Stock Yards Bancorp (NASDAQ:SYBT) Reaches New 1-Year High – Here’s What Happened

Stock Yards Bancorp, Inc. (NASDAQ:SYBT)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $77.82 and last traded at $77.65, with a volume of 6868 shares. The stock had previously closed at $76.87.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SYBT shares. Hovde Group cut shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $67.00 to $68.00 in a research note on Thursday, October 24th. Piper Sandler increased their target price 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. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $64.00 price target (up previously from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Finally, Stephens raised their price objective on Stock Yards Bancorp from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Stock Yards Bancorp presently has an average rating of “Hold” and a consensus price target of $67.75.

Stock Yards Bancorp Stock Up 0.1 %

The firm’s fifty day simple moving average is $63.26 and its 200-day simple moving average is $55.80. The company has a market cap of $2.26 billion, a PE ratio of 21.12 and a beta of 0.81. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.38.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $87.57 million. As a group, equities research analysts expect that Stock Yards Bancorp, Inc. will post 3.76 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently declared 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. 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. This represents a $1.24 annualized dividend and a yield of 1.61%. Stock Yards Bancorp’s dividend payout ratio is 34.07%.

Insider Buying and Selling at Stock Yards Bancorp

In other news, Director Richard A. Lechleiter bought 650 shares of Stock Yards Bancorp stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $56.40 per share, for a total transaction of $36,660.00. Following the completion of the acquisition, the director now owns 5,680 shares of the company’s stock, valued at $320,352. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was purchased at an average price of $56.40 per share, with a total value of $36,660.00. Following the transaction, the director now owns 5,680 shares in the company, valued at $320,352. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 transaction, the director now directly owns 99,411 shares in the company, valued at approximately $6,559,137.78. 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 15,700 shares of company stock worth $1,054,023 in the last quarter. 3.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SYBT. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Stock Yards Bancorp during the 2nd quarter valued at about $45,000. Quantbot Technologies LP acquired a new stake in shares of Stock Yards Bancorp during the first quarter valued at about $195,000. Wesbanco Bank Inc. acquired a new position in shares of Stock Yards Bancorp in the third quarter worth about $206,000. Ballentine Partners LLC acquired a new stake in Stock Yards Bancorp during the 3rd quarter valued at approximately $219,000. Finally, German American Bancorp Inc. acquired a new position in shares of Stock Yards Bancorp in the 3rd quarter valued at approximately $231,000. 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.