Victory Capital Management Inc. Increases Stock Position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Victory Capital Management Inc. increased its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 26.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,358,138 shares of the bank’s stock after acquiring an additional 283,532 shares during the period. Victory Capital Management Inc.’s holdings in Stock Yards Bancorp were worth $93,793,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SYBT. Norges Bank acquired a new position in Stock Yards Bancorp during the fourth quarter worth $5,761,000. Adage Capital Partners GP L.L.C. purchased a new stake in Stock Yards Bancorp during the fourth quarter valued at about $4,891,000. Clark Capital Management Group Inc. bought a new stake in shares of Stock Yards Bancorp during the fourth quarter valued at about $4,106,000. Aptus Capital Advisors LLC grew its position in Stock Yards Bancorp by 38.0% during the fourth quarter. Aptus Capital Advisors LLC now owns 131,070 shares of the bank’s stock valued at $9,386,000 after acquiring an additional 36,114 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Stock Yards Bancorp by 13.0% during the fourth quarter. Northern Trust Corp now owns 274,295 shares of the bank’s stock valued at $19,642,000 after buying an additional 31,529 shares during the period. Hedge funds and other institutional investors own 56.46% of the company’s stock.

Insider Activity

In other Stock Yards Bancorp news, EVP William Dishman sold 2,802 shares of the firm’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $78.10, for a total value of $218,836.20. Following the completion of the transaction, the executive vice president directly owned 31,594 shares of the company’s stock, valued at $2,467,491.40. This trade represents a 8.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Croce sold 4,100 shares of the business’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $77.06, for a total transaction of $315,946.00. Following the sale, the executive vice president directly owned 24,600 shares in the company, valued at $1,895,676. The trade was a 14.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,902 shares of company stock valued at $1,296,210 in the last three months. Company insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

SYBT has been the subject of a number of research reports. Piper Sandler set a $81.00 target price on Stock Yards Bancorp and gave the stock a “neutral” rating in a report on Thursday, April 24th. Stephens lifted their price objective on Stock Yards Bancorp from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, April 24th. Keefe, Bruyette & Woods cut their price target on Stock Yards Bancorp from $84.00 to $80.00 and set a “market perform” rating on the stock in a research note on Thursday, April 24th. Finally, Wall Street Zen lowered Stock Yards Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.25.

Stock Yards Bancorp Stock Performance

Shares of Stock Yards Bancorp stock opened at $78.54 on Friday. Stock Yards Bancorp, Inc. has a 52 week low of $53.21 and a 52 week high of $83.67. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $2.31 billion, a P/E ratio of 18.97 and a beta of 0.72. The company has a 50 day moving average price of $76.71 and a 200 day moving average price of $73.06.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.13. Stock Yards Bancorp had a return on equity of 13.02% and a net margin of 23.34%. The business had revenue of $93.63 million during the quarter, compared to analysts’ expectations of $92.90 million. During the same quarter last year, the business posted $0.88 earnings per share. Sell-side analysts expect that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current year.

Stock Yards Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Monday, June 16th. Stock Yards Bancorp’s payout ratio is currently 29.95%.

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.