Stock Yards Bancorp, Inc. (SYBT) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) from a sell rating to a hold rating in a report issued on Friday.
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. “
Separately, BidaskClub cut shares of Stock Yards Bancorp from a hold rating to a sell rating in a research note on Wednesday, July 12th.
Shares of Stock Yards Bancorp (NASDAQ:SYBT) traded up 1.20% during mid-day trading on Friday, reaching $38.00. 62,190 shares of the company were exchanged. Stock Yards Bancorp has a 12 month low of $31.86 and a 12 month high of $48.05. The stock has a 50 day moving average price of $34.80 and a 200-day moving average price of $38.04. The stock has a market capitalization of $861.04 million, a P/E ratio of 20.65 and a beta of 0.68.
Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, July 26th. The bank reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.02). Stock Yards Bancorp had a return on equity of 13.36% and a net margin of 28.11%. The company had revenue of $36.91 million for the quarter, compared to analyst estimates of $37.06 million. Analysts predict that Stock Yards Bancorp will post $1.90 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.11%. Stock Yards Bancorp’s dividend payout ratio is presently 43.24%.
In related news, insider Kathy C. Thompson sold 1,816 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $35.20, for a total value of $63,923.20. Following the sale, the insider now directly owns 40,161 shares in the company, valued at approximately $1,413,667.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David P. Heintzman sold 2,000 shares of the company’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $36.30, for a total transaction of $72,600.00. Following the completion of the transaction, the chief executive officer now owns 165,809 shares in the company, valued at $6,018,866.70. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 431 shares of company stock worth $15,495 and sold 6,132 shares worth $217,921. 6.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in SYBT. FMR LLC lifted its holdings in Stock Yards Bancorp by 8.5% in the 1st quarter. FMR LLC now owns 2,008,240 shares of the bank’s stock valued at $81,635,000 after purchasing an additional 157,134 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Stock Yards Bancorp by 7.0% in the 1st quarter. Vanguard Group Inc. now owns 898,396 shares of the bank’s stock valued at $36,520,000 after purchasing an additional 59,149 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Stock Yards Bancorp by 3.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 793,553 shares of the bank’s stock valued at $32,258,000 after purchasing an additional 29,760 shares in the last quarter. State Street Corp lifted its holdings in Stock Yards Bancorp by 4.8% in the 2nd quarter. State Street Corp now owns 415,829 shares of the bank’s stock valued at $16,181,000 after purchasing an additional 19,091 shares in the last quarter. Finally, Formidable Asset Management LLC lifted its holdings in Stock Yards Bancorp by 13.7% in the 2nd quarter. Formidable Asset Management LLC now owns 129,307 shares of the bank’s stock valued at $5,030,000 after purchasing an additional 15,550 shares in the last quarter. Institutional investors own 48.13% of the company’s stock.
Stock Yards Bancorp Company Profile
Stock Yards Bancorp, Inc is the holding company for Stock Yards Bank & Trust Company (the Bank). The Bank is a state chartered bank. The Company operates through two segments: commercial banking, and wealth management and trust. The commercial banking segment provides a full range of loan and deposit products to individual consumers and businesses, plus origination of consumer mortgages and securities brokerage activity.
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