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Investing.com - Raymond (NSE:RYMD) James raised its price target on Community Trust Bancorp (NASDAQ:CTBI) to $63.00 from $58.00 on Thursday, while maintaining an Outperform rating on the stock. The $1.01 billion market cap regional bank, which trades at an attractive P/E of 10.6x, appears undervalued according to InvestingPro analysis.
The investment firm cited strong core trends in Community Trust Bancorp’s second-quarter results, including a wider net interest margin (NIM) supported by securities repricing, loan growth that exceeded projections, and healthy credit metrics.
Raymond James noted that while operating expenses were pressured and trending higher due to personnel costs, and loan paydowns created some volatility relative to origination activity, the firm’s earnings per share forecasts improved based on the stronger NIM path and lower credit metrics.
The investment firm expressed confidence in Community Trust Bancorp’s expectations for strong profitability, solid growth, and credit quality through the economic cycle.
Raymond James concluded that the risk-reward dynamics remain compelling for Community Trust Bancorp shares, which are currently trading at a discount to peers.
In other recent news, Community Trust Bancorp announced several changes to its board of directors. The company appointed David L. Baird to the board, highlighting his extensive legal experience and previous board roles as valuable assets. Additionally, Franklin H. Farris, Jr. retired from the board after reaching the mandatory retirement age, reducing the number of board members from ten to nine. Following Farris’ departure, Eugenia Crittenden “Crit” Luallen was appointed as the new Chairman of the Audit and Asset Quality Committee. Luallen, who is also the Vice Chairman and lead independent director, meets the financial expert and independence requirements set by Nasdaq. These developments were disclosed in a press release and SEC filing. Community Trust Bancorp operates numerous banking locations across Kentucky, West Virginia, and Tennessee.
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