Zacks Investment Research upgraded shares of Stock Yards Bancorp (NASDAQ:SYBT) from a hold rating to a buy rating in a report issued on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $40.00 price objective on the bank’s stock.
According to Zacks, “Stock Yards Bancorp Inc. is a bank holding company. Its main subsidiary is Stock Yards Bank & Trust Company. The company provides banking, trust, investment management, private banking, and brokerage services. It operates in and around Louisville, Indianapolis, and Cincinnati. Stock Yards Bancorp Inc. is headquartered in Louisville, Kentucky. “
Other research analysts have also issued research reports about the company. BidaskClub lowered Stock Yards Bancorp from a buy rating to a hold rating in a research report on Thursday, September 26th. ValuEngine lowered Stock Yards Bancorp from a hold rating to a sell rating in a research report on Thursday, September 26th.
Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.11. The firm had revenue of $43.04 million during the quarter, compared to analyst estimates of $42.35 million. Stock Yards Bancorp had a return on equity of 16.33% and a net margin of 32.58%. On average, research analysts predict that Stock Yards Bancorp will post 2.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.91%. Stock Yards Bancorp’s payout ratio is 42.98%.
In other news, Chairman David P. Heintzman sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $37.66, for a total transaction of $338,940.00. Following the completion of the transaction, the chairman now owns 169,535 shares in the company, valued at $6,384,688.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James A. Hillebrand sold 2,450 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $37.15, for a total value of $91,017.50. Following the transaction, the chief executive officer now owns 77,686 shares of the company’s stock, valued at approximately $2,886,034.90. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 366 shares of company stock valued at $13,272 and have sold 27,184 shares valued at $1,008,496. Company insiders own 8.30% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYBT. Champlain Investment Partners LLC grew its position in Stock Yards Bancorp by 3.8% in the first quarter. Champlain Investment Partners LLC now owns 885,321 shares of the bank’s stock worth $29,933,000 after acquiring an additional 32,625 shares in the last quarter. American Research & Management Co. grew its position in Stock Yards Bancorp by 162.6% in the second quarter. American Research & Management Co. now owns 64,525 shares of the bank’s stock worth $2,333,000 after acquiring an additional 39,950 shares in the last quarter. Bessemer Group Inc. purchased a new position in Stock Yards Bancorp in the second quarter worth about $333,000. SeaCrest Wealth Management LLC grew its position in Stock Yards Bancorp by 9.0% in the second quarter. SeaCrest Wealth Management LLC now owns 8,078 shares of the bank’s stock worth $292,000 after acquiring an additional 667 shares in the last quarter. Finally, Aperio Group LLC grew its position in Stock Yards Bancorp by 20.4% in the second quarter. Aperio Group LLC now owns 13,533 shares of the bank’s stock worth $489,000 after acquiring an additional 2,297 shares in the last quarter. Institutional investors own 50.37% of the company’s stock.
About Stock Yards Bancorp
Stock Yards Bancorp, Inc operates as the holding company for Stock Yards Bank & Trust Company that provides commercial and personal banking services in Louisville, Indianapolis, and Cincinnati. Its deposit products include demand deposits, savings deposits, money market deposits, and time deposits.
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