Stock Yards Bancorp (NASDAQ:SYBT) Downgraded to “Equal Weight” Rating by Stephens

Stock Yards Bancorp (NASDAQ:SYBT) was downgraded by research analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. They currently have a $76.00 price target on the bank’s stock, up from their previous price target of $70.00. Stephens’ target price would indicate a potential upside of 2.11% from the company’s previous close.

SYBT has been the subject of a number of other research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $64.00 price objective (up previously from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Hovde Group downgraded shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $67.00 to $68.00 in a report on Thursday, October 24th. Finally, Piper Sandler increased their price objective on Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.25.

Stock Yards Bancorp Stock Performance

SYBT opened at $74.43 on Friday. The firm has a market capitalization of $2.19 billion, a PE ratio of 20.45 and a beta of 0.81. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.38. Stock Yards Bancorp has a twelve month low of $42.35 and a twelve month high of $77.82. The firm’s 50-day moving average price is $64.20 and its 200 day moving average price is $56.27.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 earnings per share 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 analyst estimates of $87.57 million. Stock Yards Bancorp had a return on equity of 12.00% and a net margin of 21.62%. As a group, sell-side analysts expect that Stock Yards Bancorp will post 3.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David P. Heintzman sold 7,659 shares of the stock in a transaction dated Friday, October 25th. The stock was 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 represents a 7.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 15,700 shares of company stock valued at $1,054,023. Company insiders own 3.90% of the company’s stock.

Institutional Trading of Stock Yards Bancorp

Several hedge funds have recently made changes to their positions in SYBT. BNP Paribas Financial Markets increased its stake in Stock Yards Bancorp by 35.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,883 shares of the bank’s stock worth $799,000 after buying an additional 3,385 shares during the period. FMR LLC grew its stake in shares of 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 in the last quarter. Quantbot Technologies LP increased its position in shares of Stock Yards Bancorp by 151.2% during the third quarter. Quantbot Technologies LP now owns 2,271 shares of the bank’s stock worth $141,000 after acquiring an additional 1,367 shares during the period. Alpha DNA Investment Management LLC acquired a new stake in shares of Stock Yards Bancorp in the third quarter valued at $472,000. Finally, Meridian Wealth Management LLC purchased a new position in Stock Yards Bancorp in the third quarter valued at $9,082,000. Institutional investors and hedge funds own 56.46% of the company’s stock.

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.