Stock Yards Bancorp (NASDAQ:SYBT) Rating Lowered to “Equal Weight” at Stephens

Stephens lowered shares of Stock Yards Bancorp (NASDAQ:SYBT) from an overweight rating to an equal weight rating in a report released on Friday, Marketbeat.com reports. The brokerage currently has $76.00 price target on the bank’s stock, up from their prior price target of $70.00.

SYBT has been the topic of several other research reports. Piper Sandler lifted their price objective on Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Hovde Group lowered shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $67.00 to $68.00 in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $64.00 price objective (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat, Stock Yards Bancorp currently has a consensus rating of “Hold” and a consensus target price of $69.25.

Stock Yards Bancorp Price Performance

NASDAQ:SYBT opened at $73.25 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.94 and a quick ratio of 0.94. Stock Yards Bancorp has a one year low of $42.35 and a one year high of $77.82. The company has a fifty day moving average price of $64.52 and a 200 day moving average price of $56.62. The stock has a market cap of $2.15 billion, a P/E ratio of 20.12 and a beta of 0.81.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.06. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. The business had revenue of $130.52 million during the quarter, compared to analyst estimates of $87.57 million. Analysts anticipate that Stock Yards Bancorp will post 3.76 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.69%. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio is 34.07%.

Insider Buying and Selling at Stock Yards Bancorp

In other news, Director David P. Heintzman sold 7,659 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $65.98, for a total transaction of $505,340.82. Following the completion of the sale, the director now owns 99,411 shares of the company’s stock, valued at approximately $6,559,137.78. This trade represents a 7.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 15,700 shares of company stock valued at $1,054,023. 3.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Stock Yards Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in Stock Yards Bancorp by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 936,919 shares of the bank’s stock worth $46,536,000 after purchasing an additional 24,856 shares in the last quarter. American Century Companies Inc. lifted its position in Stock Yards Bancorp by 163.4% during the 2nd quarter. American Century Companies Inc. now owns 142,455 shares of the bank’s stock worth $7,076,000 after buying an additional 88,364 shares in the last quarter. Champlain Investment Partners LLC increased its position in Stock Yards Bancorp by 4.5% in the 1st quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock valued at $57,139,000 after acquiring an additional 50,730 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new stake in Stock Yards Bancorp in the 2nd quarter valued at about $1,154,000. Finally, Stock Yards Bank & Trust Co. raised its stake in shares of Stock Yards Bancorp by 0.8% in the second quarter. Stock Yards Bank & Trust Co. now owns 1,223,176 shares of the bank’s stock worth $60,755,000 after acquiring an additional 9,573 shares during the last quarter. 56.46% of the stock is owned by institutional investors and hedge funds.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T. The Commercial Banking segment offers a range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking, and other banking services.