Stock Yards Bancorp (NASDAQ:SYBT) Downgraded by Hovde Group to “Market Perform”

Stock Yards Bancorp (NASDAQ:SYBT) was downgraded by research analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, MarketBeat.com reports. They currently have a $68.00 price objective on the bank’s stock, up from their previous price objective of $67.00. Hovde Group’s price target suggests a potential upside of 3.11% from the stock’s current price.

Several other research firms have also issued reports on SYBT. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $64.00 price objective (up from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Stephens increased their target price on shares of Stock Yards Bancorp from $60.00 to $66.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Piper Sandler reissued a “neutral” rating and set a $65.50 price target on shares of Stock Yards Bancorp in a report on Tuesday, September 10th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $65.88.

Stock Yards Bancorp Stock Performance

NASDAQ:SYBT opened at $65.95 on Thursday. The firm has a market capitalization of $1.94 billion, a PE ratio of 18.53 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.48. Stock Yards Bancorp has a 12-month low of $36.93 and a 12-month high of $67.12. The firm has a 50-day moving average price of $60.75 and a 200 day moving average price of $53.60.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.10. The business had revenue of $123.96 million during the quarter, compared to analysts’ expectations of $83.90 million. Stock Yards Bancorp had a return on equity of 12.18% and a net margin of 21.99%. Research analysts anticipate that Stock Yards Bancorp will post 3.69 earnings per share for the current fiscal year.

Insider Activity at Stock Yards Bancorp

In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $63.07, for a total value of $170,289.00. Following the transaction, the director now directly owns 29,786 shares of the company’s stock, valued at approximately $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Stock Yards Bancorp news, Director David P. Heintzman sold 2,700 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $63.07, for a total value of $170,289.00. Following the sale, the director now directly owns 29,786 shares in the company, valued at approximately $1,878,603.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David P. Heintzman sold 6,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $62.27, for a total transaction of $373,620.00. Following the completion of the sale, the director now owns 107,070 shares of the company’s stock, valued at approximately $6,667,248.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,457 shares of company stock worth $1,335,466 over the last 90 days. Insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Stock Yards Bancorp

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Stock Yards Bancorp by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 1,786,710 shares of the bank’s stock valued at $91,998,000 after acquiring an additional 33,906 shares during the last quarter. GSA Capital Partners LLP bought a new position in Stock Yards Bancorp during the 1st quarter worth $863,000. Dimensional Fund Advisors LP lifted its holdings in shares of Stock Yards Bancorp by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 936,919 shares of the bank’s stock worth $46,536,000 after buying an additional 24,856 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Stock Yards Bancorp by 163.4% in the second quarter. American Century Companies Inc. now owns 142,455 shares of the bank’s stock valued at $7,076,000 after acquiring an additional 88,364 shares during the period. Finally, Champlain Investment Partners LLC grew its stake in shares of Stock Yards Bancorp by 4.5% in the first quarter. Champlain Investment Partners LLC now owns 1,168,256 shares of the bank’s stock valued at $57,139,000 after acquiring an additional 50,730 shares in the last quarter. Institutional investors own 56.46% of the company’s stock.

Stock Yards Bancorp Company Profile

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.