Stock Yards Bancorp (NASDAQ:SYBT) Releases Earnings Results, Beats Expectations By $0.07 EPS

Stock Yards Bancorp (NASDAQ:SYBT) announced its earnings results on Wednesday. The bank reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07, FiscalAI reports. The business had revenue of $120.32 million for the quarter, compared to the consensus estimate of $119.31 million. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%.

Stock Yards Bancorp Stock Down 2.3%

NASDAQ:SYBT traded down $1.77 during mid-day trading on Wednesday, reaching $76.62. The stock had a trading volume of 53,661 shares, compared to its average volume of 166,246. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 15.26 and a beta of 0.74. Stock Yards Bancorp has a 1-year low of $61.51 and a 1-year high of $89.21. The stock’s 50 day simple moving average is $78.56 and its two-hundred day simple moving average is $73.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.01 and a quick ratio of 1.01.

Stock Yards Bancorp Increases Dividend

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

Insiders Place Their Bets

In other news, Director Laura Wells sold 6,823 shares of Stock Yards Bancorp stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total value of $588,756.67. Following the completion of the transaction, the director owned 9,580 shares in the company, valued at approximately $826,658.20. This trade represents a 41.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SYBT. Hovde Group cut Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $82.00 to $90.00 in a report on Thursday, July 30th. Weiss Ratings raised shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 6th. Keefe, Bruyette & Woods raised their target price on Stock Yards Bancorp from $82.00 to $94.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Stephens set a $87.00 price target on Stock Yards Bancorp and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Finally, Wall Street Zen raised Stock Yards Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $88.00.

Stock Yards Bancorp Company Profile

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.