Community Trust Bancorp Inc. (NASDAQ:CTBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

According to Zacks, “Community Trust Financial Services Corporation was incorporated under the laws for the purpose of becoming a bank holding company for Community Trust Bank. The Company is intended to facilitate the Bank’s ability to serve its customers’ requirements for financial services. The primary activity of the Company currently is, and is expected to remain for the foreseeable future, the ownership and operation of the Bank. “

Shares of Community Trust Bancorp (NASDAQ:CTBI) opened at 36.60 on Monday. The company’s 50-day moving average price is $36.30 and its 200-day moving average price is $35.53. Community Trust Bancorp has a 12 month low of $30.89 and a 12 month high of $37.49. The company has a market cap of $641.60 million, a P/E ratio of 13.86 and a beta of 0.80.

Community Trust Bancorp (NASDAQ:CTBI) last released its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $0.66 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.02. Community Trust Bancorp had a return on equity of 9.61% and a net margin of 24.13%. Equities analysts forecast that Community Trust Bancorp will post $2.70 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.28 dividend on an annualized basis and a yield of 3.50%. This is a positive change from Community Trust Bancorp’s previous quarterly dividend of $0.31. Community Trust Bancorp’s payout ratio is 48.49%.

In other Community Trust Bancorp news, insider Larry W. Jones sold 5,561 shares of the business’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $36.88, for a total transaction of $205,089.68. Following the transaction, the insider now owns 12,582 shares of the company’s stock, valued at $464,024.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark A. Gooch sold 9,532 shares of the business’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $37.19, for a total value of $354,495.08. Following the transaction, the executive vice president now directly owns 19,585 shares in the company, valued at approximately $728,366.15. The disclosure for this sale can be found here. Company insiders own 5.10% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its position in shares of Community Trust Bancorp by 8.3% in the second quarter. Teacher Retirement System of Texas now owns 3,539 shares of the financial services provider’s stock valued at $123,000 after buying an additional 271 shares during the period. BlackRock Inc. raised its position in shares of Community Trust Bancorp by 195.5% in the second quarter. BlackRock Inc. now owns 3,989 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,639 shares during the period. Huntington Asset Advisors Inc. acquired a new position in shares of Community Trust Bancorp during the first quarter valued at approximately $155,000. Advisor Group Inc. acquired a new position in shares of Community Trust Bancorp during the second quarter valued at approximately $202,000. Finally, Private Trust Co. NA acquired a new position in shares of Community Trust Bancorp during the first quarter valued at approximately $265,000. 53.44% of the stock is currently owned by institutional investors.

About Community Trust Bancorp

Community Trust Bancorp, Inc (CTBI) is a bank holding company. The Company operates in the community banking services segment. The Company owns a commercial bank and a trust company, serving small and mid-sized communities in eastern, northeastern, central and south central Kentucky; southern West Virginia, and northeastern Tennessee.

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