Quest Partners LLC Decreases Stock Holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Quest Partners LLC reduced its position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 82.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,458 shares of the bank’s stock after selling 6,965 shares during the period. Quest Partners LLC’s holdings in Stock Yards Bancorp were worth $72,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SYBT. Rhumbline Advisers boosted its stake in Stock Yards Bancorp by 10.6% in the second quarter. Rhumbline Advisers now owns 43,766 shares of the bank’s stock valued at $2,174,000 after acquiring an additional 4,207 shares in the last quarter. Aptus Capital Advisors LLC boosted its position in shares of Stock Yards Bancorp by 24.8% in the 2nd quarter. Aptus Capital Advisors LLC now owns 77,487 shares of the bank’s stock worth $3,849,000 after purchasing an additional 15,375 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Stock Yards Bancorp by 94.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,836 shares of the bank’s stock worth $287,000 after buying an additional 2,833 shares during the last quarter. Commonwealth Equity Services LLC acquired a new position in Stock Yards Bancorp during the 2nd quarter valued at about $649,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Stock Yards Bancorp by 46.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,071 shares of the bank’s stock valued at $401,000 after buying an additional 2,546 shares during the last quarter. Hedge funds and other institutional investors own 56.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SYBT. Hovde Group boosted their price target on Stock Yards Bancorp from $53.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $64.00 target price (up previously from $54.00) on shares of Stock Yards Bancorp in a research report on Thursday, July 25th. Piper Sandler reaffirmed a “neutral” rating and issued a $65.50 price target on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Finally, Stephens lifted their price objective on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $65.88.

Stock Yards Bancorp Stock Performance

SYBT opened at $61.19 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.48. Stock Yards Bancorp, Inc. has a 12-month low of $36.93 and a 12-month high of $64.51. The firm has a 50 day moving average of $57.67 and a two-hundred day moving average of $50.49. The firm has a market capitalization of $1.80 billion, a PE ratio of 16.97 and a beta of 0.82.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.10. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. The firm had revenue of $123.96 million during the quarter, compared to analysts’ expectations of $83.90 million. On average, analysts anticipate that Stock Yards Bancorp, Inc. will post 3.69 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a $0.31 dividend. This is an increase from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Monday, September 16th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.03%. Stock Yards Bancorp’s dividend payout ratio is presently 34.83%.

Insider Buying and Selling

In related news, Director Richard A. Lechleiter purchased 650 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $56.40 per share, with a total value of $36,660.00. Following the completion of the acquisition, the director now owns 5,680 shares of the company’s stock, valued at approximately $320,352. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO James A. Hillebrand sold 9,053 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $61.99, for a total transaction of $561,195.47. Following the sale, the chief executive officer now directly owns 105,450 shares in the company, valued at approximately $6,536,845.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard A. Lechleiter purchased 650 shares of Stock Yards Bancorp stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average cost of $56.40 per share, with a total value of $36,660.00. Following the acquisition, the director now directly owns 5,680 shares in the company, valued at approximately $320,352. The disclosure for this purchase can be found here. Insiders have sold a total of 18,757 shares of company stock valued at $1,165,177 over the last ninety days. Company insiders own 3.90% of the company’s stock.

Stock Yards Bancorp 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.