Community Trust Bancorp (NASDAQ:CTBI) Shares Gap Down After Earnings Miss

Community Trust Bancorp, Inc. (NASDAQ:CTBI) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $75.30, but opened at $71.87. Community Trust Bancorp shares last traded at $69.2080, with a volume of 18,608 shares traded.

The financial services provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.22). The company had revenue of $79.70 million for the quarter, compared to the consensus estimate of $80.20 million. Community Trust Bancorp had a return on equity of 12.52% and a net margin of 25.55%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CTBI. Piper Sandler increased their price target on Community Trust Bancorp from $76.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Raymond James Financial began coverage on Community Trust Bancorp in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $82.00 price objective on the stock. Finally, Weiss Ratings raised Community Trust Bancorp from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, October 8th. One research 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.50.

Insider Buying and Selling at Community Trust Bancorp

In other news, Director Franky Minnifield sold 3,900 shares of Community Trust Bancorp stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $78.85, for a total value of $307,515.00. Following the completion of the transaction, the director directly owned 8,320 shares of the company’s stock, valued at approximately $656,032. This trade represents a 31.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Community Trust Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in CTBI. Integrated Wealth Concepts LLC acquired a new stake in Community Trust Bancorp during the second quarter worth approximately $37,000. Quantbot Technologies LP bought a new stake in Community Trust Bancorp in the second quarter worth approximately $40,000. USA Financial Formulas bought a new stake in Community Trust Bancorp in the third quarter worth approximately $71,000. Nisa Investment Advisors LLC lifted its stake in Community Trust Bancorp by 36.3% in the third quarter. Nisa Investment Advisors LLC now owns 1,359 shares of the financial services provider’s stock valued at $102,000 after buying an additional 362 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in Community Trust Bancorp by 8.5% in the third quarter. Farther Finance Advisors LLC now owns 1,819 shares of the financial services provider’s stock valued at $135,000 after buying an additional 142 shares during the period. Institutional investors own 60.20% of the company’s stock.

Community Trust Bancorp Stock Performance

The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.60 and a beta of 0.54. The company has a 50 day simple moving average of $76.14 and a 200-day simple moving average of $71.87. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

Community Trust Bancorp Company Profile

Community Trust Bancorp, Inc is a bank holding company headquartered in Pikeville, Kentucky. Through its principal subsidiary, Community Trust Bank, the company provides banking and financial services to individuals, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, consumer and mortgage loans, commercial lending, agricultural financing and other credit products. Community Trust also offers trust and wealth-management services, investment products, insurance and digital banking tools.

Community Trust Bank traces its history to 1903 and has developed a regional banking network serving communities primarily throughout eastern and central Kentucky, as well as portions of southern West Virginia.