Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Receives $88.00 Consensus Price Target from Brokerages

Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) have been given a consensus recommendation of “Hold” by the seven analysts that are presently covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $88.00.

SYBT has been the topic of a number of recent research reports. Stephens set a $87.00 price objective on shares of Stock Yards Bancorp and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods increased their target price on shares of Stock Yards Bancorp from $82.00 to $94.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and raised their price target 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 initiated coverage on Stock Yards Bancorp in a research note on Wednesday, July 8th. They set a “hold” rating for the company.

Insider Buying and Selling at Stock Yards Bancorp

In other news, Director Laura Wells sold 6,823 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total transaction of $588,756.67. Following the transaction, the director directly owned 9,580 shares of the company’s stock, valued at $826,658.20. This represents a 41.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. increased its holdings in Stock Yards Bancorp by 182.6% during the 1st quarter. Sei Investments Co. now owns 55,087 shares of the bank’s stock valued at $3,652,000 after acquiring an additional 35,592 shares in the last quarter. Oxford Financial Group LTD. LLC purchased a new stake in shares of Stock Yards Bancorp in the second quarter valued at about $11,063,000. Deprince Race & Zollo Inc. lifted its holdings in shares of Stock Yards Bancorp by 11.4% in the first quarter. Deprince Race & Zollo Inc. now owns 126,497 shares of the bank’s stock valued at $8,385,000 after purchasing an additional 12,937 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Stock Yards Bancorp in the second quarter valued at approximately $165,219,000. Finally, Field & Main Bank acquired a new stake in shares of Stock Yards Bancorp in the second quarter valued at approximately $82,676,000. 56.46% of the stock is currently owned by institutional investors and hedge funds.

Stock Yards Bancorp Price Performance

SYBT stock opened at $79.84 on Friday. The company has a market capitalization of $2.48 billion, a P/E ratio of 15.90 and a beta of 0.66. Stock Yards Bancorp has a twelve month low of $61.51 and a twelve month high of $89.21. The business has a 50 day simple moving average of $81.49 and a 200-day simple moving average of $74.28. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.26.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its earnings results 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 business had revenue of $114.71 million for the quarter, compared to analysts’ expectations of $111.66 million. As a group, equities analysts anticipate that Stock Yards Bancorp will post 5.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 21st will be issued a $0.33 dividend. The ex-dividend date of this dividend is Monday, September 21st. This represents a $1.32 dividend on an annualized basis and a yield of 1.7%. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.32. Stock Yards Bancorp’s dividend payout ratio is presently 25.50%.

About Stock Yards Bancorp

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.