Stock Yards Bancorp’s (SYBT) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler reiterated their neutral rating on shares of Stock Yards Bancorp (NASDAQ:SYBT) in a report released on Tuesday, Marketbeat reports. The firm currently has a $65.50 price target on the bank’s stock.

Other equities analysts also recently issued reports about the stock. Stephens boosted their target price on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the company an overweight rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods reiterated a market perform rating and issued a $64.00 price objective (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Finally, Hovde Group raised their target price on Stock Yards Bancorp from $53.00 to $68.00 and gave the stock an outperform rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Stock Yards Bancorp presently has a consensus rating of Hold and a consensus target price of $65.88.

Stock Yards Bancorp Price Performance

SYBT stock opened at $59.91 on Tuesday. Stock Yards Bancorp has a 1 year low of $36.93 and a 1 year high of $64.51. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $1.76 billion, a PE ratio of 16.83 and a beta of 0.82. The business has a 50 day simple moving average of $57.21 and a 200-day simple moving average of $50.21.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.10. The company had revenue of $123.96 million during the quarter, compared to analysts’ expectations of $83.90 million. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. Equities 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a dividend of $0.31 per share. The ex-dividend date is Monday, September 16th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.07%. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 33.71%.

Insider Activity at Stock Yards Bancorp

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Independence Bank of Kentucky raised its position in Stock Yards Bancorp by 1.4% in the 2nd quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock valued at $714,000 after purchasing an additional 202 shares in the last quarter. Diversified Trust Co raised its holdings in Stock Yards Bancorp by 2.3% in the second quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock valued at $504,000 after acquiring an additional 231 shares in the last quarter. Thoroughbred Financial Services LLC lifted its stake in Stock Yards Bancorp by 1.3% in the fourth quarter. Thoroughbred Financial Services LLC now owns 23,104 shares of the bank’s stock worth $1,189,000 after acquiring an additional 302 shares during the last quarter. ProShare Advisors LLC grew its holdings in Stock Yards Bancorp by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock worth $239,000 after acquiring an additional 384 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Stock Yards Bancorp by 10.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock worth $263,000 after acquiring an additional 494 shares in the last quarter. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

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.