Stephens Downgrades Stock Yards Bancorp (NASDAQ:SYBT) to Equal Weight

Stock Yards Bancorp (NASDAQ:SYBT) was downgraded by equities researchers at Stephens from an “overweight” rating to an “equal weight” rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $76.00 price target on the bank’s stock, up from their prior price target of $70.00. Stephens’ price objective indicates a potential upside of 3.75% from the stock’s current price.

A number of other research firms also recently weighed in on SYBT. Hovde Group downgraded Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $67.00 to $68.00 in a report on Thursday, October 24th. Piper Sandler lifted their price objective on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $64.00 target price (up previously from $54.00) on shares of Stock Yards Bancorp in a research report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, According to MarketBeat.com, Stock Yards Bancorp currently has a consensus rating of “Hold” and an average target price of $69.25.

Stock Yards Bancorp Stock Performance

Shares of SYBT stock opened at $73.25 on Friday. Stock Yards Bancorp has a 52 week low of $42.35 and a 52 week high of $77.82. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 20.12 and a beta of 0.81. The company has a 50-day simple moving average of $64.52 and a 200 day simple moving average of $56.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.94 and a current ratio of 0.94.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings data 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. The company had revenue of $130.52 million during the quarter, compared to analysts’ expectations of $87.57 million. Stock Yards Bancorp had a return on equity of 12.00% and a net margin of 21.62%. On average, sell-side analysts predict that Stock Yards Bancorp will post 3.76 earnings per share for the current year.

Insiders Place Their Bets

In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,341 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 97,070 shares in the company, valued at $6,411,473.50. The trade was a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 15,700 shares of company stock worth $1,054,023 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Stock Yards Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. acquired a new position in Stock Yards Bancorp during the third quarter worth about $30,255,000. Meridian Wealth Management LLC acquired a new position in Stock Yards Bancorp during the 3rd quarter worth approximately $9,082,000. American Century Companies Inc. lifted its stake in Stock Yards Bancorp by 163.4% in the 2nd 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 last quarter. Champlain Investment Partners LLC boosted its position in Stock Yards Bancorp by 4.5% in the first quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock valued at $57,139,000 after buying an additional 50,730 shares in the last quarter. Finally, Creative Planning boosted its position in Stock Yards Bancorp by 534.3% in the second quarter. Creative Planning now owns 43,057 shares of the bank’s stock valued at $2,139,000 after buying an additional 36,269 shares in the last quarter. Institutional investors own 56.46% of the company’s stock.

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.