Smart Money Is Losing Confidence In Community Trust Bancorp, Inc. (CTBI)

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We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file with the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30th. In this article, we look at what those investors think of Community Trust Bancorp, Inc. (NASDAQ:CTBI).

Community Trust Bancorp, Inc. (NASDAQ:CTBI) was in 4 hedge funds’ portfolios at the end of September. Investors should pay attention to a decrease in hedge fund interest in recent months, since there were 6 hedge funds in our database with Community Trust Bancorp, Inc. (NASDAQ:CTBI) holdings at the end of the previous quarter. At the end of this article, we will also compare Community Trust Bancorp, Inc. (NASDAQ:CTBI) to other stocks, including Hemisphere Media Group Inc (NASDAQ:HMTV), Albany Molecular Research, Inc. (NASDAQ:AMRI), and TTM Technologies, Inc. (NASDAQ:TTMI) to get a better sense of its popularity.

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According to most traders, hedge funds are assumed to be slow, outdated investment tools of the past. While there are greater than 8000 funds in operation at the moment, our researchers look at the top tier of this club, around 700 funds. Most estimates calculate that this group of people shepherd bulk of the hedge fund industry’s total asset base, and by monitoring their finest picks, Insider Monkey has deciphered several investment strategies that have historically outpaced the S&P 500 index. Insider Monkey’s small-cap hedge fund strategy surpassed the S&P 500 index by 12 percentage points per annum for a decade in their back tests.

Keeping this in mind, let’s view the new action surrounding Community Trust Bancorp, Inc. (NASDAQ:CTBI).

How have hedgies been trading Community Trust Bancorp, Inc. (NASDAQ:CTBI)?

At the end of Q3, a total of 4 of the hedge funds tracked by Insider Monkey held long positions in this stock, a decrease of 33% from the second quarter. With hedgies’ capital changing hands, there exists a few notable hedge fund managers who were increasing their stakes significantly (or already accumulated large positions).

When looking at the institutional investors followed by Insider Monkey, Renaissance Technologies holds the number one position in Community Trust Bancorp, Inc. (NASDAQ:CTBI). The fund has a $3 million position in the stock, comprising less than 0.1% of its 13F portfolio. The second most bullish fund manager is Bryn Mawr Capital, managed by Ken Gray and Steve Walsh, which holds a $0.5 million position; 0.1% of its 13F portfolio is allocated to the company. Remaining hedge funds and institutional investors that hold long positions encompass John Overdeck and David Siegel’s Two Sigma Advisors and Israel Englander’s Millennium Management.

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