Stock Yards Bancorp (NASDAQ:SYBT) Stock Rating Upgraded by Hovde Group

Stock Yards Bancorp (NASDAQ:SYBT) was upgraded by equities research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a $75.00 target price on the bank’s stock. Hovde Group’s target price suggests a potential upside of 16.05% from the stock’s current price.

SYBT has been the subject of several other research reports. Wall Street Zen upgraded shares of Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Zacks Research raised shares of Stock Yards Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 2nd. Piper Sandler reiterated a “neutral” rating and set a $76.00 price target (up from $75.00) on shares of Stock Yards Bancorp in a research note on Friday, January 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Stock Yards Bancorp in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Stock Yards Bancorp Trading Up 0.2%

SYBT opened at $64.63 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.99 and a current ratio of 0.99. Stock Yards Bancorp has a one year low of $60.75 and a one year high of $83.83. The company has a market cap of $1.91 billion, a P/E ratio of 13.61 and a beta of 0.71. The business’s 50-day simple moving average is $67.57 and its 200-day simple moving average is $69.40.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its earnings results on Tuesday, January 27th. The bank reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $104.47 million during the quarter, compared to analysts’ expectations of $102.42 million. Stock Yards Bancorp had a return on equity of 13.68% and a net margin of 24.83%. As a group, equities research analysts expect that Stock Yards Bancorp will post 4.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Stock Yards Bancorp

Several institutional investors have recently added to or reduced their stakes in the stock. Stock Yards Bank & Trust Co. raised its stake in Stock Yards Bancorp by 37.7% during the 4th quarter. Stock Yards Bank & Trust Co. now owns 1,338,377 shares of the bank’s stock valued at $86,928,000 after acquiring an additional 366,475 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Stock Yards Bancorp by 691.5% in the 4th quarter. Marshall Wace LLP now owns 178,002 shares of the bank’s stock valued at $11,561,000 after purchasing an additional 155,512 shares during the last quarter. Thrivent Financial for Lutherans acquired a new position in shares of Stock Yards Bancorp in the fourth quarter valued at approximately $7,461,000. Envestnet Asset Management Inc. raised its stake in shares of Stock Yards Bancorp by 1,496.7% during the second quarter. Envestnet Asset Management Inc. now owns 116,690 shares of the bank’s stock worth $9,216,000 after purchasing an additional 109,382 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Stock Yards Bancorp by 211.2% during the fourth quarter. Millennium Management LLC now owns 131,842 shares of the bank’s stock worth $8,563,000 after purchasing an additional 89,470 shares during the last quarter. Institutional investors and hedge funds own 56.46% of the company’s stock.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.