Stock Yards Bancorp (NASDAQ:SYBT) Sets New 12-Month High – Here’s Why

Stock Yards Bancorp, Inc. (NASDAQ:SYBT)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $79.85 and last traded at $78.17, with a volume of 8458 shares. The stock had previously closed at $75.95.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SYBT shares. Keefe, Bruyette & Woods dropped their target price on Stock Yards Bancorp from $84.00 to $80.00 and set a “market perform” rating for the company in a research report on Thursday, April 24th. StockNews.com raised Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday. Stephens lifted their target price on Stock Yards Bancorp from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, April 24th. Finally, Piper Sandler set a $81.00 price objective on Stock Yards Bancorp and gave the company a “neutral” rating in a research note on Thursday, April 24th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, Stock Yards Bancorp presently has a consensus rating of “Hold” and a consensus price target of $77.25.

Stock Yards Bancorp Price Performance

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 19.82 and a beta of 0.73. The company has a fifty day simple moving average of $69.71 and a two-hundred day simple moving average of $72.08.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.13. The business had revenue of $93.63 million for the quarter, compared to analyst estimates of $92.90 million. Stock Yards Bancorp had a return on equity of 12.71% and a net margin of 22.54%. During the same quarter last year, the company earned $0.88 earnings per share. On average, equities research analysts anticipate that Stock Yards Bancorp, Inc. will post 4.16 earnings per share for the current fiscal year.

Stock Yards Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Monday, March 17th. Stock Yards Bancorp’s payout ratio is currently 29.95%.

Insider Buying and Selling

In related news, Director David P. Heintzman sold 3,419 shares of the stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $74.71, for a total transaction of $255,433.49. Following the transaction, the director now directly owns 83,651 shares in the company, valued at approximately $6,249,566.21. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Stock Yards Bancorp

Large investors have recently modified their holdings of the company. Covestor Ltd raised its holdings in shares of Stock Yards Bancorp by 164.5% in the 4th quarter. Covestor Ltd now owns 373 shares of the bank’s stock worth $27,000 after purchasing an additional 232 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of Stock Yards Bancorp by 1,077.5% in the 4th quarter. Jones Financial Companies Lllp now owns 471 shares of the bank’s stock worth $34,000 after purchasing an additional 431 shares during the period. Principal Securities Inc. raised its holdings in shares of Stock Yards Bancorp by 115.6% in the 4th quarter. Principal Securities Inc. now owns 485 shares of the bank’s stock worth $35,000 after purchasing an additional 260 shares during the period. Kentucky Trust Co purchased a new position in shares of Stock Yards Bancorp in the 4th quarter worth about $44,000. Finally, Sterling Capital Management LLC raised its holdings in shares of Stock Yards Bancorp by 806.7% in the 4th quarter. Sterling Capital Management LLC now owns 807 shares of the bank’s stock worth $58,000 after purchasing an additional 718 shares during the period. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

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.