Stock Yards Bank & Trust Co. lowered its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 5.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,159,313 shares of the bank's stock after selling 63,863 shares during the quarter. Stock Yards Bancorp makes up approximately 2.3% of Stock Yards Bank & Trust Co.'s investment portfolio, making the stock its 9th largest position. Stock Yards Bank & Trust Co. owned approximately 3.94% of Stock Yards Bancorp worth $71,866,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC raised its position in Stock Yards Bancorp by 0.9% during the third quarter. Geode Capital Management LLC now owns 636,744 shares of the bank's stock worth $39,480,000 after acquiring an additional 5,391 shares in the last quarter. Barclays PLC increased its stake in shares of Stock Yards Bancorp by 137.8% during the 3rd quarter. Barclays PLC now owns 45,801 shares of the bank's stock worth $2,840,000 after purchasing an additional 26,537 shares during the last quarter. State Street Corp increased its stake in shares of Stock Yards Bancorp by 2.0% during the 3rd quarter. State Street Corp now owns 778,497 shares of the bank's stock worth $48,506,000 after purchasing an additional 15,156 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Stock Yards Bancorp by 35.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,883 shares of the bank's stock valued at $799,000 after purchasing an additional 3,385 shares during the period. Finally, FMR LLC lifted its stake in Stock Yards Bancorp by 7.5% in the 3rd quarter. FMR LLC now owns 2,400 shares of the bank's stock valued at $149,000 after purchasing an additional 167 shares during the last quarter. Institutional investors own 56.46% of the company's stock.
Analyst Ratings Changes
SYBT has been the topic of a number of recent analyst reports. Stephens downgraded Stock Yards Bancorp from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $70.00 to $76.00 in a research report on Friday, November 15th. Hovde Group lowered Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and boosted their target price for the stock from $67.00 to $68.00 in a report on Thursday, October 24th. Finally, Piper Sandler raised their price target on Stock Yards Bancorp from $65.50 to $69.00 and gave the company a "neutral" rating in a report on Thursday, October 24th.
View Our Latest Stock Analysis on Stock Yards Bancorp
Stock Yards Bancorp Stock Performance
SYBT stock traded down $0.65 during mid-day trading on Thursday, hitting $77.28. 132,053 shares of the company were exchanged, compared to its average volume of 106,256. Stock Yards Bancorp, Inc. has a 1-year low of $42.35 and a 1-year high of $79.79. The business has a 50 day simple moving average of $70.14 and a 200-day simple moving average of $60.17. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.27 billion, a PE ratio of 21.41 and a beta of 0.85.
Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating 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 return on equity of 12.00% and a net margin of 21.62%. On average, equities analysts forecast that Stock Yards Bancorp, Inc. will post 3.8 earnings per share for the current year.
Stock Yards Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Monday, December 16th. Stock Yards Bancorp's dividend payout ratio is 34.07%.
Insiders Place Their Bets
In related news, EVP Michael Rehm sold 2,650 shares of the firm's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $74.81, for a total value of $198,246.50. Following the transaction, the executive vice president now owns 16,927 shares in the company, valued at approximately $1,266,308.87. This trade represents a 13.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David P. Heintzman sold 2,341 shares of the business's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $66.05, for a total value of $154,623.05. Following the completion of the transaction, the director now directly owns 97,070 shares of the company's stock, valued at approximately $6,411,473.50. This trade represents a 2.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,269 shares of company stock worth $2,514,725 in the last quarter. 3.90% of the stock is currently owned by corporate insiders.
Stock Yards Bancorp Company Profile
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Free Report)
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.
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