Stock Yards Bancorp (NASDAQ:SYBT) Reaches New 52-Week High – Still a Buy?

Stock Yards Bancorp, Inc. (NASDAQ:SYBT)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $77.82 and last traded at $77.65, with a volume of 6868 shares trading hands. The stock had previously closed at $76.87.

Wall Street Analyst Weigh In

SYBT has been the topic of several research reports. Piper Sandler upped their price objective on Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price target for the company from $67.00 to $68.00 in a research report on Thursday, October 24th. Stephens lifted their price objective on shares of Stock Yards Bancorp from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reissued 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. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Stock Yards Bancorp presently has a consensus rating of “Hold” and an average target price of $67.75.

Stock Yards Bancorp Stock Up 0.1 %

The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average of $63.26 and a 200-day moving average of $55.80. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 21.12 and a beta of 0.81.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, topping the consensus estimate of $0.94 by $0.06. The business had revenue of $130.52 million during the quarter, compared to analyst estimates of $87.57 million. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. As a group, sell-side analysts forecast that Stock Yards Bancorp, Inc. will post 3.76 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Monday, September 16th. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.30. Stock Yards Bancorp’s payout ratio is 34.07%.

Insider Buying and Selling

In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of Stock Yards Bancorp stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $63.07, for a total transaction of $170,289.00. Following the sale, the director now owns 29,786 shares of the company’s stock, valued at $1,878,603.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $63.07, for a total transaction of $170,289.00. Following the sale, the director now directly owns 29,786 shares in the company, valued at approximately $1,878,603.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David P. Heintzman sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $74.59, for a total transaction of $223,770.00. Following the completion of the sale, the director now directly owns 30,150 shares of the company’s stock, valued at approximately $2,248,888.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,700 shares of company stock valued at $1,054,023 in the last three months. 3.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Stock Yards Bancorp

Hedge funds have recently modified their holdings of the company. Independence Bank of Kentucky boosted its stake in Stock Yards Bancorp by 1.4% during the second quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock valued at $714,000 after buying an additional 202 shares in the last quarter. Diversified Trust Co grew its stake in shares of Stock Yards Bancorp by 2.3% in 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 last quarter. ProShare Advisors LLC raised its holdings in shares of Stock Yards Bancorp by 8.5% in 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 in the last quarter. Point72 Asset Management L.P. lifted its stake in Stock Yards Bancorp by 10.3% during the second quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock valued at $263,000 after purchasing an additional 494 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Stock Yards Bancorp during the second quarter valued at approximately $45,000. 56.46% of the stock is currently owned by institutional investors and hedge funds.

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.