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

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) reached a new 52-week high on Monday . The stock traded as high as $83.67 and last traded at $82.18, with a volume of 22686 shares trading hands. The stock had previously closed at $83.01.

Wall Street Analyst Weigh In

SYBT has been the topic of several recent research reports. Keefe, Bruyette & Woods reduced their price target on Stock Yards Bancorp from $84.00 to $80.00 and set a “market perform” rating on the stock in a research report on Thursday, April 24th. Stephens lifted their price objective on Stock Yards Bancorp from $78.00 to $80.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Piper Sandler set a $81.00 price objective on Stock Yards Bancorp and gave the stock a “neutral” rating in a report on Thursday, April 24th. Finally, Wall Street Zen downgraded Stock Yards Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, Stock Yards Bancorp has an average rating of “Hold” and a consensus target price of $77.25.

Stock Yards Bancorp Stock Down 1.2%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $2.42 billion, a P/E ratio of 19.82 and a beta of 0.72. The stock has a fifty day moving average price of $75.69 and a two-hundred day moving average price of $72.63.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.13. The business had revenue of $93.63 million during the quarter, compared to the consensus estimate of $92.90 million. Stock Yards Bancorp had a return on equity of 13.02% and a net margin of 23.34%. During the same period in the previous year, the business earned $0.88 EPS. Research analysts forecast that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current year.

Stock Yards Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were paid a dividend of $0.31 per share. The ex-dividend date was Monday, June 16th. This represents a $1.24 annualized dividend and a yield of 1.51%. Stock Yards Bancorp’s dividend payout ratio is currently 29.95%.

Insider Transactions at Stock Yards Bancorp

In related news, EVP Michael Croce sold 4,100 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $77.06, for a total value of $315,946.00. Following the completion of the sale, the executive vice president directly owned 24,600 shares of the company’s stock, valued at approximately $1,895,676. This represents a 14.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David P. Heintzman sold 3,419 shares of the company’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $74.71, for a total value of $255,433.49. Following the completion of the transaction, the director directly owned 83,651 shares in the company, valued at approximately $6,249,566.21. The trade was a 3.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,902 shares of company stock worth $1,296,210. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in Stock Yards Bancorp by 7,142.2% in the 1st quarter. GAMMA Investing LLC now owns 22,306 shares of the bank’s stock valued at $1,540,000 after buying an additional 21,998 shares during the last quarter. Northern Trust Corp lifted its position in shares of Stock Yards Bancorp by 13.0% in the 4th quarter. Northern Trust Corp now owns 274,295 shares of the bank’s stock worth $19,642,000 after acquiring an additional 31,529 shares during the period. Franklin Resources Inc. bought a new stake in shares of Stock Yards Bancorp in the 4th quarter worth approximately $1,193,000. Deutsche Bank AG lifted its position in shares of Stock Yards Bancorp by 50.9% in the 4th quarter. Deutsche Bank AG now owns 23,872 shares of the bank’s stock worth $1,709,000 after acquiring an additional 8,048 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of Stock Yards Bancorp by 57.7% in the 1st quarter. SG Americas Securities LLC now owns 9,978 shares of the bank’s stock worth $689,000 after acquiring an additional 3,649 shares during the period. Institutional investors and hedge funds own 56.46% of the company’s stock.

Stock Yards Bancorp Company 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.