PIKEVILLE, Ky. - Community Trust Bancorp , Inc. (NASDAQ:CTBI) announced today that its Board of Directors has approved an increase in the company's quarterly cash dividend. The dividend will rise to $0.47 per share, up from the current rate, with the next payment scheduled for October 1, 2024, to shareholders on record as of September 15, 2024. This marks a 2.2% increase in the quarterly cash dividend and extends the company's history of consecutive annual dividend increases to 44 years.
Mark A. Gooch, Chairman, President, and CEO of Community Trust Bancorp, expressed satisfaction in continuing the trend of increasing dividends, signaling a positive gesture toward the company's shareholders. "We are pleased to have increased the cash dividend to our shareholders for the 44th consecutive year," Gooch stated.
Community Trust Bancorp, Inc., a financial holding company with $5.8 billion in assets, operates primarily in Kentucky, West Virginia, and Tennessee. Its network includes 72 banking locations across multiple regions in Kentucky, six in southern West Virginia, and three in northeastern Tennessee. Additionally, the company has four trust offices located in Kentucky and one in Tennessee.
The increase in dividends reflects the company's financial health and commitment to providing value to its shareholders. It is a significant announcement for investors, as a rising dividend can be a sign of a company's confidence in its financial stability and future earnings prospects.
The information for this report is based solely on a press release statement from Community Trust Bancorp, Inc.
In other recent news, Citi Trends, Inc. experienced a notable dip in its share price following the release of its Q1 results, which showed a larger loss than expected and a revenue miss.
The company reported an adjusted loss per share of -$0.32, falling short of the consensus estimate by $0.09, and revenue of $186.3 million, also below the projected $187.38 million. Despite these figures, the company did see a 3.7% increase in total sales compared to the first quarter of the previous year, and an improved gross margin of 38.7%, up from 36.7%.
Citi Trends' balance sheet remains strong, with $58.2 million in cash and no debt at the end of the quarter. The company also continued its store optimization strategy, closing 3 stores and remodeling 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. Gross margin is anticipated to expand by approximately 75 to 100 basis points, and SG&A expenses are projected to increase by about 1.5% to 2.5%. 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.
InvestingPro Insights
Community Trust Bancorp, Inc. (NASDAQ:CTBI) has demonstrated a strong commitment to its shareholders with a recent increase in its quarterly cash dividend, marking a notable milestone of 44 consecutive years of dividend growth.
This commitment is further evidenced by the company's impressive track record, as highlighted by InvestingPro Tips, which reveal that CTBI has not only raised its dividend for 29 consecutive years but also maintained dividend payments for 37 consecutive years. Such consistency is a testament to the company's financial discipline and strategic focus on delivering shareholder value.
In terms of performance, CTBI has been trading near its 52-week high, with robust returns over the last month, three months, and even six months, as indicated by a 21.75% one-month price total return and a 23.72% six-month price total return.
This performance aligns with the company's solid financial metrics, which include a P/E ratio of 11.77 and a dividend yield of 3.68%, based on the latest InvestingPro Data. The company's revenue growth, albeit modest at 0.17% over the last twelve months as of Q2 2024, is complemented by a stronger quarterly revenue growth of 5.77% for the same period.
For investors seeking more detailed analysis and additional insights, InvestingPro offers a range of tips, including two analysts who have revised their earnings upwards for the upcoming period, suggesting potential optimism in the company's earnings trajectory.
Moreover, the platform's fair value estimate for CTBI stands at 61.38 USD, indicating potential upside from the previous close price of 49.94 USD. For those interested in exploring these insights further, InvestingPro provides additional tips to help users make informed investment decisions. To access these valuable resources and enhance your investment strategy, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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