Stock Yards Bancorp (NASDAQ:SYBT) Cut to “Equal Weight” at Stephens

Stephens cut shares of Stock Yards Bancorp (NASDAQ:SYBT) from an overweight rating to an equal weight rating in a report published on Friday, Marketbeat Ratings reports. Stephens currently has $76.00 price target on the bank’s stock, up from their previous price target of $70.00.

Other research analysts have also recently issued reports about the stock. Piper Sandler boosted their price objective on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Finally, Hovde Group downgraded Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $67.00 to $68.00 in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $69.25.

Stock Yards Bancorp Stock Performance

SYBT stock opened at $73.38 on Friday. The stock has a market capitalization of $2.16 billion, a PE ratio of 20.16 and a beta of 0.81. The stock’s 50 day simple moving average is $64.52 and its 200 day simple moving average is $56.62. Stock Yards Bancorp has a 12-month low of $42.35 and a 12-month high of $77.82. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.38.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.94 by $0.06. Stock Yards Bancorp had a return on equity of 12.00% and a net margin of 21.62%. The company had revenue of $130.52 million for the quarter, compared to analysts’ expectations of $87.57 million. As a group, research analysts forecast that Stock Yards Bancorp will post 3.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David P. Heintzman sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $73.08, for a total value of $730,800.00. Following the transaction, the director now owns 87,070 shares of the company’s stock, valued at $6,363,075.60. This trade represents a 10.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have sold 25,700 shares of company stock worth $1,784,823. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Stock Yards Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in Stock Yards Bancorp by 7.5% during the 3rd quarter. FMR LLC now owns 2,400 shares of the bank’s stock worth $149,000 after acquiring an additional 167 shares during the period. Independence Bank of Kentucky increased its stake in Stock Yards Bancorp by 1.4% in the 2nd quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock worth $714,000 after buying an additional 202 shares in the last quarter. Diversified Trust Co raised its holdings in Stock Yards Bancorp by 2.3% during the second quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock valued at $504,000 after acquiring an additional 231 shares during the period. ProShare Advisors LLC lifted its position in shares of Stock Yards Bancorp by 8.5% in the first quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock valued at $239,000 after acquiring an additional 384 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Stock Yards Bancorp by 10.3% in the second quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock worth $263,000 after acquiring an additional 494 shares during the period. 56.46% of the stock is owned by hedge funds and other institutional investors.

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.