Stock Yards Bancorp (NASDAQ:SYBT) PT Raised to $70.00 at Stephens

Stock Yards Bancorp (NASDAQ:SYBT) had its price target raised by Stephens from $60.00 to $70.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other research firms also recently issued reports on SYBT. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $64.00 price objective (up previously from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Piper Sandler reaffirmed a “neutral” rating and set a $65.50 price target on shares of Stock Yards Bancorp in a research note on Tuesday, September 10th. Finally, Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $67.00 to $68.00 in a research report on Thursday. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Stock Yards Bancorp currently has an average rating of “Hold” and a consensus price target of $67.75.

Stock Yards Bancorp Stock Performance

Stock Yards Bancorp stock opened at $66.51 on Thursday. The stock has a 50-day simple moving average of $60.96 and a 200 day simple moving average of $53.69. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 18.68 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.48. Stock Yards Bancorp has a 12-month low of $36.93 and a 12-month high of $67.12.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. On average, research analysts anticipate that Stock Yards Bancorp will post 3.69 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a dividend of $0.31 per share. 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. This represents a $1.24 annualized dividend and a dividend yield of 1.86%. Stock Yards Bancorp’s payout ratio is presently 34.83%.

Insider Transactions at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 2,700 shares of the company’s 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 owns 29,786 shares in the company, valued at approximately $1,878,603.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director David P. Heintzman sold 1,500 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $62.02, for a total value of $93,030.00. Following the sale, the director now directly owns 30,379 shares in the company, valued at $1,884,105.58. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David P. Heintzman sold 2,700 shares of the business’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 transaction of $170,289.00. Following the transaction, the director now owns 29,786 shares of the company’s stock, valued at approximately $1,878,603.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,457 shares of company stock worth $961,846 in the last three months. Insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Stock Yards Bancorp

Several hedge funds have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Stock Yards Bancorp in the 2nd quarter valued at $45,000. Wesbanco Bank Inc. acquired a new position in Stock Yards Bancorp in the third quarter valued at about $206,000. Ballentine Partners LLC acquired a new position in Stock Yards Bancorp in the third quarter valued at about $219,000. Quantbot Technologies LP bought a new stake in shares of Stock Yards Bancorp in the first quarter worth about $195,000. Finally, ProShare Advisors LLC raised its position in shares of Stock Yards Bancorp by 8.5% during 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 period. 56.46% of the stock is currently owned by institutional investors and hedge funds.

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.