TIAA CREF Investment Management LLC lessened its stake in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 0.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,048 shares of the financial services provider’s stock after selling 321 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.26% of Community Trust Bancorp worth $1,971,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Teachers Advisors LLC grew its holdings in shares of Community Trust Bancorp by 6.3% during the second quarter. Teachers Advisors LLC now owns 29,063 shares of the financial services provider’s stock worth $1,272,000 after purchasing an additional 1,732 shares in the last quarter. Summit Global Investments grew its holdings in shares of Community Trust Bancorp by 9.7% during the second quarter. Summit Global Investments now owns 11,300 shares of the financial services provider’s stock worth $494,000 after purchasing an additional 1,000 shares in the last quarter. Martingale Asset Management L P grew its holdings in shares of Community Trust Bancorp by 2.1% during the second quarter. Martingale Asset Management L P now owns 96,878 shares of the financial services provider’s stock worth $4,239,000 after purchasing an additional 2,001 shares in the last quarter. Systematic Financial Management LP purchased a new position in shares of Community Trust Bancorp during the second quarter worth about $1,255,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Community Trust Bancorp by 0.7% during the second quarter. Wells Fargo & Company MN now owns 14,414 shares of the financial services provider’s stock worth $630,000 after purchasing an additional 100 shares in the last quarter. 56.80% of the stock is owned by institutional investors and hedge funds.
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Community Trust Bancorp (NASDAQ:CTBI) last released its earnings results on Wednesday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.06. Community Trust Bancorp had a return on equity of 9.54% and a net margin of 24.15%. The firm had revenue of $47.17 million during the quarter, compared to analysts’ expectations of $48.17 million.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 15th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, December 14th. Community Trust Bancorp’s dividend payout ratio is currently 48.18%.
In related news, Chairman Jean R. Hale sold 6,875 shares of the stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $50.60, for a total transaction of $347,875.00. Following the completion of the sale, the chairman now owns 126,397 shares in the company, valued at $6,395,688.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Franky Minnifield sold 4,183 shares of the stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $50.26, for a total value of $210,237.58. Following the sale, the director now owns 5,075 shares of the company’s stock, valued at approximately $255,069.50. The disclosure for this sale can be found here. Insiders have sold 11,599 shares of company stock valued at $584,862 in the last quarter. 4.80% of the stock is currently owned by company insiders.
Several research analysts have recently commented on the company. Zacks Investment Research raised Community Trust Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Monday, October 23rd. BidaskClub lowered Community Trust Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. Community Trust Bancorp has a consensus rating of “Hold” and an average target price of $50.00.
About Community Trust Bancorp
Community Trust Bancorp, Inc is a bank holding company. The Company holds interests in a commercial bank, Community Trust Bank, Inc (the Bank), and a trust company, Community Trust and Investment Company. Through its subsidiaries, the Company engages in a range of commercial and personal banking, and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes, and providing funds transfer services.
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