Royal Bank of Canada Trims Stake in Stock Yards Bancorp, Inc. $SYBT

Royal Bank of Canada reduced its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 31.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,577 shares of the bank’s stock after selling 11,821 shares during the period. Royal Bank of Canada’s holdings in Stock Yards Bancorp were worth $1,696,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quantinno Capital Management LP grew its holdings in shares of Stock Yards Bancorp by 24.9% during the 1st quarter. Quantinno Capital Management LP now owns 9,518 shares of the bank’s stock worth $631,000 after acquiring an additional 1,898 shares during the period. Entropy Technologies LP purchased a new position in shares of Stock Yards Bancorp in the 1st quarter valued at approximately $247,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Stock Yards Bancorp during the first quarter valued at approximately $1,677,000. Sei Investments Co. boosted its position in shares of Stock Yards Bancorp by 182.6% during the first quarter. Sei Investments Co. now owns 55,087 shares of the bank’s stock valued at $3,652,000 after purchasing an additional 35,592 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in Stock Yards Bancorp by 33.5% in the first quarter. Cetera Investment Advisers now owns 5,687 shares of the bank’s stock worth $377,000 after purchasing an additional 1,427 shares during the period. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Stock Yards Bancorp

In other Stock Yards Bancorp news, Director Laura L. Wells sold 6,823 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total transaction of $588,756.67. Following the sale, the director directly owned 9,580 shares in the company, valued at approximately $826,658.20. This trade represents a 41.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Philip Poindexter sold 1,221 shares of Stock Yards Bancorp stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $70.68, for a total value of $86,300.28. Following the completion of the sale, the president directly owned 53,376 shares of the company’s stock, valued at approximately $3,772,615.68. The trade was a 2.24% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by company insiders.

Analyst Ratings Changes

SYBT has been the subject of several recent research reports. Keefe, Bruyette & Woods raised their price objective on Stock Yards Bancorp from $82.00 to $94.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Piper Sandler reaffirmed a “neutral” rating and issued a $81.00 target price (up from $78.00) on shares of Stock Yards Bancorp in a research report on Friday, June 26th. Wall Street Zen upgraded shares of Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Weiss Ratings raised shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 6th. Finally, Hovde Group lowered shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $82.00 to $90.00 in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Stock Yards Bancorp has a consensus rating of “Hold” and an average target price of $88.00.

Stock Yards Bancorp Stock Performance

Shares of Stock Yards Bancorp stock opened at $83.70 on Wednesday. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 16.67 and a beta of 0.68. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.01 and a quick ratio of 1.01. Stock Yards Bancorp, Inc. has a 1 year low of $61.51 and a 1 year high of $89.21. The firm’s 50-day moving average is $79.46 and its 200 day moving average is $72.48.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.23. The business had revenue of $114.71 million during the quarter, compared to analysts’ expectations of $111.66 million. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.39%. Sell-side analysts anticipate that Stock Yards Bancorp, Inc. will post 5.14 EPS for the current fiscal year.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.