Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Stock Has Average Price Target of $88.00 According to Brokerages

Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) have been assigned an average rating of “Hold” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $88.00.

A number of equities research analysts have recently issued reports on the stock. Hovde Group cut shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $82.00 to $90.00 in a research note on Thursday, July 30th. Weiss Ratings raised shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, August 6th. Stephens set a $87.00 price target on shares of Stock Yards Bancorp and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Raymond James Financial initiated coverage on Stock Yards Bancorp in a research note on Wednesday, July 8th. They set a “hold” rating on the stock. Finally, Wall Street Zen upgraded Stock Yards Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, August 9th.

Stock Yards Bancorp Stock Performance

Stock Yards Bancorp stock opened at $75.89 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.01 and a current ratio of 1.01. The firm’s fifty day moving average price is $80.41 and its 200-day moving average price is $75.74. Stock Yards Bancorp has a fifty-two week low of $61.51 and a fifty-two week high of $89.21. The stock has a market cap of $2.36 billion, a P/E ratio of 15.12 and a beta of 0.74.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.23. The firm had revenue of $114.71 million during the quarter, compared to analysts’ expectations of $111.66 million. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%. On average, equities research analysts expect that Stock Yards Bancorp will post 5.21 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Monday, September 21st were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, September 21st. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.32. Stock Yards Bancorp’s dividend payout ratio is 26.29%.

Insider Buying and Selling

In other Stock Yards Bancorp news, Director Laura Wells sold 6,823 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total value of $588,756.67. Following the completion of the sale, the director owned 9,580 shares in the company, valued at approximately $826,658.20. The trade was a 41.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Stock Yards Bancorp in the 2nd quarter worth approximately $165,219,000. Field & Main Bank purchased a new position in shares of Stock Yards Bancorp during the second quarter valued at approximately $82,676,000. The Manufacturers Life Insurance Company purchased a new position in shares of Stock Yards Bancorp during the second quarter valued at approximately $15,848,000. Bank of America Corp DE bought a new position in shares of Stock Yards Bancorp during the second quarter valued at approximately $11,330,000. Finally, Oxford Financial Group LTD. LLC bought a new position in shares of Stock Yards Bancorp during the second quarter valued at approximately $11,063,000. 56.46% of the stock is owned by hedge funds and other institutional investors.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a financial holding company headquartered in Louisville, Kentucky. Through its principal subsidiary, Stock Yards Bank & Trust Company, it provides commercial and retail banking services to individuals, businesses, and institutions.

The bank offers deposit accounts, commercial and consumer lending, residential mortgage services, treasury management, online and mobile banking, and other traditional financial products. It also provides wealth management and trust services, including investment management, fiduciary administration, financial planning, and estate-related services.

Founded in 1904, Stock Yards Bank has developed a regional presence serving communities in Kentucky, southern Indiana, the greater Cincinnati area, and Indianapolis.