Keefe, Bruyette & Woods Reaffirms “Market Perform” Rating for Stock Yards Bancorp (NASDAQ:SYBT)

Keefe, Bruyette & Woods reissued their market perform rating on shares of Stock Yards Bancorp (NASDAQ:SYBT) in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a $54.00 price objective on the bank’s stock, up from their previous price objective of $53.00.

A number of other research firms have also recently issued reports on SYBT. Piper Sandler assumed coverage on Stock Yards Bancorp in a research note on Wednesday, March 6th. They issued a neutral rating and a $52.00 target price on the stock. Hovde Group assumed coverage on Stock Yards Bancorp in a research report on Monday, March 4th. They set an outperform rating for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $50.00.

Stock Yards Bancorp Stock Performance

Shares of NASDAQ SYBT opened at $46.15 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.26. The firm’s 50-day moving average price is $45.62 and its two-hundred day moving average price is $46.22. Stock Yards Bancorp has a 52-week low of $36.93 and a 52-week high of $53.15. The stock has a market capitalization of $1.36 billion, a P/E ratio of 12.96 and a beta of 0.81.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.04). The company had revenue of $119.66 million during the quarter, compared to the consensus estimate of $82.60 million. Stock Yards Bancorp had a return on equity of 12.70% and a net margin of 22.86%. As a group, sell-side analysts forecast that Stock Yards Bancorp will post 3.44 earnings per share for the current year.

Stock Yards Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 18th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.60%. Stock Yards Bancorp’s dividend payout ratio (DPR) is 33.71%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Stock Yards Bancorp in the fourth quarter worth approximately $9,100,000. Meridian Wealth Management LLC raised its stake in shares of Stock Yards Bancorp by 1,976.9% in the 4th quarter. Meridian Wealth Management LLC now owns 117,384 shares of the bank’s stock worth $6,044,000 after buying an additional 111,732 shares in the last quarter. RMB Capital Management LLC boosted its stake in Stock Yards Bancorp by 49.7% during the fourth quarter. RMB Capital Management LLC now owns 223,236 shares of the bank’s stock valued at $11,494,000 after buying an additional 74,132 shares in the last quarter. Barlow Wealth Partners Inc. bought a new position in Stock Yards Bancorp during the fourth quarter valued at about $3,226,000. Finally, Dimensional Fund Advisors LP grew its holdings in Stock Yards Bancorp by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 905,258 shares of the bank’s stock worth $46,612,000 after acquiring an additional 35,851 shares during the period. 56.46% of the stock is currently owned by institutional investors.

About Stock Yards Bancorp

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.