Community Trust Bancorp, Inc. (NASDAQ:CTBI) Sees Large Decline in Short Interest

Community Trust Bancorp, Inc. (NASDAQ:CTBI) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 85,700 shares, a drop of 8.8% from the November 15th total of 94,000 shares. Currently, 0.5% of the company’s shares are short sold. Based on an average daily volume of 49,900 shares, the days-to-cover ratio is presently 1.7 days.

Community Trust Bancorp Price Performance

Shares of NASDAQ:CTBI traded down $0.75 during midday trading on Tuesday, hitting $57.61. The company’s stock had a trading volume of 27,496 shares, compared to its average volume of 49,933. Community Trust Bancorp has a 12-month low of $38.44 and a 12-month high of $61.67. The company has a market cap of $1.04 billion, a P/E ratio of 13.26 and a beta of 0.66. The business’s 50 day simple moving average is $55.66 and its 200 day simple moving average is $49.65. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.90.

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, topping analysts’ consensus estimates of $1.15 by $0.08. The company had revenue of $95.38 million for the quarter, compared to analyst estimates of $62.00 million. Community Trust Bancorp had a return on equity of 10.93% and a net margin of 21.64%. On average, analysts forecast that Community Trust Bancorp will post 4.56 EPS for the current year.

Community Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, December 13th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.26%. Community Trust Bancorp’s payout ratio is 42.73%.

Analysts Set New Price Targets

Several research analysts have weighed in on CTBI shares. Piper Sandler reiterated an “overweight” rating and issued a $64.00 price objective on shares of Community Trust Bancorp in a research note on Friday, November 8th. Raymond James raised Community Trust Bancorp from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Friday, October 18th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its holdings in Community Trust Bancorp by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,112 shares of the financial services provider’s stock worth $267,000 after purchasing an additional 234 shares during the last quarter. CWM LLC raised its holdings in Community Trust Bancorp by 12.2% in the third quarter. CWM LLC now owns 2,918 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 317 shares in the last quarter. ClariVest Asset Management LLC raised its holdings in shares of Community Trust Bancorp by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 15,913 shares of the financial services provider’s stock valued at $695,000 after purchasing an additional 445 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Community Trust Bancorp by 0.3% during the 2nd quarter. Renaissance Technologies LLC now owns 143,382 shares of the financial services provider’s stock valued at $6,260,000 after acquiring an additional 500 shares during the period. Finally, Innealta Capital LLC bought a new position in shares of Community Trust Bancorp during the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 60.20% of the company’s stock.

Community Trust Bancorp Company Profile

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.