Stephens Boosts Stock Yards Bancorp (NASDAQ:SYBT) Price Target to $70.00

Stock Yards Bancorp (NASDAQ:SYBT) had its price target upped by Stephens from $60.00 to $70.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other brokerages have also issued reports on SYBT. Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $67.00 to $68.00 in a research note on Thursday. Piper Sandler reiterated a “neutral” rating and set a $65.50 target price on shares of Stock Yards Bancorp in a research report on Tuesday, September 10th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $64.00 target price (up from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $67.75.

Stock Yards Bancorp Price Performance

Shares of NASDAQ SYBT opened at $64.68 on Thursday. The company has a market capitalization of $1.90 billion, a PE ratio of 18.17 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.48. Stock Yards Bancorp has a twelve month low of $37.51 and a twelve month high of $67.12. The firm has a fifty day simple moving average of $61.11 and a 200 day simple moving average of $53.93.

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

Stock Yards Bancorp Increases Dividend

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

Insider Buying and Selling

In other Stock Yards Bancorp news, Director Richard A. Lechleiter purchased 650 shares of the firm’s stock in a transaction 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 purchase, the director now owns 5,680 shares of the company’s stock, valued at $320,352. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Richard A. Lechleiter purchased 650 shares of the business’s stock in a transaction 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 purchase, the director now owns 5,680 shares of the company’s stock, valued at approximately $320,352. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the executive vice president now directly owns 34,444 shares of the company’s stock, valued at approximately $2,146,205.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,404 shares of company stock worth $400,650 in the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Stock Yards Bancorp

A number of hedge funds have recently bought and sold shares of the company. Ballentine Partners LLC bought a new position in shares of Stock Yards Bancorp during the third quarter valued at about $219,000. Creative Planning increased its stake in Stock Yards Bancorp by 7.6% in the 3rd quarter. Creative Planning now owns 46,346 shares of the bank’s stock valued at $2,873,000 after buying an additional 3,289 shares during the last quarter. Wesbanco Bank Inc. bought a new position in shares of Stock Yards Bancorp during the 3rd quarter worth approximately $206,000. Independence Bank of Kentucky boosted its stake in shares of Stock Yards Bancorp by 10.5% in the 3rd quarter. Independence Bank of Kentucky now owns 15,889 shares of the bank’s stock worth $985,000 after buying an additional 1,515 shares during the last quarter. Finally, Barlow Wealth Partners Inc. grew its holdings in shares of Stock Yards Bancorp by 1.7% in the third quarter. Barlow Wealth Partners Inc. now owns 63,717 shares of the bank’s stock valued at $3,805,000 after acquiring an additional 1,069 shares in the last quarter. 56.46% of the stock is owned by hedge funds and other institutional investors.

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.