTBI) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by $0.03. Community Trust Bancorp had a net margin of 23.68% and a return on equity of 9.35%. The firm had revenue of $46.55 million during the quarter, compared to analyst estimates of $46.70 million. Analysts forecast that Community Trust Bancorp will post $2.74 EPS for the current year.
CTBI has been the subject of several analyst reports. Zacks Investment Research cut shares of Community Trust Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. Hilliard Lyons upgraded shares of Community Trust Bancorp from an “underperform” rating to a “neutral” rating and decreased their target price for the company from $44.00 to $43.00 in a research note on Friday, April 21st. ValuEngine upgraded shares of Community Trust Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 3rd. Sandler O’Neill upgraded shares of Community Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, March 29th. Finally, BidaskClub cut shares of Community Trust Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Community Trust Bancorp has a consensus rating of “Hold” and a consensus price target of $46.00.
In other Community Trust Bancorp news, EVP Mark A. Gooch sold 5,500 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $44.79, for a total transaction of $246,345.00. Following the completion of the transaction, the executive vice president now directly owns 21,206 shares in the company, valued at $949,816.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andy D. Waters sold 824 shares of the company’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $42.35, for a total transaction of $34,896.40. Following the transaction, the insider now owns 1,268 shares of the company’s stock, valued at $53,699.80. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company’s stock.
Community Trust Bancorp Company Profile
Community Trust Bancorp, Inc is a bank holding company. The Company holds interests in a commercial bank, Community Trust Bank, Inc (the Bank), and a trust company, Community Trust and Investment Company. Through its subsidiaries, the Company engages in a range of commercial and personal banking, and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes, and providing funds transfer services.
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