The Manufacturers Life Insurance Company Lowers Stock Holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

The Manufacturers Life Insurance Company lowered its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 224,371 shares of the bank’s stock after selling 6,244 shares during the period. The Manufacturers Life Insurance Company owned 0.76% of Stock Yards Bancorp worth $13,909,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SYBT. Independence Bank of Kentucky grew its stake in shares of Stock Yards Bancorp by 1.4% in the second quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock worth $714,000 after acquiring an additional 202 shares during the last quarter. Diversified Trust Co increased its stake in Stock Yards Bancorp by 2.3% during the 2nd quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock valued at $504,000 after purchasing an additional 231 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Stock Yards Bancorp by 10.3% in the second quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock worth $263,000 after buying an additional 494 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Stock Yards Bancorp in the second quarter worth approximately $45,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Stock Yards Bancorp by 4.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,341 shares of the bank’s stock valued at $1,142,000 after purchasing an additional 977 shares during the last quarter. Institutional investors own 56.46% of the company’s stock.

Stock Yards Bancorp Price Performance

SYBT stock opened at $76.12 on Monday. Stock Yards Bancorp, Inc. has a 52 week low of $42.35 and a 52 week high of $79.79. The firm has a market capitalization of $2.24 billion, a P/E ratio of 20.91 and a beta of 0.81. The company has a fifty day simple moving average of $67.51 and a two-hundred day simple moving average of $58.59. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.38.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.06. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. The firm had revenue of $130.52 million during the quarter, compared to the consensus estimate of $87.57 million. Analysts anticipate that Stock Yards Bancorp, Inc. will post 3.8 earnings per share for the current fiscal year.

Stock Yards Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Monday, December 16th. Stock Yards Bancorp’s dividend payout ratio (DPR) is 34.07%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Piper Sandler raised their price target on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Hovde Group cut shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $67.00 to $68.00 in a research note on Thursday, October 24th. Finally, Stephens lowered Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $70.00 to $76.00 in a research report on Friday, November 15th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Stock Yards Bancorp has a consensus rating of “Hold” and a consensus target price of $69.25.

Insiders Place Their Bets

In related news, EVP Michael Rehm sold 2,650 shares of the firm’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 transaction, the executive vice president now owns 16,927 shares of the company’s stock, valued at $1,266,308.87. This trade represents a 13.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David P. Heintzman sold 2,341 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $66.05, for a total transaction of $154,623.05. Following the completion of the sale, the director now directly owns 97,070 shares of the company’s stock, valued at approximately $6,411,473.50. This trade represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,269 shares of company stock valued at $2,514,725 over the last 90 days. Insiders own 3.90% of the company’s stock.

About Stock Yards Bancorp

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.