Stock Yards Bancorp (NASDAQ:SYBT) Lowered to Market Perform at Hovde Group

Hovde Group lowered shares of Stock Yards Bancorp (NASDAQ:SYBT) from an outperform rating to a market perform rating in a report issued on Thursday, MarketBeat.com reports. The brokerage currently has $68.00 target price on the bank’s stock, up from their previous target price of $67.00.

SYBT has been the subject of a number of other reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. 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 boosted their price target on Stock Yards Bancorp from $60.00 to $66.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $67.75.

Stock Yards Bancorp Stock Performance

Stock Yards Bancorp stock opened at $66.51 on Thursday. Stock Yards Bancorp has a 52 week low of $36.93 and a 52 week high of $67.12. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.96 billion, a P/E ratio of 18.68 and a beta of 0.82. The stock has a 50 day moving average of $60.96 and a 200-day moving average of $53.69.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.06. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. On average, analysts expect that Stock Yards Bancorp will post 3.69 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid 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 1.86%. Stock Yards Bancorp’s dividend payout ratio is 34.83%.

Insider Buying and Selling at Stock Yards Bancorp

In related news, Director Richard A. Lechleiter purchased 650 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $56.40 per share, with a total value of $36,660.00. Following the acquisition, the director now owns 5,680 shares in the company, valued at approximately $320,352. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $63.07, for a total transaction of $170,289.00. Following the completion of the transaction, the director now directly owns 29,786 shares of the company’s stock, valued at $1,878,603.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard A. Lechleiter bought 650 shares of the firm’s stock in a transaction 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. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 15,457 shares of company stock worth $961,846 over the last ninety days. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Stock Yards Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Independence Bank of Kentucky increased its stake in Stock Yards Bancorp by 1.4% during the 2nd quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock valued at $714,000 after buying an additional 202 shares during the period. Diversified Trust Co boosted its holdings in shares of Stock Yards Bancorp by 2.3% in the second quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock valued at $504,000 after acquiring an additional 231 shares in the last quarter. ProShare Advisors LLC increased its stake 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 valued at $239,000 after acquiring an additional 384 shares during the period. Point72 Asset Management L.P. raised its holdings in Stock Yards Bancorp by 10.3% during the second quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock worth $263,000 after purchasing an additional 494 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Stock Yards Bancorp in the second quarter worth approximately $45,000. 56.46% of the stock is currently owned by institutional investors and hedge funds.

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.