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

Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $65.00 and last traded at $65.00, with a volume of 17814 shares trading hands. The stock had previously closed at $64.06.

Analyst Upgrades and Downgrades

SYBT has been the topic of a number of recent analyst reports. Hovde Group boosted their price target on shares of Stock Yards Bancorp from $53.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Stephens increased their price target on Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Finally, Piper Sandler reissued a “neutral” rating and issued a $65.50 price objective on shares of Stock Yards Bancorp in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.88.

Stock Yards Bancorp Price Performance

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average price is $59.48 and its 200-day moving average price is $52.86. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 18.58 and a beta of 0.82.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.10. The firm had revenue of $123.96 million for the quarter, compared to the consensus estimate 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, Inc. 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 was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.87%. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 34.83%.

Insider Buying and Selling at Stock Yards Bancorp

In other news, Director David P. Heintzman sold 2,700 shares of Stock Yards Bancorp 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 completion of the sale, the director now owns 29,786 shares in the company, valued at $1,878,603.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of the firm’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 value of $170,289.00. Following the transaction, the director now directly owns 29,786 shares of the company’s stock, valued at approximately $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard A. Lechleiter bought 650 shares of the stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $56.40 per share, with a total value of $36,660.00. Following the acquisition, the director now directly owns 5,680 shares in the company, valued at approximately $320,352. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 21,457 shares of company stock worth $1,335,466. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Stock Yards Bancorp

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Stock Yards Bancorp by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 1,786,710 shares of the bank’s stock valued at $91,998,000 after acquiring an additional 33,906 shares during the last quarter. Independence Bank of Kentucky boosted its position in shares of Stock Yards Bancorp by 34.1% during the first quarter. Independence Bank of Kentucky now owns 14,172 shares of the bank’s stock worth $693,000 after purchasing an additional 3,603 shares in the last quarter. Chatham Capital Group Inc. grew its holdings in shares of Stock Yards Bancorp by 11.6% in the 1st quarter. Chatham Capital Group Inc. now owns 30,277 shares of the bank’s stock valued at $1,481,000 after buying an additional 3,140 shares during the period. Diversified Trust Co increased its position in shares of Stock Yards Bancorp by 34.3% in the 1st quarter. Diversified Trust Co now owns 9,910 shares of the bank’s stock valued at $485,000 after buying an additional 2,530 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Stock Yards Bancorp by 21.5% during the 1st quarter. BNP Paribas Financial Markets now owns 24,531 shares of the bank’s stock worth $1,200,000 after buying an additional 4,342 shares during the period. Institutional investors and hedge funds 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.