Stock Yards Bancorp (NASDAQ:SYBT) Price Target Raised to $70.00

Stock Yards Bancorp (NASDAQ:SYBT) had its price objective increased by Stephens from $60.00 to $70.00 in a report released on Thursday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other equities analysts have also issued reports about the stock. Piper Sandler restated a “neutral” rating and issued a $65.50 price objective on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Keefe, Bruyette & Woods restated a “market perform” rating and issued 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, Hovde Group cut Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $67.00 to $68.00 in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $67.75.

Stock Yards Bancorp Trading Down 2.8 %

NASDAQ SYBT opened at $64.68 on Thursday. The stock’s fifty day moving average price is $61.11 and its 200-day moving average price is $53.86. 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 $1.90 billion, a P/E ratio of 18.17 and a beta of 0.82. Stock Yards Bancorp has a 12 month low of $37.51 and a 12 month high of $67.12.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.94 by $0.06. The company had revenue of $130.52 million for the quarter, compared to the consensus estimate of $87.57 million. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. As a group, equities analysts forecast that Stock Yards Bancorp will post 3.69 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.92%. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio is presently 34.83%.

Insider Buying and Selling

In other news, Director Richard A. Lechleiter bought 650 shares of the stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $56.40 per share, with a total value of $36,660.00. Following the completion of the acquisition, the director now owns 5,680 shares in the company, 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 SEC, which is accessible through this hyperlink. In other Stock Yards Bancorp news, Director Richard A. Lechleiter purchased 650 shares of Stock Yards Bancorp stock in a transaction dated 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 directly owns 5,680 shares of the company’s stock, valued at $320,352. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James A. Hillebrand sold 9,053 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $61.99, for a total transaction of $561,195.47. Following the completion of the transaction, the chief executive officer now owns 105,450 shares in the company, valued at $6,536,845.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,457 shares of company stock valued at $961,846 over the last 90 days. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Stock Yards Bancorp

A number of hedge funds have recently modified their holdings of the business. Ballentine Partners LLC purchased a new position in Stock Yards Bancorp during the third quarter valued at $219,000. Creative Planning raised its stake in shares of Stock Yards Bancorp by 7.6% in the third quarter. Creative Planning now owns 46,346 shares of the bank’s stock worth $2,873,000 after buying an additional 3,289 shares during the period. Wesbanco Bank Inc. purchased a new position in shares of Stock Yards Bancorp during the 3rd quarter valued at about $206,000. Independence Bank of Kentucky grew its stake in shares of Stock Yards Bancorp by 10.5% during the 3rd quarter. Independence Bank of Kentucky now owns 15,889 shares of the bank’s stock valued at $985,000 after acquiring an additional 1,515 shares during the period. Finally, Barlow Wealth Partners Inc. increased its holdings in Stock Yards Bancorp by 1.7% in the 3rd quarter. Barlow Wealth Partners Inc. now owns 63,717 shares of the bank’s stock worth $3,805,000 after acquiring an additional 1,069 shares in the last quarter. Institutional investors own 56.46% 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.