Stock Yards Bancorp (NASDAQ:SYBT) Hits New 52-Week High – Here’s What Happened

Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) hit a new 52-week high during trading on Monday . The company traded as high as $79.70 and last traded at $79.70, with a volume of 9928 shares trading hands. The stock had previously closed at $76.11.

Analyst Upgrades and Downgrades

A number of research firms have commented on SYBT. Piper Sandler lifted their price objective on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Stephens downgraded Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $70.00 to $76.00 in a research report on Friday, November 15th. Finally, Hovde Group cut shares of 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 research note on Thursday, October 24th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $69.25.

Stock Yards Bancorp Stock Up 0.5 %

The firm has a market cap of $2.29 billion, a P/E ratio of 21.37 and a beta of 0.81. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.94 and a current ratio of 0.94. The stock’s 50 day simple moving average is $66.73 and its 200 day simple moving average is $57.99.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. The company had revenue of $130.52 million for the quarter, compared to analysts’ expectations of $87.57 million. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. Research analysts anticipate that Stock Yards Bancorp, Inc. will post 3.76 EPS for the current year.

Stock Yards Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Monday, December 16th. Stock Yards Bancorp’s dividend payout ratio is currently 34.07%.

Insiders Place Their Bets

In related news, Director David P. Heintzman sold 7,659 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $65.98, for a total transaction of $505,340.82. Following the transaction, the director now owns 99,411 shares of the company’s stock, valued at approximately $6,559,137.78. This trade represents a 7.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Rehm sold 2,650 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $74.81, for a total transaction of $198,246.50. Following the completion of the sale, the executive vice president now directly owns 16,927 shares of the company’s stock, valued at $1,266,308.87. This represents a 13.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,269 shares of company stock valued at $2,514,725 over the last 90 days. Insiders own 3.90% of the company’s stock.

Institutional Trading of Stock Yards Bancorp

Large investors have recently modified their holdings of the business. FMR LLC lifted its stake in Stock Yards Bancorp by 7.5% in the third 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 lifted its position 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 valued at $714,000 after acquiring an additional 202 shares in the last quarter. Diversified Trust Co boosted its stake in Stock Yards Bancorp by 2.3% during the 2nd quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock valued at $504,000 after purchasing an additional 231 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Stock Yards Bancorp by 10.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock worth $263,000 after purchasing an additional 494 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Stock Yards Bancorp in the second quarter worth $45,000. 56.46% of the stock is owned by institutional investors.

About Stock Yards Bancorp

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.