Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Position Cut by OLD National Bancorp IN

OLD National Bancorp IN lowered its holdings in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 19.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,175 shares of the bank’s stock after selling 1,000 shares during the period. OLD National Bancorp IN’s holdings in Stock Yards Bancorp were worth $259,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in SYBT. Vanguard Group Inc. lifted its position in Stock Yards Bancorp by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 1,786,710 shares of the bank’s stock worth $91,998,000 after purchasing an additional 33,906 shares during the period. Independence Bank of Kentucky grew its holdings in Stock Yards Bancorp by 34.1% during the first quarter. Independence Bank of Kentucky now owns 14,172 shares of the bank’s stock worth $693,000 after acquiring an additional 3,603 shares during the period. Chatham Capital Group Inc. raised its position in Stock Yards Bancorp by 11.6% in the first quarter. Chatham Capital Group Inc. now owns 30,277 shares of the bank’s stock worth $1,481,000 after acquiring an additional 3,140 shares in the last quarter. Diversified Trust Co boosted its position in shares of Stock Yards Bancorp by 34.3% during the 1st quarter. Diversified Trust Co now owns 9,910 shares of the bank’s stock valued at $485,000 after purchasing an additional 2,530 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Stock Yards Bancorp by 21.5% during the 1st quarter. BNP Paribas Financial Markets now owns 24,531 shares of the bank’s stock valued at $1,200,000 after purchasing an additional 4,342 shares in the last quarter. Institutional investors and hedge funds own 56.46% of the company’s stock.

Wall Street Analyst Weigh In

SYBT has been the subject of a number of research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $64.00 target price (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Hovde Group lifted their target price on Stock Yards Bancorp from $53.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler reaffirmed a “neutral” rating and set a $65.50 target price on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Finally, Stephens increased their price target on Stock Yards Bancorp from $60.00 to $66.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $65.88.

Stock Yards Bancorp Stock Performance

Shares of Stock Yards Bancorp stock opened at $65.95 on Thursday. Stock Yards Bancorp, Inc. has a 12 month low of $36.93 and a 12 month high of $67.12. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.94 billion, a PE ratio of 18.53 and a beta of 0.82. The business has a fifty day simple moving average of $60.75 and a 200-day simple moving average of $53.60.

Stock Yards Bancorp (NASDAQ:SYBT) last released its earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.10. The company had revenue of $123.96 million for the quarter, compared to analysts’ expectations of $83.90 million. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. On average, sell-side analysts anticipate that Stock Yards Bancorp, Inc. will post 3.69 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a dividend of $0.31 per share. The ex-dividend date of this dividend 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 yield of 1.88%. Stock Yards Bancorp’s payout ratio is presently 34.83%.

Insiders Place Their Bets

In other news, Director David P. Heintzman sold 2,700 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $63.07, for a total transaction of $170,289.00. Following the transaction, the director now directly owns 29,786 shares in the company, valued at $1,878,603.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director David P. Heintzman sold 2,700 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $63.07, for a total transaction of $170,289.00. Following the completion of the sale, the director now directly owns 29,786 shares of the company’s stock, valued at $1,878,603.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard A. Lechleiter purchased 650 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $56.40 per share, with a total value of $36,660.00. Following the purchase, the director now owns 5,680 shares in the company, valued at $320,352. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 21,457 shares of company stock worth $1,335,466 in the last quarter. 3.90% of the stock is currently owned by corporate insiders.

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.