Stock Yards Bancorp, Inc. (SYBT) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) from a sell rating to a hold rating in a research note released on Friday morning.
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. “
Several other equities research analysts also recently issued reports on SYBT. Hilliard Lyons upgraded Stock Yards Bancorp from an underperform rating to a neutral rating and set a $38.00 target price on the stock in a research report on Thursday, May 25th. BidaskClub cut shares of Stock Yards Bancorp from a hold rating to a sell rating in a report on Wednesday, July 12th.
Shares of Stock Yards Bancorp (NASDAQ:SYBT) traded up 1.38% during trading on Friday, hitting $36.65. The stock had a trading volume of 47,013 shares. The firm’s 50 day moving average is $34.80 and its 200 day moving average is $38.04. Stock Yards Bancorp has a 1-year low of $31.86 and a 1-year high of $48.05. The company has a market cap of $830.45 million, a PE ratio of 19.92 and a beta of 0.68.
Stock Yards Bancorp (NASDAQ:SYBT) last posted its earnings results on Wednesday, July 26th. The bank reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). The company had revenue of $36.91 million for the quarter, compared to analysts’ expectations of $37.06 million. Stock Yards Bancorp had a return on equity of 13.36% and a net margin of 28.11%. Equities research analysts anticipate that Stock Yards Bancorp will post $1.90 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be issued a $0.20 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.18%. Stock Yards Bancorp’s payout ratio is currently 43.24%.
In other news, CEO David P. Heintzman sold 2,000 shares of the company’s stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $36.30, for a total value of $72,600.00. Following the transaction, the chief executive officer now owns 165,809 shares of the company’s stock, valued at $6,018,866.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Philip Poindexter sold 850 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $35.26, for a total transaction of $29,971.00. Following the completion of the transaction, the insider now directly owns 23,132 shares in the company, valued at approximately $815,634.32. The disclosure for this sale can be found here. In the last ninety days, insiders bought 431 shares of company stock worth $15,495 and sold 8,946 shares worth $326,494. Corporate insiders own 6.20% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Stock Yards Bancorp by 8.5% in the first quarter. FMR LLC now owns 2,008,240 shares of the bank’s stock worth $81,635,000 after purchasing an additional 157,134 shares during the period. Vanguard Group Inc. increased its holdings in shares of Stock Yards Bancorp by 1.9% in the second quarter. Vanguard Group Inc. now owns 915,298 shares of the bank’s stock worth $35,604,000 after purchasing an additional 16,902 shares during the period. Stock Yards Bank & Trust Co. increased its holdings in shares of Stock Yards Bancorp by 1.4% in the second quarter. Stock Yards Bank & Trust Co. now owns 895,398 shares of the bank’s stock worth $34,831,000 after purchasing an additional 12,325 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Stock Yards Bancorp by 3.9% in the first quarter. Dimensional Fund Advisors LP now owns 793,553 shares of the bank’s stock worth $32,258,000 after purchasing an additional 29,760 shares during the period. Finally, State Street Corp increased its holdings in shares of Stock Yards Bancorp by 4.8% in the second quarter. State Street Corp now owns 415,829 shares of the bank’s stock worth $16,181,000 after purchasing an additional 19,091 shares during the period. 48.13% of the stock is currently owned by hedge funds and other institutional investors.
About Stock Yards Bancorp
Stock Yards Bancorp, Inc is the holding company for Stock Yards Bank & Trust Company (the Bank). The Bank is a state chartered bank. The Company operates through two segments: commercial banking, and wealth management and trust. The commercial banking segment provides a full range of loan and deposit products to individual consumers and businesses, plus origination of consumer mortgages and securities brokerage activity.
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