Stock Yards Bancorp (NASDAQ:SYBT) Sets New 1-Year High - Here's Why

Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report) reached 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 changing hands. The stock had previously closed at $65.93.

Wall Street Analyst Weigh In

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

Stock Yards Bancorp Stock Performance

The company has a market cap of $1.92 billion, a PE ratio of 17.98 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.48. The firm's 50-day simple moving average is $61.50 and its two-hundred day simple moving average is $54.25.

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

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.90%. This is a boost from Stock Yards Bancorp's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, September 16th. Stock Yards Bancorp's dividend payout ratio (DPR) is presently 34.07%.

Insider Transactions at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 2,700 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $63.07, for a total value of $170,289.00. Following the transaction, the director now owns 29,786 shares in the company, valued at approximately $1,878,603.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David P. Heintzman sold 7,659 shares of the company's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $65.98, for a total value of $505,340.82. Following the sale, the director now owns 99,411 shares in the company, valued at $6,559,137.78. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David P. Heintzman sold 2,700 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $63.07, for a total value of $170,289.00. Following the sale, the director now directly owns 29,786 shares in the company, valued at approximately $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. 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 three months. 3.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Stock Yards Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Stock Yards Bancorp by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,786,710 shares of the bank's stock valued at $91,998,000 after buying an additional 33,906 shares during the period. Stock Yards Bank & Trust Co. increased its stake in shares of Stock Yards Bancorp by 0.8% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 1,223,176 shares of the bank's stock valued at $60,755,000 after purchasing an additional 9,573 shares in the last quarter. Champlain Investment Partners LLC raised its holdings in Stock Yards Bancorp by 4.5% in the 1st quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank's stock worth $57,139,000 after purchasing an additional 50,730 shares during the period. Dimensional Fund Advisors LP boosted its position in Stock Yards Bancorp by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 936,919 shares of the bank's stock worth $46,536,000 after purchasing an additional 24,856 shares in the last quarter. Finally, Deprince Race & Zollo Inc. boosted its position in Stock Yards Bancorp by 17.3% during the second quarter. Deprince Race & Zollo Inc. now owns 192,099 shares of the bank's stock worth $9,542,000 after purchasing an additional 28,400 shares in the last quarter. Institutional investors and hedge funds 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.