Envestnet Asset Management Inc. Lowers Position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Envestnet Asset Management Inc. cut its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 9.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,308 shares of the bank’s stock after selling 797 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Stock Yards Bancorp were worth $505,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SYBT. Norges Bank bought a new position in shares of Stock Yards Bancorp in the fourth quarter valued at approximately $5,761,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Stock Yards Bancorp in the fourth quarter valued at approximately $4,891,000. Clark Capital Management Group Inc. bought a new position in shares of Stock Yards Bancorp in the fourth quarter valued at approximately $4,106,000. Aptus Capital Advisors LLC grew its holdings in shares of Stock Yards Bancorp by 38.0% in the fourth quarter. Aptus Capital Advisors LLC now owns 131,070 shares of the bank’s stock valued at $9,386,000 after acquiring an additional 36,114 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Stock Yards Bancorp by 13.0% in the fourth quarter. Northern Trust Corp now owns 274,295 shares of the bank’s stock valued at $19,642,000 after acquiring an additional 31,529 shares in the last quarter. 56.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SYBT shares. Stephens upped their target price on Stock Yards Bancorp from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, April 24th. Piper Sandler upped their target price on Stock Yards Bancorp from $81.00 to $86.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Wall Street Zen lowered Stock Yards Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods upped their target price on Stock Yards Bancorp from $80.00 to $85.00 and gave the company a “market perform” rating in a report on Thursday, July 24th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $79.75.

Insider Buying and Selling at Stock Yards Bancorp

In other Stock Yards Bancorp 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 transaction of $315,946.00. Following the sale, the executive vice president owned 24,600 shares in the company, valued at $1,895,676. This represents a 14.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP William Dishman sold 2,802 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $78.10, for a total value of $218,836.20. Following the sale, the executive vice president owned 31,594 shares in the company, valued at approximately $2,467,491.40. This represents a 8.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,902 shares of company stock valued at $923,782. Company insiders own 3.40% of the company’s stock.

Stock Yards Bancorp Price Performance

Shares of NASDAQ SYBT opened at $74.13 on Wednesday. The stock has a fifty day simple moving average of $77.13 and a two-hundred day simple moving average of $73.68. Stock Yards Bancorp, Inc. has a 1-year low of $53.21 and a 1-year high of $83.67. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 17.04 and a beta of 0.74. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.34.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings data 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. Stock Yards Bancorp had a return on equity of 13.51% and a net margin of 23.86%. The business had revenue of $97.91 million during the quarter, compared to analyst estimates of $95.32 million. Analysts anticipate that Stock Yards Bancorp, Inc. will post 4.16 earnings per share for the current year.

Stock Yards Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, June 16th. Stock Yards Bancorp’s dividend payout ratio is 28.51%.

Stock Yards Bancorp Company 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.