The Manufacturers Life Insurance Company Sells 10,655 Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

The Manufacturers Life Insurance Company decreased its holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 4.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 230,615 shares of the bank’s stock after selling 10,655 shares during the period. The Manufacturers Life Insurance Company owned about 0.78% of Stock Yards Bancorp worth $11,455,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SYBT. Point72 Asia Singapore Pte. Ltd. purchased a new position in Stock Yards Bancorp in the 2nd quarter worth about $45,000. Quantbot Technologies LP bought a new position in Stock Yards Bancorp in the 1st 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 acquiring an additional 384 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Stock Yards Bancorp by 94.3% during the second quarter. Farther Finance Advisors LLC now owns 5,836 shares of the bank’s stock valued at $287,000 after acquiring an additional 2,833 shares in the last quarter. Finally, Orleans Capital Management Corp LA purchased a new stake in shares of Stock Yards Bancorp in the first quarter valued at approximately $357,000. 56.46% of the stock is currently owned by institutional investors.

Stock Yards Bancorp Trading Down 1.4 %

Shares of NASDAQ SYBT opened at $58.22 on Friday. Stock Yards Bancorp, Inc. has a 1-year low of $36.93 and a 1-year high of $65.00. The business has a fifty day moving average price of $59.26 and a 200 day moving average price of $51.84. The stock has a market capitalization of $1.71 billion, a P/E ratio of 16.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.92 and a quick ratio of 0.92.

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 analysts’ consensus estimates of $0.84 by $0.10. The business had revenue of $123.96 million for the quarter, compared to analysts’ expectations of $83.90 million. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. Equities research analysts expect that Stock Yards Bancorp, Inc. will post 3.69 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently declared 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. The ex-dividend date was Monday, September 16th. This is an increase 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 2.13%. Stock Yards Bancorp’s dividend payout ratio is presently 34.83%.

Wall Street Analysts Forecast Growth

SYBT has been the subject of a number of research analyst reports. 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. Hovde Group lifted 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. Stephens increased their target price on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Piper Sandler reissued a “neutral” rating and set a $65.50 target price on shares of Stock Yards Bancorp in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Stock Yards Bancorp has an average rating of “Hold” and a consensus target price of $65.88.

Insider Activity

In other Stock Yards Bancorp news, Director Richard A. Lechleiter bought 650 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $56.40 per share, for a total transaction of $36,660.00. Following the purchase, the director now directly owns 5,680 shares in the company, valued at $320,352. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO James A. Hillebrand sold 9,053 shares of Stock Yards Bancorp stock in a transaction 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 sale, the chief executive officer now directly owns 105,450 shares in the company, valued at $6,536,845.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard A. Lechleiter bought 650 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $56.40 per share, for a total transaction of $36,660.00. Following the completion of the transaction, the director now owns 5,680 shares in the company, valued at $320,352. The disclosure for this purchase can be found here. In the last quarter, insiders sold 21,457 shares of company stock worth $1,335,466. Insiders own 3.90% of the company’s stock.

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.