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

Stephens cut shares of Stock Yards Bancorp (NASDAQ:SYBT) from an overweight rating to an equal weight rating in a research note published on Friday, MarketBeat Ratings reports. They currently have $76.00 target price on the bank’s stock, up from their prior target price of $70.00.

Several other analysts have also recently issued reports on the company. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $64.00 target price (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Hovde Group downgraded shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price target for the company from $67.00 to $68.00 in a report on Thursday, October 24th. Finally, Piper Sandler boosted their price target on Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $69.25.

Stock Yards Bancorp Price Performance

NASDAQ:SYBT traded down $1.18 during trading hours on Friday, hitting $73.25. 94,723 shares of the stock traded hands, compared to its average volume of 106,919. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 20.12 and a beta of 0.81. 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 stock has a 50 day moving average price of $64.52 and a 200 day moving average price of $56.46. Stock Yards Bancorp has a 1 year low of $42.35 and a 1 year high of $77.82.

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

Stock Yards Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a dividend of $0.31 per share. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio (DPR) is 34.07%.

Insider Buying and Selling at Stock Yards Bancorp

In other Stock Yards Bancorp news, Director David P. Heintzman sold 7,659 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $65.98, for a total value of $505,340.82. Following the transaction, the director now owns 99,411 shares of the company’s stock, valued at approximately $6,559,137.78. The trade was a 7.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 15,700 shares of company stock worth $1,054,023 over the last ninety days. Company insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SYBT. BNP Paribas Financial Markets increased its stake in shares of Stock Yards Bancorp by 21.5% during the 1st quarter. BNP Paribas Financial Markets now owns 24,531 shares of the bank’s stock worth $1,200,000 after purchasing an additional 4,342 shares during the last quarter. Quantbot Technologies LP purchased a new position in Stock Yards Bancorp during the 1st quarter valued at about $195,000. Russell Investments Group Ltd. raised its stake in Stock Yards Bancorp by 4.0% in the first quarter. Russell Investments Group Ltd. now owns 150,403 shares of the bank’s stock valued at $7,356,000 after purchasing an additional 5,786 shares in the last quarter. ProShare Advisors LLC raised its position in Stock Yards Bancorp by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock worth $239,000 after purchasing an additional 384 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its holdings in Stock Yards Bancorp by 85.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,341 shares of the bank’s stock valued at $701,000 after purchasing an additional 6,590 shares during the period. Institutional investors own 56.46% of the company’s stock.

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.