Stock Yards Bancorp (NASDAQ:SYBT) Sets New 52-Week High – Here’s What Happened

by · The Markets Daily

Stock Yards Bancorp, Inc. (NASDAQ:SYBT – Get Free Report)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $73.10 and last traded at $73.10, with a volume of 1375 shares trading hands. The stock had previously closed at $67.19.

Analysts Set New Price Targets

SYBT has been the subject of a number of analyst reports. Hovde Group lowered 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 note on Thursday, October 24th. 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 report on Thursday, July 25th. Stephens upped their target price on Stock Yards Bancorp from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Piper Sandler upped their target price on Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $67.75.

Check Out Our Latest Stock Report on Stock Yards Bancorp

Stock Yards Bancorp Stock Performance

The business has a fifty day simple moving average of $62.14 and a 200-day simple moving average of $55.01. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.48. The firm has a market cap of $2.21 billion, a P/E ratio of 18.46 and a beta of 0.81.

Stock Yards Bancorp (NASDAQ:SYBT – Get Free Report) last posted 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 business had revenue of $130.52 million during the quarter, compared to the consensus estimate of $87.57 million. Stock Yards Bancorp had a return on equity of 12.20% and a net margin of 21.62%. On average, sell-side analysts predict that Stock Yards Bancorp, Inc. will post 3.76 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a $0.31 dividend. This is an increase 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 dividend on an annualized basis and a yield of 1.65%. Stock Yards Bancorp’s dividend payout ratio is 34.07%.

Insider Transactions at Stock Yards Bancorp

In other news, Director David P. Heintzman sold 2,341 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $66.05, for a total value of $154,623.05. Following the sale, the director now directly owns 97,070 shares of the company’s stock, valued at approximately $6,411,473.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director David P. Heintzman sold 7,659 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $65.98, for a total transaction of $505,340.82. Following the sale, the director now directly owns 99,411 shares of the company’s stock, valued at $6,559,137.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David P. Heintzman sold 2,341 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $66.05, for a total value of $154,623.05. Following the sale, the director now directly owns 97,070 shares in the company, valued at $6,411,473.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,700 shares of company stock valued at $830,253. Insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Stock Yards Bancorp

Several institutional investors have recently modified their holdings of the business. Independence Bank of Kentucky boosted its position in shares of Stock Yards Bancorp by 1.4% during the second 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 last quarter. Diversified Trust Co boosted its position in Stock Yards Bancorp by 2.3% in the second quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock worth $504,000 after purchasing an additional 231 shares during the last quarter. ProShare Advisors LLC boosted its position in 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. Point72 Asset Management L.P. boosted its position in Stock Yards Bancorp by 10.3% in 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 during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Stock Yards Bancorp in the second quarter worth about $45,000. 56.46% of the stock is owned by hedge funds and other institutional investors.

About Stock Yards Bancorp

(Get Free Report)

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.

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