Stock Yards Bancorp (NASDAQ:SYBT) Sets New 52-Week High – Here’s What Happened

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $73.10 and last traded at $73.10, with a volume of 1375 shares traded. The stock had previously closed at $67.19.

Analysts Set New Price Targets

Several research analysts have recently commented on SYBT shares. Piper Sandler raised their price objective on Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Hovde Group downgraded Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $67.00 to $68.00 in a research note on Thursday, October 24th. Stephens lifted their target price on Stock Yards Bancorp from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, 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 note on Thursday, July 25th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $67.75.

Stock Yards Bancorp Trading Up 11.9 %

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 50 day simple moving average of $62.14 and a 200-day simple moving average of $55.01. The firm has a market cap of $2.21 billion, a P/E ratio of 18.46 and a beta of 0.81.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. Stock Yards Bancorp had a return on equity of 12.20% and a net margin of 21.62%. The business had revenue of $130.52 million for the quarter, compared to the consensus estimate of $87.57 million. On average, equities research analysts expect that Stock Yards Bancorp, Inc. will post 3.76 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid a $0.31 dividend. This is an increase from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, September 16th. This represents a $1.24 dividend on an annualized basis and a yield of 1.65%. Stock Yards Bancorp’s payout ratio is presently 34.07%.

Insiders Place Their Bets

In other news, Director David P. Heintzman sold 7,659 shares of Stock Yards Bancorp stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $65.98, for a total value of $505,340.82. Following the completion of the transaction, the director now owns 99,411 shares in the company, valued at approximately $6,559,137.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director David P. Heintzman sold 2,341 shares of Stock Yards Bancorp stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $66.05, for a total value of $154,623.05. Following the completion of the transaction, the director now owns 97,070 shares in the company, valued at approximately $6,411,473.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David P. Heintzman sold 7,659 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $65.98, for a total value of $505,340.82. Following the transaction, the director now owns 99,411 shares of the company’s stock, valued at approximately $6,559,137.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,700 shares of company stock valued at $830,253 in the last quarter. 3.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Stock Yards Bancorp

A number of large investors have recently bought and sold shares of SYBT. Point72 Asia Singapore Pte. Ltd. purchased a new position in Stock Yards Bancorp during the 2nd quarter valued at $45,000. Quantbot Technologies LP bought a new stake in Stock Yards Bancorp during the 1st quarter valued at $195,000. Wesbanco Bank Inc. bought a new stake in Stock Yards Bancorp during the 3rd quarter valued at $206,000. Ballentine Partners LLC bought a new stake in Stock Yards Bancorp during the 3rd quarter valued at $219,000. Finally, Bridges Investment Management Inc. bought a new stake in Stock Yards Bancorp during the 3rd quarter valued at $238,000. 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.