Piper Sandler Reaffirms Neutral Rating for Stock Yards Bancorp (NASDAQ:SYBT)

Piper Sandler restated their neutral rating on shares of Stock Yards Bancorp (NASDAQ:SYBT) in a report published on Tuesday morning, MarketBeat.com reports. Piper Sandler currently has a $65.50 target price on the bank’s stock.

SYBT has been the subject of several other reports. Keefe, Bruyette & Woods reissued a market perform rating and issued a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Hovde Group raised their target price on Stock Yards Bancorp from $53.00 to $68.00 and gave the company an outperform rating in a report on Wednesday, July 24th. Finally, Stephens upped their price target on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an overweight rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Stock Yards Bancorp currently has an average rating of Hold and a consensus price target of $65.88.

Stock Yards Bancorp Stock Performance

Shares of SYBT opened at $59.91 on Tuesday. The stock has a market capitalization of $1.76 billion, a P/E ratio of 16.83 and a beta of 0.82. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 0.92. Stock Yards Bancorp has a 1 year low of $36.93 and a 1 year high of $64.51. The company’s fifty day moving average is $57.21 and its two-hundred day moving average is $50.21.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.10. The business had revenue of $123.96 million for the quarter, compared to analyst estimates of $83.90 million. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. On average, sell-side analysts predict that Stock Yards Bancorp will post 3.69 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a dividend of $0.31 per share. The ex-dividend date is Monday, September 16th. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 2.07%. Stock Yards Bancorp’s payout ratio is currently 33.71%.

Insider Buying and Selling at Stock Yards Bancorp

In other news, Director Richard A. Lechleiter purchased 650 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $56.40 per share, with a total value of $36,660.00. Following the purchase, the director now directly owns 5,680 shares of the company’s stock, valued at approximately $320,352. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Stock Yards Bancorp news, Director Richard A. Lechleiter acquired 650 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $56.40 per share, with a total value of $36,660.00. Following the purchase, the director now owns 5,680 shares in the company, valued at $320,352. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James A. Hillebrand sold 9,053 shares of Stock Yards Bancorp stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $61.99, for a total transaction of $561,195.47. Following the transaction, the chief executive officer now owns 105,450 shares of the company’s stock, valued at approximately $6,536,845.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,757 shares of company stock valued at $1,165,177. Insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Stock Yards Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Stock Yards Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 212,174 shares of the bank’s stock valued at $10,925,000 after acquiring an additional 2,694 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Stock Yards Bancorp by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 905,258 shares of the bank’s stock valued at $46,612,000 after purchasing an additional 35,851 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Stock Yards Bancorp by 70.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,931 shares of the bank’s stock worth $99,000 after purchasing an additional 799 shares during the last quarter. Meridian Wealth Management LLC grew its holdings in shares of Stock Yards Bancorp by 1,976.9% during the fourth quarter. Meridian Wealth Management LLC now owns 117,384 shares of the bank’s stock worth $6,044,000 after buying an additional 111,732 shares in the last quarter. Finally, German American Bancorp Inc. acquired a new position in shares of Stock Yards Bancorp in the fourth quarter valued at approximately $230,000. 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.