Zacks Investment Research upgraded shares of Stock Yards Bancorp (NASDAQ:SYBT) from a hold rating to a buy rating in a research report released on Thursday, Zacks.com reports. They currently have $40.00 price target on the bank’s stock.
According to Zacks, “Stock Yards Bancorp Inc. is a bank holding company. Its main subsidiary is Stock Yards Bank & Trust Company. The company provides banking, trust, investment management, private banking, and brokerage services. It operates in and around Louisville, Indianapolis, and Cincinnati. Stock Yards Bancorp Inc. is headquartered in Louisville, Kentucky. “
Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Stock Yards Bancorp from a buy rating to a hold rating in a research note on Thursday, September 26th. ValuEngine downgraded shares of Stock Yards Bancorp from a hold rating to a sell rating in a research note on Thursday, September 26th.
NASDAQ:SYBT traded up $0.02 during trading hours on Thursday, reaching $35.80. The company’s stock had a trading volume of 15,342 shares, compared to its average volume of 47,683. The company has a market capitalization of $813.73 million, a P/E ratio of 14.79 and a beta of 0.49. Stock Yards Bancorp has a 12 month low of $28.02 and a 12 month high of $38.74. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a 50 day moving average price of $36.57 and a two-hundred day moving average price of $35.48.
Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.11. The company had revenue of $43.04 million during the quarter, compared to the consensus estimate of $42.35 million. Stock Yards Bancorp had a net margin of 32.58% and a return on equity of 16.33%. As a group, analysts predict that Stock Yards Bancorp will post 2.72 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Friday, September 13th. Stock Yards Bancorp’s dividend payout ratio (DPR) is 42.98%.
In other news, CEO James A. Hillebrand sold 2,450 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $37.15, for a total transaction of $91,017.50. Following the transaction, the chief executive officer now directly owns 77,686 shares of the company’s stock, valued at $2,886,034.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Croce sold 970 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $38.09, for a total value of $36,947.30. Following the transaction, the executive vice president now directly owns 12,686 shares in the company, valued at $483,209.74. The disclosure for this sale can be found here. In the last three months, insiders purchased 366 shares of company stock valued at $13,272 and sold 27,184 shares valued at $1,008,496. Insiders own 8.30% of the company’s stock.
Several hedge funds have recently modified their holdings of SYBT. Nuveen Asset Management LLC acquired a new position in shares of Stock Yards Bancorp during the second quarter worth $4,988,000. Heartland Advisors Inc. increased its position in shares of Stock Yards Bancorp by 72.6% during the second quarter. Heartland Advisors Inc. now owns 244,551 shares of the bank’s stock worth $8,841,000 after purchasing an additional 102,832 shares in the last quarter. American Research & Management Co. increased its position in shares of Stock Yards Bancorp by 162.6% during the second quarter. American Research & Management Co. now owns 64,525 shares of the bank’s stock worth $2,333,000 after purchasing an additional 39,950 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Stock Yards Bancorp by 60.8% during the second quarter. Wells Fargo & Company MN now owns 98,622 shares of the bank’s stock worth $3,565,000 after purchasing an additional 37,304 shares in the last quarter. Finally, Eaton Vance Management increased its position in shares of Stock Yards Bancorp by 10.5% during the second quarter. Eaton Vance Management now owns 355,821 shares of the bank’s stock worth $12,863,000 after purchasing an additional 33,918 shares in the last quarter. 50.37% of the stock is currently owned by institutional investors and hedge funds.
About Stock Yards Bancorp
Stock Yards Bancorp, Inc operates as the holding company for Stock Yards Bank & Trust Company that provides commercial and personal banking services in Louisville, Indianapolis, and Cincinnati. Its deposit products include demand deposits, savings deposits, money market deposits, and time deposits.
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