Community Trust Bancorp, Inc. (CTBI) to Issue Quarterly Dividend of $0.65 on October 1st

Community Trust Bancorp, Inc. (NASDAQ:CTBI) announced a quarterly dividend on Sunday, July 19th. Investors of record on Tuesday, September 15th will be paid a dividend of 0.65 per share by the financial services provider on Thursday, October 1st. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. This is a 22.6% increase from Community Trust Bancorp’s previous quarterly dividend of $0.53.

Community Trust Bancorp has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 44 consecutive years. Community Trust Bancorp has a payout ratio of 48.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Community Trust Bancorp to earn $6.50 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 40.0%.

Community Trust Bancorp Stock Performance

CTBI traded up $0.30 on Friday, reaching $77.67. The company had a trading volume of 84,981 shares, compared to its average volume of 90,048. 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 has a 1 year low of $50.25 and a 1 year high of $79.92. The stock has a market capitalization of $1.41 billion, a PE ratio of 13.01 and a beta of 0.52. The stock has a 50-day moving average price of $76.38 and a 200-day moving average price of $68.93.

Community Trust Bancorp (NASDAQ:CTBI) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.12. Community Trust Bancorp had a return on equity of 12.52% and a net margin of 25.55%.The company had revenue of $78.49 million for the quarter, compared to analyst estimates of $76.85 million. As a group, research analysts forecast that Community Trust Bancorp will post 6.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CTBI shares. Zacks Research downgraded Community Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Piper Sandler increased their price objective on Community Trust Bancorp from $76.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Weiss Ratings upgraded shares of Community Trust Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Finally, Raymond James Financial assumed coverage on shares of Community Trust Bancorp in a report on Tuesday, September 1st. They issued an “outperform” rating and a $82.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.50.

About Community Trust Bancorp

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, governmental entities and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards, online and mobile banking, treasury management and other deposit services.