Fmr LLC Raises Stock Holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Fmr LLC increased its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 7.5% in the third quarter, Holdings Channel reports. The institutional investor owned 2,400 shares of the bank’s stock after acquiring an additional 167 shares during the period. Fmr LLC’s holdings in Stock Yards Bancorp were worth $149,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SYBT. Dimensional Fund Advisors LP lifted its position in Stock Yards Bancorp by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 936,919 shares of the bank’s stock worth $46,536,000 after acquiring an additional 24,856 shares during the period. American Century Companies Inc. grew its holdings in shares of Stock Yards Bancorp by 163.4% in the second 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. Stock Yards Bank & Trust Co. raised its position in Stock Yards Bancorp by 0.8% in the second quarter. Stock Yards Bank & Trust Co. now owns 1,223,176 shares of the bank’s stock valued at $60,755,000 after purchasing an additional 9,573 shares during the period. Thoroughbred Financial Services LLC purchased a new position in Stock Yards Bancorp during the second quarter worth about $1,154,000. Finally, Meridian Wealth Management LLC acquired a new position in Stock Yards Bancorp during the third quarter worth $9,082,000. 56.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Hovde Group cut Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $67.00 to $68.00 in a research report on Thursday, October 24th. Piper Sandler lifted their target price on Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Finally, Stephens cut Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $70.00 to $76.00 in a report on Friday, November 15th.

Insider Transactions at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 7,659 shares of Stock Yards Bancorp stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $65.98, for a total transaction of $505,340.82. Following the sale, the director now directly owns 99,411 shares in the company, valued at $6,559,137.78. This trade represents a 7.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Rehm sold 2,650 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $74.81, for a total value of $198,246.50. Following the completion of the transaction, the executive vice president now directly owns 16,927 shares in the company, valued at $1,266,308.87. This represents a 13.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,614 shares of company stock valued at $2,347,890 in the last ninety days. 3.90% of the stock is currently owned by corporate insiders.

Stock Yards Bancorp Price Performance

NASDAQ:SYBT opened at $72.72 on Monday. The company has a fifty day moving average price of $72.18 and a 200 day moving average price of $61.70. The stock has a market cap of $2.14 billion, a P/E ratio of 19.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.94 and a quick ratio of 0.94. Stock Yards Bancorp, Inc. has a one year low of $42.35 and a one year high of $79.79.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) 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 12.00% and a net margin of 21.62%. Analysts anticipate that Stock Yards Bancorp, Inc. will post 3.8 earnings per share for the current year.

Stock Yards Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a $0.31 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $1.24 annualized dividend and a yield of 1.71%. Stock Yards Bancorp’s dividend payout ratio is currently 34.07%.

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.