Community Trust Bancorp (NASDAQ:CTBI) has reached a new 52-week high, with its stock price soaring to $51.04. This milestone reflects the company's strong performance over the past year, which has seen a significant uptick in its market value. The 52-week high of $51.04 marks a notable achievement for the company, demonstrating its resilience and growth potential in a challenging economic environment. Over the past year, Community Trust Bancorp has seen a substantial increase in its value, with a 1-year change of 37.03%. This impressive growth rate underscores the company's robust financial health and its ability to deliver solid returns to its shareholders.
In other recent news, Citi Trends reported a wider-than-expected loss for its first quarter, with an adjusted loss per share of -$0.32, falling short of the consensus estimate by $0.09. The company's revenue for the quarter was $186.3 million, also missing the analyst projection of $187.38 million. Despite this, the specialty value retailer saw a 3.7% increase in total sales compared to the first quarter of the previous year, with comparable store sales growing by 3.1%. The company's gross margin improved to 38.7%, up from 36.7% as reported in the first quarter of 2023.
Citi Trends' balance sheet remains robust, with $58.2 million in cash and no debt at the end of the quarter. As part of its store optimization strategy, the company closed 3 stores and remodeled 20, with an additional 15 remodels since the end of the first quarter. Looking ahead, Citi Trends reiterated its full-year 2024 EBITDA outlook, expecting it to be in the range of $4 million to $10 million.
However, the company slightly lowered its forecast for comparable store sales growth to low to mid-single digits, which is below the previous outlook. The company plans to open up to 5 new stores, remodel around 40 stores, and close 10 to 15 underperforming stores, aiming to end the fiscal year with approximately 595 stores. These are some of the recent developments at Citi Trends.
InvestingPro Insights
As Community Trust Bancorp (CTBI) celebrates its new 52-week high, a glance at the real-time data from InvestingPro provides additional insights into the company's financial health and future prospects. With a market capitalization of $919.33 million and a price-to-earnings (P/E) ratio of 11.73, CTBI demonstrates a balance of size and valuation that may appeal to investors looking for stable equity in the financial sector. Notably, the company's commitment to shareholder returns is evident with a dividend yield of 3.63%, complemented by a history of raising its dividend for 29 consecutive years, a testament to its financial discipline and long-term strategy.
InvestingPro Tips further enrich the narrative. Analysts have a positive outlook, with two of them revising their earnings upwards for the upcoming period, suggesting confidence in CTBI's operational performance. Moreover, the company is not just trading near its 52-week high but is also predicted to remain profitable this year, which could be an indicator of sustained momentum. For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available, providing deeper insights into CTBI's market performance and future outlook. For access to these valuable tips, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
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