Zacks Investment Research Downgrades Stock Yards Bancorp Inc. (SYBT) to Hold
Stock Yards Bancorp Inc. (NASDAQ:SYBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Stock Yards Bancorp Inc. is a bank holding company. Its main subsidiary is Stock Yards Bank & Trust Company. The company provides banking, trust, investment management, private banking, and brokerage services. It operates in and around Louisville, Indianapolis, and Cincinnati. Stock Yards Bancorp Inc. is headquartered in Louisville, Kentucky. “
Separately, Hilliard Lyons lowered Stock Yards Bancorp from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 27th.
Shares of Stock Yards Bancorp (NASDAQ:SYBT) opened at 41.95 on Wednesday. The stock has a 50 day moving average price of $34.89 and a 200-day moving average price of $30.72. Stock Yards Bancorp has a 52-week low of $22.67 and a 52-week high of $42.70. The firm has a market capitalization of $947.02 million, a PE ratio of 23.79 and a beta of 0.63.
Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.01. Stock Yards Bancorp had a return on equity of 13.36% and a net margin of 28.18%. Equities analysts forecast that Stock Yards Bancorp will post $1.79 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Monday, December 12th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.81%. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, December 8th. Stock Yards Bancorp’s payout ratio is presently 40.68%.
In related news, insider Kathy C. Thompson sold 5,500 shares of the business’s stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $31.86, for a total value of $175,230.00. Following the completion of the sale, the insider now directly owns 42,639 shares of the company’s stock, valued at approximately $1,358,478.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David P. Heintzman sold 2,024 shares of the business’s stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $41.50, for a total value of $83,996.00. Following the completion of the sale, the chief executive officer now directly owns 164,066 shares of the company’s stock, valued at $6,808,739. The disclosure for this sale can be found here. 8.40% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Societe Generale purchased a new stake in shares of Stock Yards Bancorp during the second quarter worth approximately $104,000. SG Americas Securities LLC purchased a new stake in shares of Stock Yards Bancorp during the second quarter worth approximately $104,000. Schroder Investment Management Group raised its stake in shares of Stock Yards Bancorp by 12.1% in the second quarter. Schroder Investment Management Group now owns 3,904 shares of the company’s stock worth $110,000 after buying an additional 420 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Stock Yards Bancorp by 50.0% in the second quarter. Legal & General Group Plc now owns 3,947 shares of the company’s stock worth $110,000 after buying an additional 1,315 shares during the last quarter. Finally, US Bancorp DE raised its stake in shares of Stock Yards Bancorp by 158.6% in the second quarter. US Bancorp DE now owns 3,926 shares of the company’s stock worth $111,000 after buying an additional 2,408 shares during the last quarter. 42.21% of the stock is owned by institutional investors and hedge funds.
About Stock Yards Bancorp
Stock Yards Bancorp, Inc is the holding company for Stock Yards Bank & Trust Company (the Bank). The Company operates through two segments: commercial banking, and investment management and trust. Its commercial banking segment provides a range of loan and deposit products to individual consumers and businesses.
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