Stock Yards Bancorp (NASDAQ:SYBT) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Stock Yards Bancorp, Inc. (NASDAQ:SYBT)’s share price crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $78.68 and traded as high as $79.52. Stock Yards Bancorp shares last traded at $79.19, with a volume of 107,948 shares.

Analyst Ratings Changes

A number of research analysts have issued reports on SYBT shares. Keefe, Bruyette & Woods lifted their price objective on Stock Yards Bancorp from $82.00 to $94.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Stephens set a $87.00 target price on shares of Stock Yards Bancorp and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Hovde Group cut shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $82.00 to $90.00 in a research report on Thursday, July 30th. Weiss Ratings raised shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $88.00.

Stock Yards Bancorp Stock Performance

The stock has a 50-day moving average of $78.68 and a 200 day moving average of $73.59. The firm has a market capitalization of $2.46 billion, a P/E ratio of 15.77 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.01 and a current ratio of 1.01.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.23. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%. The firm had revenue of $114.71 million during the quarter, compared to the consensus estimate of $111.66 million. On average, research analysts anticipate that Stock Yards Bancorp, Inc. will post 5.24 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 21st were issued a dividend of $0.33 per share. The ex-dividend date was Monday, September 21st. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a dividend yield of 1.7%. Stock Yards Bancorp’s dividend payout ratio (DPR) is currently 26.29%.

Insider Buying and Selling at Stock Yards Bancorp

In other news, Director Laura Wells sold 6,823 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total value of $588,756.67. Following the completion of the sale, the director directly owned 9,580 shares in the company, valued at approximately $826,658.20. This trade represents a 41.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new stake in Stock Yards Bancorp during the 2nd quarter worth about $31,000. Versant Capital Management Inc increased its position in Stock Yards Bancorp by 145.8% in the 3rd quarter. Versant Capital Management Inc now owns 413 shares of the bank’s stock valued at $32,000 after acquiring an additional 245 shares in the last quarter. Allworth Financial LP acquired a new stake in Stock Yards Bancorp in the 2nd quarter valued at about $73,000. Fifth Third Bancorp acquired a new stake in Stock Yards Bancorp in the 1st quarter valued at about $85,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Stock Yards Bancorp in the second quarter worth about $123,000. Institutional investors and hedge funds own 56.46% of the company’s stock.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc (NASDAQ:SYBT) is a financial holding company headquartered in Louisville, Kentucky. It is the parent company of Stock Yards Bank & Trust Company, a full-service community bank founded in 1904.

Through Stock Yards Bank & Trust, the company provides commercial and retail banking services to individuals, businesses, and institutions. Its offerings include deposit accounts, commercial and consumer lending, residential mortgage lending, treasury management, online and mobile banking, and other traditional banking products.

The company also provides wealth management, trust, investment management, and brokerage services.