Stock Yards Bancorp (NASDAQ:SYBT) Hits New 1-Year High – Still a Buy?

Stock Yards Bancorp, Inc. (NASDAQ:SYBT)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $84.62 and last traded at $84.62, with a volume of 1457 shares traded. The stock had previously closed at $66.59.

Analysts Set New Price Targets

SYBT has been the subject of a number of recent analyst reports. Piper Sandler lifted their target price on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Stephens cut shares of Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $70.00 to $76.00 in a research note 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 company from $67.00 to $68.00 in a research note on Thursday, October 24th.

Stock Yards Bancorp Price Performance

The firm has a market cap of $1.96 billion, a PE ratio of 18.31 and a beta of 0.86. The stock’s fifty day moving average price is $73.87 and its 200-day moving average price is $64.09. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.94 and a quick ratio of 0.94.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.06. The firm 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%. As a group, equities analysts expect that Stock Yards Bancorp, Inc. will post 3.8 EPS for the current fiscal year.

Stock Yards Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $0.31 dividend. The ex-dividend date was Monday, December 16th. This represents a $1.24 dividend on an annualized basis and a yield of 1.86%. Stock Yards Bancorp’s payout ratio is currently 34.07%.

Insider Buying and Selling at Stock Yards Bancorp

In related news, President Philip Poindexter sold 3,419 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $75.55, for a total transaction of $258,305.45. Following the completion of the sale, the president now directly owns 51,331 shares of the company’s stock, valued at $3,878,057.05. This trade represents a 6.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David P. Heintzman sold 3,500 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $78.10, for a total value of $273,350.00. Following the sale, the director now directly owns 21,411 shares of the company’s stock, valued at approximately $1,672,199.10. This represents a 14.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,614 shares of company stock valued at $2,347,890 over the last 90 days. 3.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Stock Yards Bancorp

Hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Stock Yards Bancorp in the second quarter valued at $45,000. Quantbot Technologies LP lifted its holdings in Stock Yards Bancorp by 151.2% in the third quarter. Quantbot Technologies LP now owns 2,271 shares of the bank’s stock valued at $141,000 after acquiring an additional 1,367 shares during the period. FMR LLC lifted its holdings in Stock Yards Bancorp by 7.5% in the third quarter. FMR LLC now owns 2,400 shares of the bank’s stock valued at $149,000 after acquiring an additional 167 shares during the period. Wesbanco Bank Inc. acquired a new stake in Stock Yards Bancorp in the third quarter valued at $206,000. Finally, Independent Solutions Wealth Management LLC acquired a new stake in Stock Yards Bancorp in the third quarter valued at $207,000. 56.46% of the stock is owned by institutional investors and hedge funds.

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.