23,251 Shares in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Bought by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC acquired a new position in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 23,251 shares of the bank’s stock, valued at approximately $1,154,000. Thoroughbred Financial Services LLC owned 0.08% of Stock Yards Bancorp at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. American Century Companies Inc. raised its stake in shares of Stock Yards Bancorp by 163.4% in the 2nd quarter. American Century Companies Inc. now owns 142,455 shares of the bank’s stock valued at $7,076,000 after purchasing an additional 88,364 shares during the period. Rhumbline Advisers raised its stake in shares of Stock Yards Bancorp by 10.6% in the 2nd quarter. Rhumbline Advisers now owns 43,766 shares of the bank’s stock valued at $2,174,000 after purchasing an additional 4,207 shares during the period. Aptus Capital Advisors LLC raised its stake 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 valued at $3,849,000 after purchasing an additional 15,375 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Stock Yards Bancorp by 94.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,836 shares of the bank’s stock valued at $287,000 after purchasing an additional 2,833 shares during the period. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Stock Yards Bancorp in the 2nd quarter valued at about $649,000. Institutional investors and hedge funds own 56.46% of the company’s stock.

Insider Buying and Selling

In other Stock Yards Bancorp news, 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 price of $56.40 per share, for a total transaction 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP William Dishman sold 2,204 shares of Stock Yards Bancorp stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $62.31, for a total transaction of $137,331.24. Following the completion of the transaction, the executive vice president now owns 34,444 shares in the company, valued at $2,146,205.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard A. Lechleiter acquired 650 shares of Stock Yards Bancorp stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $56.40 per share, with a total value of $36,660.00. Following the acquisition, the director now owns 5,680 shares of the company’s stock, valued at $320,352. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 18,757 shares of company stock worth $1,165,177. Company insiders own 3.90% of the company’s stock.

Analysts Set New Price Targets

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

Stock Yards Bancorp Price Performance

NASDAQ:SYBT opened at $59.91 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 0.92. The stock’s 50-day simple moving average is $57.44 and its 200 day simple moving average is $50.35. The company has a market cap of $1.76 billion, a P/E ratio of 16.83 and a beta of 0.82. Stock Yards Bancorp, Inc. has a 52-week low of $36.93 and a 52-week high of $64.51.

Stock Yards Bancorp (NASDAQ:SYBT) last released its earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.10. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. The business had revenue of $123.96 million for the quarter, compared to the consensus estimate of $83.90 million. As a group, sell-side analysts forecast that Stock Yards Bancorp, Inc. will post 3.69 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.24 dividend on an annualized basis and a yield of 2.07%. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 34.83%.

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.