The Manufacturers Life Insurance Company Invests $15.85 Million in Stock Yards Bancorp, Inc. $SYBT

The Manufacturers Life Insurance Company bought a new stake in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) in the second quarter, Holdings Channel reports. The institutional investor bought 207,240 shares of the bank’s stock, valued at approximately $15,848,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of SYBT. AQR Capital Management LLC increased its position in Stock Yards Bancorp by 47.4% in the first quarter. AQR Capital Management LLC now owns 7,143 shares of the bank’s stock worth $493,000 after purchasing an additional 2,297 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Stock Yards Bancorp by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,225 shares of the bank’s stock valued at $1,051,000 after purchasing an additional 658 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Stock Yards Bancorp by 28.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 52,643 shares of the bank’s stock worth $3,636,000 after buying an additional 11,758 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Stock Yards Bancorp in the 1st quarter worth $3,400,000. Finally, Cetera Investment Advisers bought a new stake in shares of Stock Yards Bancorp in the 2nd quarter worth about $365,000. 56.46% of the stock is owned by hedge funds and other institutional investors.

Stock Yards Bancorp Stock Performance

Shares of NASDAQ:SYBT opened at $79.84 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.26. Stock Yards Bancorp, Inc. has a 12 month low of $61.51 and a 12 month high of $89.21. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 15.90 and a beta of 0.68. The firm’s 50-day moving average is $80.60 and its 200 day moving average is $73.13.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.23. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.39%. The business had revenue of $114.71 million during the quarter, compared to the consensus estimate of $111.66 million. Research analysts predict that Stock Yards Bancorp, Inc. will post 5.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 21st will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, September 21st. This is an increase from Stock Yards Bancorp’s previous quarterly dividend of $0.32. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 25.50%.

Analyst Ratings Changes

Several analysts have recently issued reports on SYBT shares. Weiss Ratings upgraded shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 6th. Raymond James Financial assumed coverage on Stock Yards Bancorp in a research note on Wednesday, July 8th. They set a “hold” rating on the stock. Hovde Group downgraded Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $82.00 to $90.00 in a research report on Thursday, July 30th. Piper Sandler reaffirmed a “neutral” rating and issued a $81.00 price objective (up from $78.00) on shares of Stock Yards Bancorp in a research note on Friday, June 26th. Finally, Keefe, Bruyette & Woods boosted their target price on Stock Yards Bancorp from $82.00 to $94.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Stock Yards Bancorp presently has an average rating of “Hold” and a consensus price target of $88.00.

Insider Buying and Selling

In other Stock Yards Bancorp news, Director Laura L. Wells sold 6,823 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total value of $588,756.67. Following the transaction, the director owned 9,580 shares of the company’s stock, valued at $826,658.20. This represents a 41.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.90% of the stock is owned by company insiders.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.