Independence Bank of Kentucky Grows Position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Independence Bank of Kentucky grew its stake in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 34.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,172 shares of the bank’s stock after buying an additional 3,603 shares during the period. Independence Bank of Kentucky’s holdings in Stock Yards Bancorp were worth $693,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Stock Yards Bancorp in the fourth quarter valued at $9,100,000. RMB Capital Management LLC grew its position in shares of Stock Yards Bancorp by 49.7% in the fourth quarter. RMB Capital Management LLC now owns 223,236 shares of the bank’s stock valued at $11,494,000 after purchasing an additional 74,132 shares during the period. Barlow Wealth Partners Inc. purchased a new stake in shares of Stock Yards Bancorp in the fourth quarter valued at $3,226,000. Mariner LLC purchased a new stake in shares of Stock Yards Bancorp in the third quarter valued at $1,048,000. Finally, Thoroughbred Financial Services LLC grew its position in shares of Stock Yards Bancorp by 1.3% in the fourth quarter. Thoroughbred Financial Services LLC now owns 23,104 shares of the bank’s stock valued at $1,189,000 after purchasing an additional 302 shares during the period. Hedge funds and other institutional investors own 56.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $54.00 price target (up previously from $53.00) on shares of Stock Yards Bancorp in a research report on Thursday, April 25th. Piper Sandler assumed coverage on Stock Yards Bancorp in a research report on Wednesday, March 6th. They set a “neutral” rating and a $52.00 price target for the company. Finally, Hovde Group assumed coverage on Stock Yards Bancorp in a research report on Monday, March 4th. They set an “outperform” rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.00.

Insiders Place Their Bets

In other Stock Yards Bancorp news, Director David P. Heintzman sold 3,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $47.05, for a total transaction of $141,150.00. Following the transaction, the director now owns 113,070 shares in the company, valued at $5,319,943.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.90% of the stock is currently owned by insiders.

Stock Yards Bancorp Trading Up 1.0 %

Shares of SYBT opened at $49.67 on Friday. The stock’s 50-day moving average is $47.11 and its two-hundred day moving average is $47.45. The stock has a market cap of $1.46 billion, a PE ratio of 13.95 and a beta of 0.84. Stock Yards Bancorp, Inc. has a 12 month low of $36.93 and a 12 month high of $53.15. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.88 and a quick ratio of 0.88.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings data on Wednesday, April 24th. The bank reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The company had revenue of $83.44 million for the quarter, compared to analysts’ expectations of $83.00 million. Stock Yards Bancorp had a return on equity of 12.51% and a net margin of 22.86%. Equities analysts forecast that Stock Yards Bancorp, Inc. will post 3.49 earnings per share for the current fiscal year.

Stock Yards Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Monday, June 17th. Stock Yards Bancorp’s dividend payout ratio is presently 33.71%.

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.