Stephens Increases Stock Yards Bancorp (NASDAQ:SYBT) Price Target to $70.00

Stock Yards Bancorp (NASDAQ:SYBT) had its price objective upped by Stephens from $60.00 to $70.00 in a report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other research firms also recently commented on SYBT. Hovde Group downgraded shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $67.00 to $68.00 in a report on Thursday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Finally, Piper Sandler reiterated a “neutral” rating and set a $65.50 price objective on shares of Stock Yards Bancorp in a research note on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Stock Yards Bancorp currently has an average rating of “Hold” and a consensus target price of $67.75.

Stock Yards Bancorp Stock Performance

Shares of SYBT opened at $64.68 on Thursday. Stock Yards Bancorp has a 1 year low of $37.51 and a 1 year high of $67.12. 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’s fifty day moving average price is $61.11 and its two-hundred day moving average price is $53.93. The firm has a market cap of $1.90 billion, a PE ratio of 18.17 and a beta of 0.82.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.06. The business had revenue of $130.52 million for the quarter, compared to analysts’ expectations of $87.57 million. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. On average, equities research analysts forecast that Stock Yards Bancorp will post 3.69 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.92%. 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. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 34.83%.

Insider Transactions at Stock Yards Bancorp

In related 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 completion of the sale, the director now owns 29,786 shares of the company’s stock, valued at approximately $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director David P. Heintzman sold 2,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $63.07, for a total value of $170,289.00. Following the sale, the director now directly owns 29,786 shares of the company’s stock, valued at $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard A. Lechleiter purchased 650 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $56.40 per share, with a total value of $36,660.00. Following the purchase, the director now owns 5,680 shares in the company, valued at approximately $320,352. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 6,404 shares of company stock valued at $400,650. 3.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Stock Yards Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ballentine Partners LLC purchased a new position in shares of Stock Yards Bancorp during the 3rd quarter valued at about $219,000. Creative Planning raised its stake in shares of Stock Yards Bancorp by 7.6% during the third quarter. Creative Planning now owns 46,346 shares of the bank’s stock worth $2,873,000 after acquiring an additional 3,289 shares in the last quarter. Wesbanco Bank Inc. bought a new stake in shares of Stock Yards Bancorp in the 3rd quarter worth approximately $206,000. Independence Bank of Kentucky boosted its stake in shares of Stock Yards Bancorp by 10.5% in the 3rd quarter. Independence Bank of Kentucky now owns 15,889 shares of the bank’s stock valued at $985,000 after purchasing an additional 1,515 shares in the last quarter. Finally, Barlow Wealth Partners Inc. grew its holdings in shares of Stock Yards Bancorp by 1.7% during the 3rd quarter. Barlow Wealth Partners Inc. now owns 63,717 shares of the bank’s stock valued at $3,805,000 after purchasing an additional 1,069 shares during the last quarter. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

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.