The Manufacturers Life Insurance Company Cuts Stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

The Manufacturers Life Insurance Company cut its holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 2.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 224,371 shares of the bank’s stock after selling 6,244 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Stock Yards Bancorp were worth $13,909,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Stock Yards Bancorp in the 2nd quarter valued at about $45,000. Wesbanco Bank Inc. bought a new stake in Stock Yards Bancorp during the 3rd quarter valued at $206,000. Ballentine Partners LLC purchased a new position in shares of Stock Yards Bancorp in the 3rd quarter valued at $219,000. German American Bancorp Inc. purchased a new position in shares of Stock Yards Bancorp in the 3rd quarter valued at $231,000. Finally, Bridges Investment Management Inc. bought a new position in shares of Stock Yards Bancorp in the 3rd quarter worth $238,000. 56.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SYBT shares. Hovde Group downgraded Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $67.00 to $68.00 in a research report on Thursday, October 24th. Stephens cut shares of Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $70.00 to $76.00 in a report on Friday, November 15th. Finally, Piper Sandler boosted 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. Four analysts have rated the stock with a hold rating, According to MarketBeat.com, Stock Yards Bancorp presently has an average rating of “Hold” and an average target price of $69.25.

Insiders Place Their Bets

In related news, President Philip Poindexter sold 3,419 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $75.55, for a total transaction of $258,305.45. Following the completion of the transaction, the president now owns 51,331 shares of the company’s stock, valued at $3,878,057.05. This trade represents a 6.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David P. Heintzman sold 7,659 shares of the business’s stock in a transaction 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 owns 99,411 shares of the company’s stock, valued at $6,559,137.78. This represents a 7.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,269 shares of company stock valued at $2,514,725. 3.90% of the stock is owned by company insiders.

Stock Yards Bancorp Stock Performance

SYBT opened at $76.12 on Monday. The company has a market cap of $2.24 billion, a P/E ratio of 20.91 and a beta of 0.81. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $67.51 and its 200-day moving average price is $58.59. Stock Yards Bancorp, Inc. has a 52-week low of $42.35 and a 52-week high of $79.79.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating 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 business had revenue of $130.52 million for the quarter, compared to analyst estimates of $87.57 million. As a group, equities analysts anticipate that Stock Yards Bancorp, Inc. will post 3.8 EPS for the current fiscal year.

Stock Yards Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $0.31 dividend. The ex-dividend date is Monday, December 16th. This represents a $1.24 dividend on an annualized basis and a yield of 1.63%. Stock Yards Bancorp’s dividend payout ratio (DPR) is 34.07%.

Stock Yards Bancorp 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.