Key Points
- Insider sale: VP Michael Woods sold 139 Stock Yards Bancorp shares for approximately $10,984, reducing his position by 13.37% to 901 shares.
- Strong quarterly results: The bank reported earnings of $1.31 per share, exceeding estimates of $1.08, while revenue of $114.71 million also surpassed expectations.
- Dividend increased: Stock Yards Bancorp raised its quarterly dividend to $0.33 per share, implying an annualized dividend of $1.32 and a 1.7% yield. Analysts maintain a consensus “Hold” rating with an $88 price target.
Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report) VP Michael Woods sold 139 shares of the firm's stock in a transaction on Monday, September 21st. The shares were sold at an average price of $79.02, for a total value of $10,983.78. Following the completion of the transaction, the vice president owned 901 shares of the company's stock, valued at approximately $71,197.02. This represents a 13.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Stock Yards Bancorp Trading Down 0.9%
NASDAQ:SYBT opened at $78.13 on Wednesday. Stock Yards Bancorp, Inc. has a 52-week low of $61.51 and a 52-week high of $89.21. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.26. The stock has a fifty day simple moving average of $81.62 and a 200-day simple moving average of $74.57. The company has a market capitalization of $2.43 billion, a PE ratio of 15.56 and a beta of 0.66.
Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last issued its quarterly earnings data 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 net margin of 25.41% and a return on equity of 13.39%. The firm had revenue of $114.71 million for the quarter, compared to analysts' expectations of $111.66 million. On average, equities research analysts expect that Stock Yards Bancorp, Inc. will post 5.16 earnings per share for the current fiscal year.
Stock Yards Bancorp Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 21st will be paid a dividend of $0.33 per share. This is a positive change from Stock Yards Bancorp's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Monday, September 21st. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.7%. Stock Yards Bancorp's dividend payout ratio is 26.29%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. 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. Piper Sandler reissued a "neutral" rating and issued a $81.00 price target (up from $78.00) on shares of Stock Yards Bancorp in a report on Friday, June 26th. Keefe, Bruyette & Woods upped 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. Stephens set a $87.00 price objective on Stock Yards Bancorp and gave the company an "equal weight" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings upgraded Stock Yards Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Stock Yards Bancorp presently has a consensus rating of "Hold" and a consensus target price of $88.00.
Check Out Our Latest Stock Report on Stock Yards Bancorp
Hedge Funds Weigh In On Stock Yards Bancorp
Several institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new position in shares of Stock Yards Bancorp during the 2nd quarter valued at about $31,000. Allworth Financial LP acquired a new stake in shares of Stock Yards Bancorp in the second quarter worth approximately $73,000. Covestor Ltd grew its holdings in Stock Yards Bancorp by 138.4% in the fourth quarter. Covestor Ltd now owns 1,168 shares of the bank's stock valued at $76,000 after purchasing an additional 678 shares during the period. Fifth Third Bancorp acquired a new position in Stock Yards Bancorp during the first quarter worth approximately $85,000. Finally, TD Waterhouse Canada Inc. purchased a new position in Stock Yards Bancorp during the second quarter worth approximately $123,000. 56.46% of the stock is currently owned by institutional investors and hedge funds.
Stock Yards Bancorp Company Profile
(
Get Free Report)
Stock Yards Bancorp, Inc is a financial holding company headquartered in Louisville, Kentucky. Its principal subsidiary, Stock Yards Bank & Trust Company, provides a range of banking and financial services to individuals, businesses, institutions and government entities.
Stock Yards Bank offers commercial and consumer deposit accounts, residential and commercial real estate lending, business loans, personal loans, treasury management and other traditional banking products. Through its wealth management operations, the company also provides investment management, trust, estate planning and related fiduciary services.
Founded in 1904, Stock Yards Bancorp serves customers through banking markets in Kentucky, southern Indiana and the Cincinnati and Columbus areas of Ohio.
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