Stock Yards Bancorp (NASDAQ:SYBT) Hits New 52-Week High – Here’s Why

Stock Yards Bancorp, Inc. (NASDAQ:SYBT)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $67.50 and last traded at $66.44, with a volume of 27575 shares traded. The stock had previously closed at $65.93.

Wall Street Analyst Weigh In

Several research firms have issued reports on SYBT. Stephens upped their price objective on shares of Stock Yards Bancorp from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Hovde Group cut Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their target price for the company from $67.00 to $68.00 in a research report on Thursday, October 24th. Piper Sandler lifted their price target on Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $64.00 price objective (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $67.75.

Stock Yards Bancorp Stock Up 0.7 %

The business has a 50-day simple moving average of $61.50 and a two-hundred day simple moving average of $54.25. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 18.52 and a beta of 0.82. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 0.92.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.06. The firm had revenue of $130.52 million during the quarter, compared to the consensus estimate of $87.57 million. Stock Yards Bancorp had a return on equity of 12.20% and a net margin of 21.62%. As a group, equities analysts predict that Stock Yards Bancorp, Inc. will post 3.75 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.87%. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date was Monday, September 16th. Stock Yards Bancorp’s payout ratio is 34.07%.

Insider Activity at Stock Yards Bancorp

In other Stock Yards Bancorp news, Director Richard A. Lechleiter bought 650 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $56.40 per share, for a total transaction of $36,660.00. Following the transaction, the director now owns 5,680 shares of the company’s stock, valued at approximately $320,352. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Stock Yards Bancorp news, Director Richard A. Lechleiter bought 650 shares of Stock Yards Bancorp stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $56.40 per share, with a total value of $36,660.00. Following the completion of the acquisition, the director now owns 5,680 shares in the company, valued at $320,352. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David P. Heintzman sold 2,341 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $66.05, for a total transaction of $154,623.05. Following the completion of the transaction, the director now owns 97,070 shares of the company’s stock, valued at $6,411,473.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,700 shares of company stock worth $830,253 over the last 90 days. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Stock Yards Bancorp

Several institutional investors have recently modified their holdings of the company. American Century Companies Inc. boosted its position in Stock Yards Bancorp by 163.4% during the second quarter. American Century Companies Inc. now owns 142,455 shares of the bank’s stock worth $7,076,000 after purchasing an additional 88,364 shares in the last quarter. Champlain Investment Partners LLC raised its stake in shares of Stock Yards Bancorp by 4.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock worth $57,139,000 after buying an additional 50,730 shares during the last quarter. Creative Planning boosted its position in shares of Stock Yards Bancorp by 534.3% in the 2nd quarter. Creative Planning now owns 43,057 shares of the bank’s stock worth $2,139,000 after buying an additional 36,269 shares in the last quarter. Vanguard Group Inc. grew its stake in Stock Yards Bancorp by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 1,786,710 shares of the bank’s stock valued at $91,998,000 after acquiring an additional 33,906 shares during the last quarter. Finally, Deprince Race & Zollo Inc. increased its holdings in Stock Yards Bancorp by 17.3% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 192,099 shares of the bank’s stock valued at $9,542,000 after acquiring an additional 28,400 shares in the last quarter. Hedge funds and other institutional investors own 56.46% of the company’s stock.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T. The Commercial Banking segment offers a range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking, and other banking services.