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

Community Trust Bancorp, Inc. (NASDAQ:CTBI)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $51.01 and traded as high as $51.32. Community Trust Bancorp shares last traded at $51.11, with a volume of 73,972 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CTBI. Raymond James raised shares of Community Trust Bancorp from a “market perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Friday, October 18th. Piper Sandler restated an “overweight” rating and set a $64.00 target price on shares of Community Trust Bancorp in a research report on Friday, November 8th.

Community Trust Bancorp Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The firm’s fifty day moving average is $56.48 and its 200 day moving average is $51.01. The company has a market cap of $922.94 million, a PE ratio of 11.62 and a beta of 0.67.

Community Trust Bancorp (NASDAQ:CTBI) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.08. Community Trust Bancorp had a net margin of 21.64% and a return on equity of 10.93%. The firm had revenue of $95.38 million for the quarter, compared to analyst estimates of $62.00 million. As a group, research analysts predict that Community Trust Bancorp, Inc. will post 4.56 EPS for the current fiscal year.

Community Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Sunday, December 15th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 3.68%. The ex-dividend date was Friday, December 13th. Community Trust Bancorp’s dividend payout ratio is currently 42.73%.

Institutional Investors Weigh In On Community Trust Bancorp

A number of large investors have recently modified their holdings of CTBI. JPMorgan Chase & Co. boosted its position in Community Trust Bancorp by 34.9% during the third quarter. JPMorgan Chase & Co. now owns 95,233 shares of the financial services provider’s stock worth $4,729,000 after acquiring an additional 24,622 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Community Trust Bancorp by 9.7% during the 3rd quarter. Franklin Resources Inc. now owns 10,044 shares of the financial services provider’s stock worth $503,000 after purchasing an additional 889 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Community Trust Bancorp by 1.7% in the third quarter. Geode Capital Management LLC now owns 373,158 shares of the financial services provider’s stock valued at $18,534,000 after purchasing an additional 6,238 shares in the last quarter. Barclays PLC increased its holdings in shares of Community Trust Bancorp by 45.8% in the third quarter. Barclays PLC now owns 50,376 shares of the financial services provider’s stock valued at $2,502,000 after purchasing an additional 15,832 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new position in Community Trust Bancorp during the third quarter worth $786,000. Hedge funds and other institutional investors own 60.20% of the company’s stock.

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.