Stock Yards Bancorp (NASDAQ:SYBT) Stock Rating Lowered by Hovde Group

Hovde Group cut shares of Stock Yards Bancorp (NASDAQ:SYBT) from an outperform rating to a market perform rating in a research note published on Thursday, MarketBeat reports. They currently have $68.00 price target on the bank’s stock, up from their prior price target of $67.00.

Other research analysts have also recently issued reports about the stock. Piper Sandler reiterated a “neutral” rating and set a $65.50 target price on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Stephens lifted their price objective on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $64.00 price objective (up previously from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. 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.com, Stock Yards Bancorp has a consensus rating of “Hold” and an average price target of $67.75.

Stock Yards Bancorp Stock Down 2.8 %

Shares of NASDAQ SYBT opened at $64.68 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 18.17 and a beta of 0.82. The stock has a 50 day moving average price of $61.11 and a 200 day moving average price of $53.93. Stock Yards Bancorp has a 52-week low of $37.51 and a 52-week high of $67.12.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.06. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. The business had revenue of $130.52 million during the quarter, compared to analyst estimates of $87.57 million. Sell-side analysts expect that Stock Yards Bancorp will post 3.69 earnings per share for the current 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 $0.31 dividend. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio (DPR) is currently 34.83%.

Insider Activity at Stock Yards Bancorp

In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $63.07, for a total value of $170,289.00. Following the completion of the sale, the director now directly owns 29,786 shares in the company, valued at $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $63.07, for a total value of $170,289.00. Following the completion of the sale, the director now directly owns 29,786 shares in the company, valued at approximately $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP William Dishman sold 2,204 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $62.31, for a total value of $137,331.24. Following the completion of the sale, the executive vice president now directly owns 34,444 shares of the company’s stock, valued at approximately $2,146,205.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,404 shares of company stock valued at $400,650 over the last 90 days. Insiders own 3.90% of the company’s stock.

Institutional Trading of Stock Yards Bancorp

Several large investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Stock Yards Bancorp during the second quarter worth $45,000. Quantbot Technologies LP acquired a new stake in Stock Yards Bancorp during the 1st quarter worth about $195,000. Wesbanco Bank Inc. purchased a new stake in Stock Yards Bancorp during the 3rd quarter valued at about $206,000. Ballentine Partners LLC acquired a new position in shares of Stock Yards Bancorp in the third quarter valued at about $219,000. Finally, ProShare Advisors LLC raised its stake in shares of Stock Yards Bancorp by 8.5% in the first quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock worth $239,000 after purchasing an additional 384 shares during the last quarter. Hedge funds and other 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.