Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 42.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,450 shares of the bank’s stock after acquiring an additional 15,900 shares during the period. Renaissance Technologies LLC owned 0.18% of Stock Yards Bancorp worth $2,655,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Independence Bank of Kentucky increased its position 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 acquiring an additional 202 shares during the period. Diversified Trust Co increased its position in Stock Yards Bancorp by 2.3% during the 2nd 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 period. ProShare Advisors LLC increased its position in Stock Yards Bancorp by 8.5% during the 1st 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 period. Price T Rowe Associates Inc. MD increased its position in Stock Yards Bancorp by 4.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,341 shares of the bank’s stock worth $1,142,000 after purchasing an additional 977 shares during the period. Finally, Bessemer Group Inc. increased its position in Stock Yards Bancorp by 7.8% during the 1st quarter. Bessemer Group Inc. now owns 15,555 shares of the bank’s stock worth $760,000 after purchasing an additional 1,130 shares during the period. Institutional investors and hedge funds own 56.46% of the company’s stock.

Insider Activity at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 2,700 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $63.07, for a total value of $170,289.00. Following the sale, the director now owns 29,786 shares of the company’s stock, valued at approximately $1,878,603.02. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Stock Yards Bancorp news, Director Richard A. Lechleiter purchased 650 shares of Stock Yards Bancorp stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $56.40 per share, with a total value of $36,660.00. Following the purchase, the director now directly owns 5,680 shares in the company, valued at approximately $320,352. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David P. Heintzman sold 2,700 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $63.07, for a total value of $170,289.00. Following the transaction, the director now directly owns 29,786 shares in the company, valued at approximately $1,878,603.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,457 shares of company stock valued at $1,335,466. 3.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SYBT shares. Piper Sandler reiterated a “neutral” rating and set a $65.50 target price on shares of Stock Yards Bancorp in a research report on Tuesday, September 10th. Keefe, Bruyette & Woods reiterated 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 upped their price target on Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Hovde Group upped their price target on Stock Yards Bancorp from $53.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. One 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. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $65.88.

Stock Yards Bancorp Price Performance

SYBT stock opened at $60.19 on Wednesday. Stock Yards Bancorp, Inc. has a 1 year low of $36.93 and a 1 year high of $65.00. 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’s 50 day moving average price is $59.28 and its 200 day moving average price is $51.68. The firm has a market cap of $1.77 billion, a P/E ratio of 16.91 and a beta of 0.82.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.10. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. The firm had revenue of $123.96 million for the quarter, compared to analyst estimates of $83.90 million. On average, sell-side analysts expect that Stock Yards Bancorp, Inc. will post 3.69 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.31 dividend. The ex-dividend date was Monday, September 16th. This represents a $1.24 dividend on an annualized basis and a yield of 2.06%. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. Stock Yards Bancorp’s dividend payout ratio is presently 34.83%.

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.