Stock Yards Bancorp (NASDAQ:SYBT) Announces Quarterly Earnings Results

Stock Yards Bancorp (NASDAQ:SYBT) posted its quarterly earnings results on Wednesday. The bank reported $1.40 EPS for the quarter, topping the consensus estimate of $1.33 by $0.07, FiscalAI reports. The company had revenue of $120.32 million for the quarter, compared to analyst estimates of $119.31 million.

Stock Yards Bancorp Trading Down 2.8%

Shares of SYBT stock traded down $2.17 during trading hours on Wednesday, reaching $76.22. The company’s stock had a trading volume of 21,624 shares, compared to its average volume of 166,163. The stock has a market capitalization of $2.37 billion, a P/E ratio of 15.18 and a beta of 0.74. The firm’s fifty day simple moving average is $78.56 and its 200 day simple moving average is $73.66. Stock Yards Bancorp has a one year low of $61.51 and a one year high of $89.21.

Stock Yards Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Monday, September 21st were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, September 21st. This is an increase from Stock Yards Bancorp’s previous quarterly dividend of $0.32. Stock Yards Bancorp’s dividend payout ratio is currently 26.29%.

Insider Buying and Selling

In related news, Director Laura Wells sold 6,823 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total transaction of $588,756.67. Following the completion of the transaction, the director owned 9,580 shares of the company’s stock, valued at $826,658.20. This trade represents a 41.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on SYBT shares. Keefe, Bruyette & Woods boosted their price objective on Stock Yards Bancorp from $82.00 to $94.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Hovde Group downgraded Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $82.00 to $90.00 in a report on Thursday, July 30th. Weiss Ratings upgraded Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 6th. Finally, Raymond James Financial assumed coverage on Stock Yards Bancorp in a research note on Wednesday, July 8th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Stock Yards Bancorp presently has an average rating of “Hold” and a consensus target price of $88.00.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc (NASDAQ:SYBT) is a financial holding company headquartered in Louisville, Kentucky. It is the parent company of Stock Yards Bank & Trust Company, a full-service community bank founded in 1904.

Through Stock Yards Bank & Trust, the company provides commercial and retail banking services to individuals, businesses, and institutions. Its offerings include deposit accounts, commercial and consumer lending, residential mortgage lending, treasury management, online and mobile banking, and other traditional banking products.

The company also provides wealth management, trust, investment management, and brokerage services.