Quest Partners LLC Cuts Holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Quest Partners LLC reduced its position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 82.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,458 shares of the bank’s stock after selling 6,965 shares during the period. Quest Partners LLC’s holdings in Stock Yards Bancorp were worth $72,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Independence Bank of Kentucky raised its holdings in shares of Stock Yards Bancorp by 1.4% during the 2nd quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock worth $714,000 after acquiring an additional 202 shares in the last quarter. Diversified Trust Co increased its position in Stock Yards Bancorp by 2.3% in the second quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock worth $504,000 after purchasing an additional 231 shares during the last quarter. Thoroughbred Financial Services LLC raised its stake in Stock Yards Bancorp by 1.3% during 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 in the last quarter. ProShare Advisors LLC lifted its position in Stock Yards Bancorp by 8.5% during the first quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock valued at $239,000 after purchasing an additional 384 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Stock Yards Bancorp by 70.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,931 shares of the bank’s stock worth $99,000 after buying an additional 799 shares in the last quarter. 56.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SYBT. Hovde Group increased their price target on shares of Stock Yards Bancorp from $53.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. 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 research report on Thursday, July 25th. Stephens raised 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. Finally, Piper Sandler reiterated a “neutral” rating and set a $65.50 price objective on shares of Stock Yards Bancorp in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $65.88.

Stock Yards Bancorp Price Performance

Shares of SYBT stock opened at $61.19 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a 50 day moving average price of $57.67 and a 200 day moving average price of $50.49. Stock Yards Bancorp, Inc. has a 52-week low of $36.93 and a 52-week high of $64.51. The firm has a market capitalization of $1.80 billion, a P/E ratio of 16.97 and a beta of 0.82.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.10. The firm had revenue of $123.96 million for the quarter, compared to analysts’ expectations of $83.90 million. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. As a group, sell-side analysts predict 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 declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a $0.31 dividend. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Monday, September 16th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.03%. Stock Yards Bancorp’s payout ratio is presently 34.83%.

Insider Activity at Stock Yards Bancorp

In other Stock Yards Bancorp news, Director David P. Heintzman sold 6,000 shares of Stock Yards Bancorp stock in a transaction on Friday, July 26th. The stock was sold at an average price of $62.27, for a total transaction of $373,620.00. Following the completion of the sale, the director now directly owns 107,070 shares of the company’s stock, valued at approximately $6,667,248.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Stock Yards Bancorp news, Director David P. Heintzman sold 6,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $62.27, for a total transaction of $373,620.00. Following the transaction, the director now owns 107,070 shares of the company’s stock, valued at approximately $6,667,248.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William Dishman sold 2,204 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $62.31, for a total transaction of $137,331.24. Following the completion of the sale, the executive vice president now owns 34,444 shares of the company’s stock, valued at approximately $2,146,205.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,757 shares of company stock worth $1,165,177. Company insiders own 3.90% of the company’s stock.

Stock Yards Bancorp 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.