Stock Yards Bancorp (NASDAQ:SYBT) Price Target Raised to $86.00

Stock Yards Bancorp (NASDAQ:SYBT) had its target price raised by Piper Sandler from $81.00 to $86.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

A number of other research firms also recently weighed in on SYBT. Keefe, Bruyette & Woods decreased their price target on Stock Yards Bancorp from $84.00 to $80.00 and set a “market perform” rating on the stock in a research note on Thursday, April 24th. Stephens boosted their target price on shares of Stock Yards Bancorp from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 24th. Finally, Wall Street Zen downgraded shares of Stock Yards Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat.com, Stock Yards Bancorp has a consensus rating of “Hold” and a consensus price target of $79.75.

Stock Yards Bancorp Stock Performance

Stock Yards Bancorp stock opened at $78.56 on Thursday. The firm has a 50 day simple moving average of $77.03 and a 200-day simple moving average of $73.44. Stock Yards Bancorp has a 1-year low of $53.21 and a 1-year high of $83.67. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 18.06 and a beta of 0.72.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.10. The business had revenue of $97.91 million for the quarter, compared to the consensus estimate of $95.32 million. Stock Yards Bancorp had a net margin of 23.86% and a return on equity of 13.51%. On average, analysts expect that Stock Yards Bancorp will post 4.16 EPS for the current year.

Stock Yards Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Monday, June 16th. Stock Yards Bancorp’s dividend payout ratio is currently 28.51%.

Insider Transactions at Stock Yards Bancorp

In related news, Director Laura L. Wells sold 4,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $78.00, for a total value of $312,000.00. Following the sale, the director directly owned 14,954 shares of the company’s stock, valued at approximately $1,166,412. This represents a 21.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David P. Heintzman sold 1,581 shares of Stock Yards Bancorp stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $74.00, for a total transaction of $116,994.00. Following the transaction, the director owned 82,070 shares of the company’s stock, valued at approximately $6,073,180. The trade was a 1.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,483 shares of company stock worth $1,040,776. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Stock Yards Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in SYBT. Covestor Ltd boosted its stake in shares of Stock Yards Bancorp by 164.5% during the 4th quarter. Covestor Ltd now owns 373 shares of the bank’s stock worth $27,000 after purchasing an additional 232 shares during the last quarter. Sterling Capital Management LLC grew its position in shares of Stock Yards Bancorp by 806.7% in the fourth quarter. Sterling Capital Management LLC now owns 807 shares of the bank’s stock valued at $58,000 after purchasing an additional 718 shares during the period. Tower Research Capital LLC TRC grew its holdings in 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 valued at $110,000 after buying an additional 234 shares during the period. KBC Group NV acquired a new stake in shares of Stock Yards Bancorp in the first quarter worth approximately $114,000. Finally, Summit Investment Advisors Inc. raised its stake in Stock Yards Bancorp by 6.8% during the fourth 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 period. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

About Stock Yards Bancorp

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.