Stock Yards Bancorp, Inc. $SYBT Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 5.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,022 shares of the bank’s stock after selling 2,363 shares during the quarter. Rhumbline Advisers owned about 0.13% of Stock Yards Bancorp worth $2,695,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SYBT. Victory Capital Management Inc. boosted its holdings in shares of Stock Yards Bancorp by 26.4% in the first quarter. Victory Capital Management Inc. now owns 1,358,138 shares of the bank’s stock valued at $93,793,000 after acquiring an additional 283,532 shares during the period. Nuveen LLC acquired a new stake in shares of Stock Yards Bancorp in the first quarter valued at approximately $4,698,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of Stock Yards Bancorp by 4.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,278,442 shares of the bank’s stock valued at $88,289,000 after acquiring an additional 60,183 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Stock Yards Bancorp by 87.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 128,300 shares of the bank’s stock valued at $8,860,000 after acquiring an additional 60,000 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of Stock Yards Bancorp in the first quarter valued at approximately $3,400,000. 56.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, 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 completion of the transaction, the executive vice president directly owned 31,594 shares in the company, valued at approximately $2,467,491.40. This represents a 8.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James A. Hillebrand sold 2,162 shares of the stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $83.32, for a total value of $180,137.84. Following the completion of the sale, the chief executive officer owned 107,292 shares of the company’s stock, valued at $8,939,569.44. The trade was a 1.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wall Street Zen upgraded Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday. Piper Sandler upped their price target on Stock Yards Bancorp from $81.00 to $86.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Finally, Keefe, Bruyette & Woods upped their price target on Stock Yards Bancorp from $80.00 to $85.00 and gave the stock a “market perform” rating in a research note on Thursday, July 24th. Four analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $79.75.

Stock Yards Bancorp Price Performance

Stock Yards Bancorp stock opened at $74.81 on Wednesday. The business has a 50 day simple moving average of $77.71 and a 200 day simple moving average of $74.37. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.95 and a quick ratio of 0.95. Stock Yards Bancorp, Inc. has a one year low of $57.12 and a one year high of $83.83. The company has a market capitalization of $2.20 billion, a PE ratio of 17.20 and a beta of 0.73.

Stock Yards Bancorp (NASDAQ:SYBT) last released its earnings results on Wednesday, July 23rd. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10. Stock Yards Bancorp had a return on equity of 13.31% and a net margin of 23.86%.The company had revenue of $97.91 million during the quarter, compared to analysts’ expectations of $95.32 million. On average, sell-side analysts forecast that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.7%. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, September 15th. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 29.43%.

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.