Stock Yards Bancorp (NASDAQ:SYBT) Hits New 12-Month High at $64.56

Stock Yards Bancorp, Inc. (NASDAQ:SYBT)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $64.56 and last traded at $64.42, with a volume of 1375819 shares. The stock had previously closed at $62.57.

Wall Street Analyst Weigh In

SYBT has been the topic of several research reports. Piper Sandler restated a “neutral” rating and set a $65.50 price objective on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Hovde Group raised their price target on Stock Yards Bancorp from $53.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $64.00 price objective (up from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Finally, Stephens increased their target price on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. One research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $65.88.

Stock Yards Bancorp Trading Down 1.6 %

The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.87 billion, a P/E ratio of 17.88 and a beta of 0.82. The company has a 50-day moving average price of $58.65 and a 200 day moving average price of $50.91.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its 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. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. The business had revenue of $123.96 million during the quarter, compared to the consensus estimate of $83.90 million. On average, research analysts forecast that Stock Yards Bancorp, Inc. will post 3.69 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders 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. This represents a $1.24 annualized dividend and a yield of 1.95%. The ex-dividend date is Monday, September 16th. Stock Yards Bancorp’s payout ratio is currently 34.83%.

Insider Activity

In other Stock Yards Bancorp news, Director Richard A. Lechleiter purchased 650 shares of the stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $56.40 per share, with a total value of $36,660.00. Following the completion of the acquisition, the director now owns 5,680 shares in the company, valued at $320,352. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, Director Richard A. Lechleiter acquired 650 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $56.40 per share, for a total transaction of $36,660.00. Following the completion of the purchase, the director now owns 5,680 shares of the company’s stock, valued at approximately $320,352. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO James A. Hillebrand sold 9,053 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $61.99, for a total value of $561,195.47. Following the sale, the chief executive officer now owns 105,450 shares in the company, valued at approximately $6,536,845.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,757 shares of company stock worth $1,165,177. Insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SYBT. Vanguard Group Inc. boosted its position in Stock Yards Bancorp by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 1,786,710 shares of the bank’s stock worth $91,998,000 after purchasing an additional 33,906 shares in the last quarter. Norges Bank acquired a new stake in Stock Yards Bancorp during the fourth quarter valued at $9,100,000. GSA Capital Partners LLP acquired a new position in shares of Stock Yards Bancorp in the first quarter worth about $863,000. RMB Capital Management LLC raised 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 worth $11,494,000 after acquiring an additional 74,132 shares during the period. Finally, Champlain Investment Partners LLC boosted its stake in shares of Stock Yards Bancorp by 4.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock worth $57,139,000 after acquiring an additional 50,730 shares in the last quarter. Hedge funds and other institutional investors own 56.46% of the company’s stock.

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.