Piper Sandler Reiterates Neutral Rating for Stock Yards Bancorp (NASDAQ:SYBT)

Stock Yards Bancorp (NASDAQ:SYBT)‘s stock had its “neutral” rating restated by equities research analysts at Piper Sandler in a research note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $65.50 target price on the bank’s stock. Piper Sandler’s price objective suggests a potential upside of 13.22% from the company’s previous close.

SYBT has been the topic of a number of other reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Stephens lifted their target price 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. Finally, Hovde Group upped their price target on shares of Stock Yards Bancorp from $53.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $65.88.

Stock Yards Bancorp Price Performance

Shares of Stock Yards Bancorp stock opened at $57.85 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 0.92. Stock Yards Bancorp has a 52-week low of $36.93 and a 52-week high of $64.51. The company has a fifty day moving average of $56.85 and a 200-day moving average of $50.10. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 16.25 and a beta of 0.82.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.10. The business had revenue of $123.96 million during the quarter, compared to analyst estimates of $83.90 million. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. Equities research analysts expect that Stock Yards Bancorp will post 3.66 EPS for the current year.

Insider Activity at Stock Yards Bancorp

In related news, Director Richard A. Lechleiter acquired 650 shares of Stock Yards Bancorp stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $56.40 per share, with a total value of $36,660.00. Following the transaction, the director now owns 5,680 shares in the company, valued at $320,352. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP William Dishman sold 2,204 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $62.31, for a total value of $137,331.24. Following the completion of the transaction, the executive vice president now owns 34,444 shares of the company’s stock, valued at approximately $2,146,205.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard A. Lechleiter bought 650 shares of the stock in a transaction dated Thursday, August 15th. The stock was purchased at an average price of $56.40 per share, with a total value of $36,660.00. Following the purchase, the director now owns 5,680 shares in the company, valued at $320,352. The disclosure for this purchase can be found here. Insiders sold a total of 18,757 shares of company stock worth $1,165,177 over the last quarter. 3.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Stock Yards Bancorp

A number of institutional investors have recently added to or reduced their stakes in SYBT. Norges Bank bought a new position in shares of Stock Yards Bancorp during the fourth quarter valued at approximately $9,100,000. Meridian Wealth Management LLC raised its stake in Stock Yards Bancorp by 1,976.9% during the fourth quarter. Meridian Wealth Management LLC now owns 117,384 shares of the bank’s stock valued at $6,044,000 after buying an additional 111,732 shares during the last quarter. American Century Companies Inc. grew 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 acquiring an additional 88,364 shares during the last quarter. RMB Capital Management LLC grew its stake in shares of Stock Yards Bancorp by 49.7% in the fourth quarter. RMB Capital Management LLC now owns 223,236 shares of the bank’s stock worth $11,494,000 after acquiring an additional 74,132 shares during the last quarter. Finally, Champlain Investment Partners LLC increased its holdings in shares of Stock Yards Bancorp by 4.5% during the first quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock valued at $57,139,000 after acquiring an additional 50,730 shares in the last quarter. Institutional investors own 56.46% of the company’s stock.

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.