In a recent move, Franky Minnifield, a board member of Community Trust Bancorp Inc. (NASDAQ:CTBI), has increased his stake in the company with the purchase of additional shares. The transactions, which were reported in a regulatory filing, show Minnifield bought a total of $84,204 worth of stock, at prices ranging from $39.2799 to $43.84 per share.
The purchase, which took place over two separate occasions, demonstrates a bolstering of Minnifield's investment in the bank holding company. The first acquisition occurred on January 2, 2024, with a modest 128.76 shares bought at the higher end of the price spectrum, $43.84 each. A more significant transaction followed on March 15, 2024, with 2,000 shares acquired at $39.2799 per share, contributing the bulk of the investment.
Following these purchases, Minnifield's ownership of Community Trust Bancorp's common stock has increased to 14,400.729 shares. These transactions indicate a vote of confidence from the executive in the company's future prospects.
Community Trust Bancorp Inc., based in Kentucky, operates as a commercial bank within the financial sector and is known for providing a range of banking services. The company's stock is traded on the NASDAQ under the ticker symbol CTBI.
Investors often keep a close eye on insider transactions as they can provide insights into the executive's view of the company's value and potential. Minnifield's role on the board and recent stock purchase may be perceived as a positive signal in the market.
InvestingPro Insights
Community Trust Bancorp Inc. (NASDAQ:CTBI) has recently seen notable insider activity, with board member Franky Minnifield increasing his stake in the company. This move aligns with the company's strong history of dividend reliability, as highlighted by InvestingPro Tips. Notably, CTBI has raised its dividend for 29 consecutive years and has maintained dividend payments for 37 consecutive years. These actions underscore the company's commitment to shareholder returns.
Looking at the company's financial health through InvestingPro Data, CTBI's market capitalization stands at 713.27 million USD, with a price-to-earnings (P/E) ratio of 9.07. The company's revenue for the last twelve months as of Q4 2023 was 221.32 million USD, showing a modest growth of 0.94%. Additionally, the dividend yield as of March 2024 is an attractive 4.72%, which may appeal to income-focused investors.
The insider purchases by Minnifield could be interpreted as aligning with the company's solid fundamentals and commitment to shareholder value. Investors interested in a deeper analysis of CTBI, including additional InvestingPro Tips, can access them on the platform. There are a total of 4 additional tips available to help investors make informed decisions. Moreover, users can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As Minnifield's recent actions may suggest optimism about the company's future, investors should consider both the insider's confidence and the company's strong dividend history when evaluating CTBI's prospects.
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