Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Given Average Rating of “Moderate Buy” by Analysts

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) has received an average recommendation of “Moderate Buy” from the four analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $65.88.

SYBT has been the subject of several research analyst reports. Stephens raised their price target on Stock Yards Bancorp from $60.00 to $66.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Piper Sandler reiterated a “neutral” rating and issued a $65.50 target price on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Hovde Group boosted their price objective on Stock Yards Bancorp from $53.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $64.00 target price (up from $54.00) on shares of Stock Yards Bancorp in a research report on Thursday, July 25th.

Insider Activity

In related news, EVP William Dishman sold 2,204 shares of Stock Yards Bancorp stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $62.31, for a total value of $137,331.24. Following the completion of the sale, the executive vice president now directly owns 34,444 shares in the company, valued at approximately $2,146,205.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Stock Yards Bancorp news, CEO James A. Hillebrand sold 9,053 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $61.99, for a total transaction of $561,195.47. Following the completion of the transaction, the chief executive officer now directly owns 105,450 shares of the company’s stock, valued at approximately $6,536,845.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William Dishman sold 2,204 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $62.31, for a total transaction of $137,331.24. Following the transaction, the executive vice president now directly owns 34,444 shares of the company’s stock, valued at $2,146,205.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,757 shares of company stock worth $1,165,177. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Stock Yards Bancorp

Several institutional investors have recently made changes to their positions in SYBT. Norges Bank purchased a new position in shares of Stock Yards Bancorp during the 4th quarter valued at approximately $9,100,000. American Century Companies Inc. boosted its stake in Stock Yards Bancorp by 163.4% during the 2nd quarter. American Century Companies Inc. now owns 142,455 shares of the bank’s stock worth $7,076,000 after purchasing an additional 88,364 shares during the last quarter. RMB Capital Management LLC boosted its stake in Stock Yards Bancorp by 49.7% during the 4th quarter. RMB Capital Management LLC now owns 223,236 shares of the bank’s stock worth $11,494,000 after purchasing an additional 74,132 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in 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 purchasing an additional 50,730 shares during the last quarter. Finally, Creative Planning boosted its stake in Stock Yards Bancorp by 534.3% during the 2nd quarter. Creative Planning now owns 43,057 shares of the bank’s stock worth $2,139,000 after purchasing an additional 36,269 shares during the last quarter. 56.46% of the stock is owned by hedge funds and other institutional investors.

Stock Yards Bancorp Stock Down 1.6 %

Shares of SYBT opened at $63.66 on Friday. The business’s 50 day moving average is $58.65 and its 200 day moving average is $50.94. The company has a market capitalization of $1.87 billion, a PE ratio of 17.88 and a beta of 0.82. Stock Yards Bancorp has a 12-month low of $36.93 and a 12-month high of $65.00. 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 (NASDAQ:SYBT) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share 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 analysts’ expectations of $83.90 million. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. Research analysts expect that Stock Yards Bancorp will post 3.69 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.31 dividend. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio (DPR) is currently 34.83%.

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.