Zacks Investment Research Upgrades Stock Yards Bancorp, Inc. (SYBT) to Hold
Stock Yards Bancorp, Inc. (NASDAQ:SYBT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Stock Yards Bancorp Inc. is a bank holding company. Its main subsidiary is Stock Yards Bank & Trust Company. The company provides banking, trust, investment management, private banking, and brokerage services. It operates in and around Louisville, Indianapolis, and Cincinnati. Stock Yards Bancorp Inc. is headquartered in Louisville, Kentucky. “
Several other analysts also recently commented on the stock. BidaskClub downgraded shares of Stock Yards Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Hilliard Lyons raised shares of Stock Yards Bancorp from an “underperform” rating to a “neutral” rating and set a $38.00 target price for the company in a report on Thursday, May 25th.
Stock Yards Bancorp (SYBT) opened at 32.00 on Wednesday. The stock’s 50 day moving average is $35.26 and its 200-day moving average is $38.71. The firm has a market cap of $725.09 million, a price-to-earnings ratio of 17.39 and a beta of 0.68. Stock Yards Bancorp has a 12 month low of $31.11 and a 12 month high of $48.05.
Stock Yards Bancorp (NASDAQ:SYBT) last announced its earnings results on Wednesday, July 26th. The bank reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by $0.02. The company had revenue of $36.91 million for the quarter, compared to the consensus estimate of $37.06 million. Stock Yards Bancorp had a return on equity of 13.36% and a net margin of 28.11%. On average, analysts anticipate that Stock Yards Bancorp will post $1.90 earnings per share for the current fiscal year.
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In related news, CEO David P. Heintzman sold 1,500 shares of Stock Yards Bancorp stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $39.05, for a total transaction of $58,575.00. Following the completion of the sale, the chief executive officer now owns 167,809 shares of the company’s stock, valued at approximately $6,552,941.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David P. Heintzman sold 1,314 shares of Stock Yards Bancorp stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $38.05, for a total transaction of $49,997.70. Following the sale, the chief executive officer now directly owns 169,309 shares of the company’s stock, valued at approximately $6,442,207.45. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 295 shares of company stock valued at $10,697 and have sold 5,480 shares valued at $202,467. Insiders own 6.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Susquehanna International Group LLP bought a new stake in Stock Yards Bancorp in the 2nd quarter valued at about $261,000. The Manufacturers Life Insurance Company boosted its holdings in Stock Yards Bancorp by 0.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 98,638 shares of the bank’s stock valued at $3,837,000 after purchasing an additional 841 shares during the period. State Street Corp boosted its holdings in Stock Yards Bancorp by 4.8% in the 2nd quarter. State Street Corp now owns 415,829 shares of the bank’s stock valued at $16,181,000 after purchasing an additional 19,091 shares during the period. Voya Investment Management LLC boosted its holdings in Stock Yards Bancorp by 7.4% in the 2nd quarter. Voya Investment Management LLC now owns 13,637 shares of the bank’s stock valued at $530,000 after purchasing an additional 945 shares during the period. Finally, OxFORD Asset Management LLP boosted its holdings in Stock Yards Bancorp by 79.1% in the 2nd quarter. OxFORD Asset Management LLP now owns 21,080 shares of the bank’s stock valued at $820,000 after purchasing an additional 9,309 shares during the period. 48.13% of the stock is owned by hedge funds and other institutional investors.
Stock Yards Bancorp Company Profile
Stock Yards Bancorp, Inc is the holding company for Stock Yards Bank & Trust Company (the Bank). The Bank is a state chartered bank. The Company operates through two segments: commercial banking, and wealth management and trust. The commercial banking segment provides a full range of loan and deposit products to individual consumers and businesses, plus origination of consumer mortgages and securities brokerage activity.
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