Legal & General Group Plc Acquires New Holdings in Stock Yards Bancorp, Inc. $SYBT

Legal & General Group Plc bought a new position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 24,370 shares of the bank’s stock, valued at approximately $1,864,000. Legal & General Group Plc owned approximately 0.08% of Stock Yards Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Stock Yards Bancorp during the 2nd quarter valued at about $165,219,000. The Manufacturers Life Insurance Company acquired a new position in shares of Stock Yards Bancorp during the second quarter valued at about $15,848,000. Marshall Wace LLP increased its holdings in shares of Stock Yards Bancorp by 691.5% during the fourth quarter. Marshall Wace LLP now owns 178,002 shares of the bank’s stock valued at $11,561,000 after acquiring an additional 155,512 shares in the last quarter. Oxford Financial Group LTD. LLC acquired a new stake in Stock Yards Bancorp in the 2nd quarter worth approximately $11,063,000. Finally, Bank of New York Mellon Corp purchased a new stake in Stock Yards Bancorp during the 2nd quarter worth approximately $9,585,000. 56.46% of the stock is currently owned by institutional investors.

Stock Yards Bancorp Stock Performance

Shares of Stock Yards Bancorp stock opened at $79.49 on Monday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.26. Stock Yards Bancorp, Inc. has a twelve month low of $61.51 and a twelve month high of $89.21. The firm has a market capitalization of $2.47 billion, a PE ratio of 15.83 and a beta of 0.66. The firm’s 50-day moving average price is $81.05 and its 200 day moving average price is $73.51.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its earnings results on Wednesday, July 29th. The bank reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.23. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%.The business had revenue of $114.71 million during the quarter, compared to analysts’ expectations of $111.66 million. On average, sell-side analysts predict that Stock Yards Bancorp, Inc. will post 5.16 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 21st will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Monday, September 21st. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.7%. Stock Yards Bancorp’s payout ratio is currently 25.50%.

Analysts Set New Price Targets

SYBT has been the subject of a number of research analyst reports. Raymond James Financial assumed coverage on shares of Stock Yards Bancorp in a report on Wednesday, July 8th. They issued a “hold” rating for the company. Hovde Group cut shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $82.00 to $90.00 in a research note on Thursday, July 30th. Stephens set a $87.00 price target on Stock Yards Bancorp and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods upped their target price on Stock Yards Bancorp from $82.00 to $94.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Finally, Wall Street Zen upgraded Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $88.00.

Insider Activity at Stock Yards Bancorp

In related news, Director Laura Wells sold 6,823 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $86.29, for a total transaction of $588,756.67. Following the completion of the sale, the director owned 9,580 shares of the company’s stock, valued at approximately $826,658.20. This represents a 41.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by company insiders.

Stock Yards Bancorp Profile

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.