Kayne Anderson Rudnick Investment Management LLC Reduces Stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Kayne Anderson Rudnick Investment Management LLC cut its holdings in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 2.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,281,125 shares of the bank’s stock after selling 29,915 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned 4.36% of Stock Yards Bancorp worth $63,634,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SYBT. Vanguard Group Inc. increased its stake in shares of Stock Yards Bancorp by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 1,786,710 shares of the bank’s stock worth $91,998,000 after acquiring an additional 33,906 shares during the period. Norges Bank purchased a new position in shares of Stock Yards Bancorp during the 4th quarter valued at about $9,100,000. GSA Capital Partners LLP purchased a new position in shares of Stock Yards Bancorp during the 1st quarter valued at about $863,000. RMB Capital Management LLC lifted its holdings in shares of Stock Yards Bancorp by 49.7% in the 4th quarter. RMB Capital Management LLC now owns 223,236 shares of the bank’s stock valued at $11,494,000 after buying 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% in the first quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock worth $57,139,000 after buying an additional 50,730 shares during the last quarter. 56.46% of the stock is owned by hedge funds and other institutional investors.

Stock Yards Bancorp Stock Down 1.6 %

Stock Yards Bancorp stock opened at $63.66 on Friday. 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 stock has a market capitalization of $1.87 billion, a PE ratio of 17.88 and a beta of 0.82. The business has a 50 day simple moving average of $58.65 and a 200-day simple moving average of $50.94. Stock Yards Bancorp, Inc. has a 12 month low of $36.93 and a 12 month high of $65.00.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.94 EPS for the quarter, topping the consensus estimate of $0.84 by $0.10. The company had revenue of $123.96 million during the quarter, compared to analyst estimates of $83.90 million. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.18%. On average, analysts anticipate that Stock Yards Bancorp, Inc. will post 3.69 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Monday, September 16th. This is an increase from Stock Yards Bancorp’s previous quarterly dividend of $0.30. Stock Yards Bancorp’s dividend payout ratio is 34.83%.

Insider Activity at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 6,000 shares of Stock Yards Bancorp stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $62.27, for a total value of $373,620.00. Following the sale, the director now directly owns 107,070 shares in the company, valued at approximately $6,667,248.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director David P. Heintzman sold 6,000 shares of Stock Yards Bancorp stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $62.27, for a total value of $373,620.00. Following the sale, the director now directly owns 107,070 shares in the company, valued at approximately $6,667,248.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP William Dishman sold 2,204 shares of Stock Yards Bancorp stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $62.31, for a total value of $137,331.24. Following the completion of the sale, the executive vice president now owns 34,444 shares in the company, valued at $2,146,205.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,757 shares of company stock valued at $1,165,177. 3.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SYBT. Hovde Group lifted their price target on Stock Yards Bancorp from $53.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $64.00 target price (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Stephens boosted their target price on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Piper Sandler restated a “neutral” rating and set a $65.50 price target 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 assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $65.88.

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.