Stock Yards Bancorp (NASDAQ:SYBT) Cut to “Equal Weight” at Stephens

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

A number of other research firms have also issued reports on SYBT. Piper Sandler increased their target price on Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $67.00 to $68.00 in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $64.00 target price (up previously from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, According to MarketBeat.com, Stock Yards Bancorp has an average rating of “Hold” and an average price target of $69.25.

Stock Yards Bancorp Trading Down 1.6 %

Shares of SYBT opened at $73.25 on Friday. The business’s 50-day moving average price is $64.52 and its 200 day moving average price is $56.62. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.15 billion, a P/E ratio of 20.12 and a beta of 0.81. 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 released its earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.06. The business had revenue of $130.52 million for the quarter, compared to the consensus estimate of $87.57 million. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. Analysts expect that Stock Yards Bancorp will post 3.76 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a $0.31 dividend. 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 was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio is presently 34.07%.

Insider Activity at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 7,659 shares of Stock Yards Bancorp stock in a transaction on Friday, October 25th. The shares were sold at an average price of $65.98, for a total value of $505,340.82. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 15,700 shares of company stock valued at $1,054,023. 3.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Stock Yards Bancorp

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in Stock Yards Bancorp by 2.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 936,919 shares of the bank’s stock worth $46,536,000 after purchasing an additional 24,856 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Stock Yards Bancorp by 163.4% in the second quarter. American Century Companies Inc. now owns 142,455 shares of the bank’s stock worth $7,076,000 after buying an additional 88,364 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of Stock Yards Bancorp by 4.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock worth $57,139,000 after buying an additional 50,730 shares during the period. Thoroughbred Financial Services LLC acquired a new position in Stock Yards Bancorp in the 2nd quarter valued at $1,154,000. Finally, Stock Yards Bank & Trust Co. raised its holdings in Stock Yards Bancorp by 0.8% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 1,223,176 shares of the bank’s stock worth $60,755,000 after acquiring an additional 9,573 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.