Merit Financial Group LLC Boosts Stake in Community Trust Bancorp, Inc. (NASDAQ:CTBI)

Merit Financial Group LLC raised its holdings in shares of Community Trust Bancorp, Inc. (NASDAQ:CTBI) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,217 shares of the financial services provider’s stock after buying an additional 462 shares during the period. Merit Financial Group LLC’s holdings in Community Trust Bancorp were worth $277,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CTBI. AQR Capital Management LLC lifted its stake in shares of Community Trust Bancorp by 37.8% during the 2nd quarter. AQR Capital Management LLC now owns 188,707 shares of the financial services provider’s stock worth $8,239,000 after acquiring an additional 51,765 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Community Trust Bancorp by 34.9% in the third quarter. JPMorgan Chase & Co. now owns 95,233 shares of the financial services provider’s stock worth $4,729,000 after purchasing an additional 24,622 shares during the period. Clifford Capital Partners LLC boosted its stake in shares of Community Trust Bancorp by 7.8% during the second quarter. Clifford Capital Partners LLC now owns 324,515 shares of the financial services provider’s stock valued at $14,168,000 after purchasing an additional 23,564 shares during the period. Bank of Montreal Can bought a new position in shares of Community Trust Bancorp in the second quarter worth about $764,000. Finally, Barclays PLC increased its stake in Community Trust Bancorp by 45.8% in the 3rd quarter. Barclays PLC now owns 50,376 shares of the financial services provider’s stock worth $2,502,000 after buying an additional 15,832 shares during the period. Institutional investors own 60.20% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Community Trust Bancorp Stock Performance

CTBI stock opened at $53.83 on Friday. Community Trust Bancorp, Inc. has a 1-year low of $38.44 and a 1-year high of $61.67. The business has a 50-day moving average price of $55.52 and a 200 day moving average price of $51.90. The company has a market capitalization of $972.17 million, a P/E ratio of 11.68 and a beta of 0.67. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.90 and a quick ratio of 0.90.

Community Trust Bancorp (NASDAQ:CTBI) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05. Community Trust Bancorp had a net margin of 22.02% and a return on equity of 11.36%. During the same period last year, the company posted $1.04 earnings per share. As a group, equities research analysts forecast that Community Trust Bancorp, Inc. will post 5.06 EPS for the current fiscal year.

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.