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5 Buy-Rated Bank Stocks With Safe and Solid Dividends (Update 1)

5. Community Trust Bancorp

Shares of Community Trust Bancorp (CTBI) of Pikeville, Ky., closed at $32.68 Monday returning 12% year-to-date, following a 6% return during 2011. Based on a quarterly payout of 32 cents, the shares have a dividend yield of 3.79%.

The shares trade for 1.7 times tangible book value, according to Thomson Reuters Bank Insight, and for 12 times the consensus 2013 earnings estimate of $2.80 a share, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is $2.74.

Community Trust Bancorp had $3.7 billion in total assets as of March 31, and earned $11.9 million during the first quarter, or 77 cents a share, increasing from $9.9 million, or 64 cents a share during the fourth quarter, and $9.3 million, or 61 cents a share, during the first quarter of 2011. The company's first-quarter return on average assets (ROA) was 1.32%, compared to 1.09% the previous quarter, and 1.11% a year earlier. The first-quarter dividend payout ratio was 42%.

Hilliard Lyons analyst Ross Demmerle has a neutral rating on Community Trust Bancorp, saying on April 20 that the stock (priced at $32.08 on April 19) "has historically traded at a slight discount to its peers' price to tangible book valuation while today it is trading at a premium to the group," which may not be justified, since "the stock market has been clamoring for loan growth at financial institutions by sending their stock prices higher and that does not appear to be happening here right now."

Demmerle estimates the company will earn $2.84 a share this year, followed by 2013 EPS of $2.90.

Interested in more on Community Trust Bancorp? See TheStreet Ratings' report card for this stock.

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