Community Trust Bancorp, Inc. (CTBI) Upgraded by Zacks Investment Research to Buy
Community Trust Bancorp, Inc. (NASDAQ:CTBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $57.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.46% from the company’s previous close.
According to Zacks, “Community Trust Financial Services Corporation was incorporated under the laws for the purpose of becoming a bank holding company for Community Trust Bank. The Company is intended to facilitate the Bank’s ability to serve its customers’ requirements for financial services. The primary activity of the Company currently is, and is expected to remain for the foreseeable future, the ownership and operation of the Bank. “
Separately, BidaskClub cut shares of Community Trust Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $50.00.
Shares of Community Trust Bancorp (NASDAQ CTBI) traded down 1.78% on Monday, reaching $49.80. The company’s stock had a trading volume of 37,988 shares. Community Trust Bancorp has a 52-week low of $35.85 and a 52-week high of $51.35. The company has a market cap of $877.72 million, a PE ratio of 18.65 and a beta of 0.70. The firm has a 50 day moving average of $45.13 and a 200 day moving average of $43.84.
Community Trust Bancorp (NASDAQ:CTBI) last announced its earnings results on Wednesday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.06. The business had revenue of $47.17 million for the quarter, compared to the consensus estimate of $48.17 million. Community Trust Bancorp had a net margin of 29.18% and a return on equity of 10.64%. Analysts predict that Community Trust Bancorp will post $2.80 earnings per share for the current year.
In other news, Chairman Jean R. Hale sold 6,875 shares of Community Trust Bancorp stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $50.60, for a total transaction of $347,875.00. Following the completion of the transaction, the chairman now directly owns 126,397 shares of the company’s stock, valued at approximately $6,395,688.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.80% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its stake in Community Trust Bancorp by 1.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,987 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 163 shares during the last quarter. State Street Corp boosted its stake in Community Trust Bancorp by 4.0% during the 2nd quarter. State Street Corp now owns 298,264 shares of the financial services provider’s stock worth $13,047,000 after purchasing an additional 11,508 shares during the last quarter. Voya Investment Management LLC boosted its stake in Community Trust Bancorp by 6.0% during the 2nd quarter. Voya Investment Management LLC now owns 11,230 shares of the financial services provider’s stock worth $491,000 after purchasing an additional 637 shares during the last quarter. Bancorpsouth Inc. boosted its stake in Community Trust Bancorp by 8.1% during the 2nd quarter. Bancorpsouth Inc. now owns 10,147 shares of the financial services provider’s stock worth $443,000 after purchasing an additional 756 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Community Trust Bancorp by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 952,755 shares of the financial services provider’s stock worth $41,683,000 after purchasing an additional 50,341 shares during the last quarter. 56.72% of the stock is owned by institutional investors.
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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