Wesbanco Bank Inc. Makes New Investment in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Wesbanco Bank Inc. acquired a new stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,316 shares of the bank’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Stock Yards Bancorp in the second quarter valued at approximately $45,000. Quantbot Technologies LP purchased a new position in shares of Stock Yards Bancorp during the first quarter worth about $195,000. ProShare Advisors LLC increased its position in shares of Stock Yards Bancorp by 8.5% during the first quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock worth $239,000 after purchasing an additional 384 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Stock Yards Bancorp by 10.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock valued at $263,000 after purchasing an additional 494 shares during the last quarter. Finally, 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. Institutional investors and hedge funds own 56.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SYBT shares. Stephens boosted their price objective 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. Piper Sandler reiterated a “neutral” rating and set a $65.50 price target on shares of Stock Yards Bancorp in a research note on Tuesday, September 10th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $64.00 price objective (up from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Finally, Hovde Group increased their target price on shares of Stock Yards Bancorp from $53.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Stock Yards Bancorp has a consensus rating of “Moderate Buy” and an average price target of $65.88.

Insiders Place Their Bets

In other Stock Yards Bancorp news, EVP William Dishman sold 2,204 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $62.31, for a total transaction of $137,331.24. Following the sale, the executive vice president now directly owns 34,444 shares in the company, valued at approximately $2,146,205.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP William Dishman sold 2,204 shares of the business’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 sale, the executive vice president now owns 34,444 shares of the company’s stock, valued at $2,146,205.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David P. Heintzman sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $62.27, for a total value of $373,620.00. Following the completion of the transaction, the director now directly owns 107,070 shares of the company’s stock, valued at $6,667,248.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,457 shares of company stock worth $1,335,466. 3.90% of the stock is owned by corporate insiders.

Stock Yards Bancorp Stock Performance

Shares of SYBT opened at $66.15 on Thursday. Stock Yards Bancorp, Inc. has a 1 year low of $36.93 and a 1 year high of $67.12. The stock has a market capitalization of $1.94 billion, a P/E ratio of 18.58 and a beta of 0.82. 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 company’s fifty day moving average is $59.48 and its two-hundred day moving average is $52.86.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.94 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $83.90 million. On average, sell-side analysts predict that Stock Yards Bancorp, Inc. will post 3.69 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Monday, September 16th. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. Stock Yards Bancorp’s dividend payout ratio 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.