Community Trust Bancorp (NASDAQ:CTBI) Upgraded by Raymond James to “Outperform”

Raymond James upgraded shares of Community Trust Bancorp (NASDAQ:CTBI) from a market perform rating to an outperform rating in a research note published on Friday, Marketbeat.com reports. They currently have $60.00 price target on the financial services provider’s stock.

Community Trust Bancorp Trading Up 1.9 %

Shares of CTBI stock opened at $52.48 on Friday. The business has a 50-day moving average price of $48.81 and a two-hundred day moving average price of $45.39. Community Trust Bancorp has a 12-month low of $35.52 and a 12-month high of $53.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The firm has a market cap of $947.26 million, a P/E ratio of 12.15 and a beta of 0.64.

Community Trust Bancorp (NASDAQ:CTBI) last released its earnings results on Wednesday, October 16th. The financial services provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.08. Community Trust Bancorp had a return on equity of 11.14% and a net margin of 21.85%. The company had revenue of $95.38 million during the quarter, compared to the consensus estimate of $62.00 million. Equities analysts anticipate that Community Trust Bancorp will post 4.39 EPS for the current fiscal year.

Community Trust Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Sunday, September 15th were issued a dividend of $0.47 per share. The ex-dividend date was Friday, September 13th. This represents a $1.88 annualized dividend and a dividend yield of 3.58%. This is a positive change from Community Trust Bancorp’s previous quarterly dividend of $0.46. Community Trust Bancorp’s dividend payout ratio (DPR) is currently 43.52%.

Insiders Place Their Bets

In related news, EVP David Andrew Jones acquired 10,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were purchased at an average price of $32.27 per share, for a total transaction of $322,700.00. Following the completion of the acquisition, the executive vice president now owns 10,000 shares in the company, valued at approximately $322,700. The purchase was disclosed in a filing with the SEC, which is available at this link. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CTBI. Innealta Capital LLC purchased a new position in shares of Community Trust Bancorp in the second quarter valued at about $37,000. EntryPoint Capital LLC purchased a new stake in Community Trust Bancorp in the 1st quarter worth approximately $78,000. CWM LLC grew its position in shares of Community Trust Bancorp by 1,932.0% in the 2nd quarter. CWM LLC now owns 2,601 shares of the financial services provider’s stock worth $114,000 after buying an additional 2,473 shares during the last quarter. EMC Capital Management purchased a new position in shares of Community Trust Bancorp during the first quarter valued at approximately $119,000. Finally, SG Americas Securities LLC raised its holdings in shares of Community Trust Bancorp by 26.9% during the first quarter. SG Americas Securities LLC now owns 3,161 shares of the financial services provider’s stock valued at $135,000 after acquiring an additional 671 shares in the last quarter. 60.20% of the stock is owned by hedge funds and other institutional investors.

About Community Trust Bancorp

Community Trust Bancorp, Inc operates as the bank holding company for Community Trust Bank, Inc that engages in the provision of commercial and personal banking, and trust and wealth management services to small and mid-sized communities in eastern, northeastern, central, and south-central Kentucky, as well as southern West Virginia, and northeastern Tennessee.