Community Trust Bancorp (NASDAQ:CTBI) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Community Trust Bancorp, Inc. (NASDAQ:CTBI) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $64.80 and traded as high as $75.15. Community Trust Bancorp shares last traded at $74.19, with a volume of 91,788 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently weighed in on CTBI. 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. Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 18th. Piper Sandler boosted their price target on shares of Community Trust Bancorp from $76.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $82.00 price objective on shares of Community Trust Bancorp in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Community Trust Bancorp Stock Down 1.3%

The firm has a market cap of $1.35 billion, a PE ratio of 12.43 and a beta of 0.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92. The firm’s 50-day moving average price is $69.84 and its two-hundred day moving average price is $64.80.

Community Trust Bancorp (NASDAQ:CTBI) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.12. The business had revenue of $78.49 million during the quarter, compared to analysts’ expectations of $76.85 million. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.66%. As a group, equities research analysts expect that Community Trust Bancorp, Inc. will post 6.41 EPS for the current fiscal year.

Community Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.12 dividend on an annualized basis and a yield of 2.9%. Community Trust Bancorp’s payout ratio is 35.51%.

Hedge Funds Weigh In On Community Trust Bancorp

Hedge funds have recently made changes to their positions in the company. Assetmark Inc. acquired a new stake in shares of Community Trust Bancorp during the fourth quarter worth about $27,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Community Trust Bancorp in the 4th quarter valued at about $30,000. Quadrant Capital Group LLC purchased a new position in Community Trust Bancorp during the 3rd quarter worth approximately $86,000. Strs Ohio acquired a new position in Community Trust Bancorp during the first quarter worth approximately $86,000. Finally, Russell Investments Group Ltd. lifted its stake in Community Trust Bancorp by 478.9% in the third quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider’s stock valued at $92,000 after buying an additional 1,365 shares during the last quarter. Hedge funds and other institutional investors own 60.20% of the company’s stock.

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.