Stock Yards Bancorp (NASDAQ:SYBT) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Stock Yards Bancorp (NASDAQ:SYBT) posted its quarterly earnings data on Wednesday. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.06, Yahoo Finance reports. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. The business had revenue of $130.52 million for the quarter, compared to the consensus estimate of $87.57 million.

Stock Yards Bancorp Price Performance

SYBT stock opened at $64.68 on Friday. Stock Yards Bancorp has a 1 year low of $37.51 and a 1 year high of $67.12. 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 $1.90 billion, a PE ratio of 18.17 and a beta of 0.82. The business has a 50 day simple moving average of $61.11 and a 200-day simple moving average of $53.81.

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 paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.92%. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio (DPR) is 34.83%.

Analyst Upgrades and Downgrades

SYBT has been the subject of several research analyst reports. Hovde Group downgraded shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $67.00 to $68.00 in a research report on Thursday. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $64.00 target price (up previously from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Stephens raised their target price on Stock Yards Bancorp from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Piper Sandler boosted their price target on Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $67.75.

Insider Buying and Selling

In other Stock Yards Bancorp news, CEO James A. Hillebrand sold 9,053 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $61.99, for a total value of $561,195.47. Following the completion of the sale, the chief executive officer now directly owns 105,450 shares in the company, valued at $6,536,845.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of Stock Yards Bancorp stock in a transaction dated 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 directly owns 29,786 shares of the company’s stock, valued at $1,878,603.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James A. Hillebrand sold 9,053 shares of the 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 completion of the sale, the chief executive officer now directly owns 105,450 shares of the company’s stock, valued at approximately $6,536,845.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,457 shares of company stock worth $961,846. 3.90% of the stock is owned by corporate insiders.

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.