Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Shares Bought by Arizona State Retirement System

Arizona State Retirement System lifted its holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,413 shares of the bank’s stock after purchasing an additional 326 shares during the period. Arizona State Retirement System’s holdings in Stock Yards Bancorp were worth $581,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Covestor Ltd lifted its stake in shares of Stock Yards Bancorp by 164.5% in the fourth quarter. Covestor Ltd now owns 373 shares of the bank’s stock worth $27,000 after buying an additional 232 shares during the last quarter. Sterling Capital Management LLC increased its holdings in Stock Yards Bancorp by 806.7% in the 4th quarter. Sterling Capital Management LLC now owns 807 shares of the bank’s stock valued at $58,000 after buying an additional 718 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Stock Yards Bancorp by 18.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,537 shares of the bank’s stock worth $110,000 after purchasing an additional 234 shares during the last quarter. KBC Group NV bought a new stake in shares of Stock Yards Bancorp in the 1st quarter worth about $114,000. Finally, Summit Investment Advisors Inc. grew its holdings in shares of Stock Yards Bancorp by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,679 shares of the bank’s stock worth $192,000 after purchasing an additional 171 shares during the last quarter. 56.46% of the stock is owned by hedge funds and other institutional investors.

Stock Yards Bancorp Stock Performance

NASDAQ:SYBT opened at $79.71 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.34. Stock Yards Bancorp, Inc. has a fifty-two week low of $53.21 and a fifty-two week high of $83.67. The stock has a market cap of $2.35 billion, a PE ratio of 19.25 and a beta of 0.72. The firm’s fifty day simple moving average is $76.78 and its 200-day simple moving average is $73.14.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.13. Stock Yards Bancorp had a return on equity of 13.02% and a net margin of 23.34%. The business had revenue of $93.63 million for the quarter, compared to analysts’ expectations of $92.90 million. During the same quarter in the prior year, the firm posted $0.88 EPS. Analysts expect that Stock Yards Bancorp, Inc. will post 4.16 earnings per share for the current fiscal year.

Stock Yards Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Monday, June 16th. Stock Yards Bancorp’s dividend payout ratio is presently 29.95%.

Analyst Upgrades and Downgrades

Several brokerages have commented on SYBT. Stephens boosted their target price on Stock Yards Bancorp from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 24th. Piper Sandler set a $81.00 target price on Stock Yards Bancorp and gave the company a “neutral” rating in a research report on Thursday, April 24th. Keefe, Bruyette & Woods decreased their target price on Stock Yards Bancorp from $84.00 to $80.00 and set a “market perform” rating for the company in a research report on Thursday, April 24th. Finally, Wall Street Zen lowered Stock Yards Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $77.25.

Insiders Place Their Bets

In related news, EVP Michael Croce sold 4,100 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $77.06, for a total value of $315,946.00. Following the transaction, the executive vice president directly owned 24,600 shares of the company’s stock, valued at approximately $1,895,676. This trade represents a 14.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David P. Heintzman sold 3,419 shares of the stock in a transaction on Friday, April 25th. The stock was sold at an average price of $74.71, for a total value of $255,433.49. Following the completion of the transaction, the director directly owned 83,651 shares in the company, valued at $6,249,566.21. This trade represents a 3.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,902 shares of company stock worth $1,296,210. 3.40% of the stock is owned by company insiders.

Stock Yards Bancorp 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.