Raymond James Financial Upgrades Community Trust Bancorp (NASDAQ:CTBI) to “Moderate Buy”

Community Trust Bancorp (NASDAQ:CTBI) was upgraded by equities researchers at Raymond James Financial from an “outperform” rating to a “moderate buy” rating in a report issued on Tuesday, MarketBeat Ratings reports.

CTBI has been the subject of several other reports. Piper Sandler boosted their target price on Community Trust Bancorp from $76.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Zacks Research downgraded Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. One 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. Based on data from MarketBeat.com, Community Trust Bancorp has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Community Trust Bancorp Stock Up 1.8%

CTBI opened at $77.06 on Tuesday. The company has a fifty day moving average price of $75.71 and a 200-day moving average price of $68.29. The firm has a market capitalization of $1.40 billion, a P/E ratio of 12.91 and a beta of 0.52. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. Community Trust Bancorp has a one year low of $50.25 and a one year high of $79.92.

Community Trust Bancorp (NASDAQ:CTBI) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.12. Community Trust Bancorp had a net margin of 25.55% and a return on equity of 12.52%. The firm had revenue of $78.49 million for the quarter, compared to analysts’ expectations of $76.85 million. Equities research analysts expect that Community Trust Bancorp will post 6.41 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Franky Minnifield sold 3,900 shares of the company’s stock in a transaction on Friday, August 14th. The shares were 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 in the company, valued at approximately $656,032. The trade was a 31.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Community Trust Bancorp

Several hedge funds have recently added to or reduced their stakes in CTBI. Garton & Associates Financial Advisors LLC purchased a new position in shares of Community Trust Bancorp in the 4th quarter worth about $30,000. Quantbot Technologies LP purchased a new position in shares of Community Trust Bancorp during the 2nd quarter valued at about $40,000. Quadrant Capital Group LLC purchased a new position in shares of Community Trust Bancorp during the 3rd quarter valued at about $86,000. Russell Investments Group Ltd. lifted its position in Community Trust Bancorp by 478.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,650 shares of the financial services provider’s stock worth $92,000 after buying an additional 1,365 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Community Trust Bancorp in the first quarter worth approximately $86,000. 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.