Community Trust Bancorp, Inc. (NASDAQ:CTBI) Short Interest Update

Community Trust Bancorp, Inc. (NASDAQ:CTBI) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 115,000 shares, a decline of 13.6% from the March 15th total of 133,100 shares. Currently, 0.7% of the shares of the company are sold short. Based on an average daily trading volume, of 48,400 shares, the short-interest ratio is presently 2.4 days.

Insider Activity

In related news, CEO Mark A. Gooch acquired 856 shares of Community Trust Bancorp stock in a transaction that occurred on Wednesday, January 24th. The stock was acquired at an average price of $41.68 per share, with a total value of $35,678.08. Following the completion of the acquisition, the chief executive officer now directly owns 27,191 shares of the company’s stock, valued at approximately $1,133,320.88. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Community Trust Bancorp news, Director Franky Minnifield purchased 2,000 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were purchased at an average price of $39.28 per share, for a total transaction of $78,560.00. Following the completion of the transaction, the director now owns 14,401 shares in the company, valued at approximately $565,671.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark A. Gooch bought 856 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was bought at an average price of $41.68 per share, for a total transaction of $35,678.08. Following the completion of the acquisition, the chief executive officer now directly owns 27,191 shares in the company, valued at $1,133,320.88. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 5,117 shares of company stock valued at $207,283. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Community Trust Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of CTBI. Point72 Asset Management L.P. bought a new position in Community Trust Bancorp in the 2nd quarter valued at $26,000. Parallel Advisors LLC grew its holdings in Community Trust Bancorp by 77.8% during the fourth quarter. Parallel Advisors LLC now owns 704 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 308 shares during the period. Money Concepts Capital Corp acquired a new position in shares of Community Trust Bancorp in the 4th quarter valued at $32,000. Royal Bank of Canada increased its holdings in shares of Community Trust Bancorp by 84.9% in the second quarter. Royal Bank of Canada now owns 1,622 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 745 shares in the last quarter. Finally, Ensign Peak Advisors Inc acquired a new stake in Community Trust Bancorp during the 3rd quarter worth approximately $60,000. Institutional investors own 60.20% of the company’s stock.

Community Trust Bancorp Stock Performance

CTBI traded down $0.42 during midday trading on Tuesday, reaching $39.49. The company’s stock had a trading volume of 30,004 shares, compared to its average volume of 48,110. Community Trust Bancorp has a twelve month low of $32.68 and a twelve month high of $45.74. The company has a fifty day simple moving average of $40.40 and a 200 day simple moving average of $40.24. The stock has a market cap of $711.61 million, a P/E ratio of 9.08 and a beta of 0.68. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10.

Community Trust Bancorp (NASDAQ:CTBI) last issued its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.04). The firm had revenue of $57.00 million for the quarter, compared to the consensus estimate of $58.00 million. Community Trust Bancorp had a net margin of 23.91% and a return on equity of 11.68%. Research analysts expect that Community Trust Bancorp will post 4.09 earnings per share for the current year.

Community Trust Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Community Trust Bancorp’s previous quarterly dividend of $0.40. Community Trust Bancorp’s dividend payout ratio is 42.30%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CTBI. Janney Montgomery Scott started coverage on shares of Community Trust Bancorp in a research note on Wednesday, March 27th. They set a “buy” rating and a $49.00 target price on the stock. Piper Sandler assumed coverage on Community Trust Bancorp in a research report on Friday, February 16th. They issued an “overweight” rating and a $47.00 price target for the company.

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.