Stock Yards Bancorp (NASDAQ:SYBT) Sets New 1-Year High – Here’s Why

Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) hit a new 52-week high on Monday . The stock traded as high as $79.70 and last traded at $79.70, with a volume of 9928 shares. The stock had previously closed at $76.11.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $67.00 to $68.00 in a report on Thursday, October 24th. Stephens downgraded Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $70.00 to $76.00 in a report on Friday, November 15th. Finally, Piper Sandler boosted their price objective on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, Stock Yards Bancorp presently has a consensus rating of “Hold” and a consensus price target of $69.25.

Stock Yards Bancorp Stock Up 1.7 %

The firm’s 50 day simple moving average is $66.06 and its 200-day simple moving average is $57.58. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 21.27 and a beta of 0.81.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.06. The company had revenue of $130.52 million for the quarter, compared to analysts’ expectations of $87.57 million. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. Equities analysts expect that Stock Yards Bancorp, Inc. will post 3.76 earnings per share for the current fiscal year.

Stock Yards Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Monday, December 16th. Stock Yards Bancorp’s dividend payout ratio is 34.07%.

Insiders Place Their Bets

In related news, EVP Michael Rehm sold 2,650 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $74.81, for a total value of $198,246.50. Following the completion of the transaction, the executive vice president now owns 16,927 shares of the company’s stock, valued at $1,266,308.87. This represents a 13.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Philip Poindexter sold 3,419 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $75.55, for a total transaction of $258,305.45. Following the sale, the president now directly owns 51,331 shares in the company, valued at approximately $3,878,057.05. The trade was a 6.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,769 shares of company stock worth $2,241,375 in the last 90 days. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Stock Yards Bancorp

A number of hedge funds have recently modified their holdings of SYBT. FMR LLC raised its holdings in shares of Stock Yards Bancorp by 7.5% during the third quarter. FMR LLC now owns 2,400 shares of the bank’s stock valued at $149,000 after purchasing an additional 167 shares during the period. Independence Bank of Kentucky grew its stake 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 buying an additional 202 shares in the last quarter. Diversified Trust Co boosted its position in shares of 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 during the period. ProShare Advisors LLC increased its position in shares of Stock Yards Bancorp by 8.5% in the first quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock worth $239,000 after purchasing an additional 384 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of 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 valued at $263,000 after buying an additional 494 shares in the last quarter. 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.