Stock Yards Bancorp (NASDAQ:SYBT) Upgraded at Hovde Group

Stock Yards Bancorp (NASDAQ:SYBT) was upgraded by Hovde Group from a “market perform” rating to an “outperform” rating in a research note issued on Friday, MarketBeat reports. The firm currently has a $75.00 target price on the bank’s stock. Hovde Group’s target price points to a potential upside of 16.28% from the company’s current price.

A number of other research firms also recently commented on SYBT. Zacks Research upgraded Stock Yards Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, February 2nd. Wall Street Zen raised shares of Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings restated a “hold (c)” rating on shares of Stock Yards Bancorp in a research note on Monday, December 29th. Finally, Piper Sandler restated a “neutral” rating and set a $76.00 price target (up from $75.00) on shares of Stock Yards Bancorp in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Stock Yards Bancorp currently has an average rating of “Moderate Buy” and an average target price of $79.00.

Stock Yards Bancorp Price Performance

Shares of NASDAQ:SYBT opened at $64.50 on Friday. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 13.58 and a beta of 0.71. Stock Yards Bancorp has a 1 year low of $60.75 and a 1 year high of $83.83. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $67.61 and a 200 day simple moving average of $69.52.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Tuesday, January 27th. The bank reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Stock Yards Bancorp had a return on equity of 13.68% and a net margin of 24.83%.The company had revenue of $104.47 million for the quarter, compared to analyst estimates of $102.42 million. As a group, sell-side analysts predict that Stock Yards Bancorp will post 4.16 earnings per share for the current fiscal year.

Institutional Trading of Stock Yards Bancorp

Large investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC bought a new position in Stock Yards Bancorp during the third quarter valued at about $1,638,000. Envestnet Asset Management Inc. grew its holdings in shares of Stock Yards Bancorp by 1,496.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 116,690 shares of the bank’s stock worth $9,216,000 after purchasing an additional 109,382 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Stock Yards Bancorp by 412.3% during the 2nd quarter. Squarepoint Ops LLC now owns 32,114 shares of the bank’s stock worth $2,536,000 after purchasing an additional 25,845 shares in the last quarter. Atlanta Consulting Group Advisors LLC bought a new stake in shares of Stock Yards Bancorp during the second quarter valued at approximately $216,000. Finally, SG Americas Securities LLC raised its stake in shares of Stock Yards Bancorp by 144.6% in the third quarter. SG Americas Securities LLC now owns 14,077 shares of the bank’s stock valued at $985,000 after purchasing an additional 8,321 shares in the last quarter. 56.46% of the stock is owned by institutional investors.

About Stock Yards Bancorp

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.