Hovde Group Lowers Stock Yards Bancorp (NASDAQ:SYBT) to Market Perform

Hovde Group cut shares of Stock Yards Bancorp (NASDAQ:SYBT) from an outperform rating to a market perform rating in a research note released on Thursday, Marketbeat.com reports. They currently have $68.00 price target on the bank’s stock, up from their previous price target of $67.00.

SYBT has been the topic of a number of other research reports. Piper Sandler reissued a “neutral” rating and set a $65.50 price objective on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a research report on Thursday, July 25th. Finally, Stephens raised their price objective on Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Stock Yards Bancorp currently has a consensus rating of “Hold” and an average price target of $67.75.

Stock Yards Bancorp Price Performance

Shares of SYBT opened at $64.68 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.48. The firm’s fifty day simple moving average is $61.11 and its 200-day simple moving average is $53.86. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 18.17 and a beta of 0.82. Stock Yards Bancorp has a twelve month low of $37.51 and a twelve month high of $67.12.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. The company had revenue of $130.52 million during the quarter, compared to the consensus estimate of $87.57 million. Equities analysts forecast that Stock Yards Bancorp will post 3.69 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid a $0.31 dividend. The ex-dividend date was Monday, September 16th. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 1.92%. Stock Yards Bancorp’s payout ratio is currently 34.83%.

Insider Transactions at Stock Yards Bancorp

In other Stock Yards Bancorp news, CEO James A. Hillebrand sold 9,053 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $61.99, for a total transaction of $561,195.47. Following the completion of the sale, the chief executive officer now directly owns 105,450 shares of the company’s stock, valued at $6,536,845.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO James A. Hillebrand sold 9,053 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $61.99, for a total value of $561,195.47. Following the transaction, the chief executive officer now owns 105,450 shares of the company’s stock, valued at approximately $6,536,845.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard A. Lechleiter purchased 650 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of $56.40 per share, with a total value of $36,660.00. Following the purchase, the director now directly owns 5,680 shares of the company’s stock, valued at approximately $320,352. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 15,457 shares of company stock worth $961,846. Company insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Stock Yards Bancorp in the second quarter valued at about $45,000. Wesbanco Bank Inc. acquired a new stake in shares of Stock Yards Bancorp in the 3rd quarter valued at approximately $206,000. Ballentine Partners LLC purchased a new stake in shares of Stock Yards Bancorp in the third quarter valued at approximately $219,000. Quantbot Technologies LP acquired a new position in Stock Yards Bancorp during the first quarter worth $195,000. Finally, ProShare Advisors LLC grew its holdings in 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 acquiring an additional 384 shares during the period. 56.46% of the stock is currently owned by institutional investors and hedge funds.

Stock Yards Bancorp Company 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.