Stock Yards Bancorp (NASDAQ:SYBT) Cut to Market Perform at Hovde Group

Hovde Group cut shares of Stock Yards Bancorp (NASDAQ:SYBT) from an outperform rating to a market perform rating in a report released on Thursday morning, MarketBeat.com reports. The brokerage currently has $90.00 price target on the bank’s stock, up from their prior price target of $82.00.

SYBT has been the topic of several other reports. Raymond James Financial began coverage on shares of Stock Yards Bancorp in a research report on Wednesday, July 8th. They set a “hold” rating on the stock. Stephens increased their target price on Stock Yards Bancorp from $67.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, April 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Stock Yards Bancorp in a research report on Friday, July 10th. Piper Sandler reiterated a “neutral” rating and set a $81.00 price target (up from $78.00) on shares of Stock Yards Bancorp in a report on Friday, June 26th. Finally, Wall Street Zen lowered Stock Yards Bancorp from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Stock Yards Bancorp currently has a consensus rating of “Hold” and a consensus target price of $88.00.

Stock Yards Bancorp Stock Performance

Stock Yards Bancorp stock opened at $85.10 on Thursday. The firm’s 50 day simple moving average is $76.44 and its 200-day simple moving average is $71.11. The company has a market cap of $2.51 billion, a P/E ratio of 16.95 and a beta of 0.68. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.00 and a quick ratio of 1.00. Stock Yards Bancorp has a fifty-two week low of $61.51 and a fifty-two week high of $89.21.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.23. The business had revenue of $114.67 million for the quarter, compared to analyst estimates of $111.66 million. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.93%. As a group, equities research analysts predict that Stock Yards Bancorp will post 5.15 EPS for the current year.

Stock Yards Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 1.5%. Stock Yards Bancorp’s payout ratio is presently 25.50%.

Insider Buying and Selling

In other Stock Yards Bancorp news, President Philip Poindexter sold 1,221 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $70.68, for a total value of $86,300.28. Following the transaction, the president owned 53,376 shares in the company, valued at approximately $3,772,615.68. This represents a 2.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Stock Yards Bancorp

Several institutional investors and hedge funds have recently modified their holdings of SYBT. Raymond James Financial Inc. raised its holdings in shares of Stock Yards Bancorp by 1.3% during the third quarter. Raymond James Financial Inc. now owns 18,664 shares of the bank’s stock worth $1,306,000 after acquiring an additional 237 shares in the last quarter. ProShare Advisors LLC grew its stake in Stock Yards Bancorp by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 4,809 shares of the bank’s stock valued at $312,000 after purchasing an additional 310 shares in the last quarter. California State Teachers Retirement System grew its stake in Stock Yards Bancorp by 1.5% in the second quarter. California State Teachers Retirement System now owns 25,710 shares of the bank’s stock valued at $2,031,000 after purchasing an additional 383 shares in the last quarter. Handelsbanken Fonder AB grew its stake in Stock Yards Bancorp by 7.5% in the fourth quarter. Handelsbanken Fonder AB now owns 5,700 shares of the bank’s stock valued at $370,000 after purchasing an additional 400 shares in the last quarter. Finally, Quarry LP acquired a new position in Stock Yards Bancorp in the 3rd quarter worth about $28,000. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.