Adage Capital Partners GP L.L.C. Invests $4.89 Million in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Adage Capital Partners GP L.L.C. acquired a new stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 68,300 shares of the bank's stock, valued at approximately $4,891,000. Adage Capital Partners GP L.L.C. owned 0.23% of Stock Yards Bancorp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SYBT. Victory Capital Management Inc. grew its holdings in shares of Stock Yards Bancorp by 120.2% during the 4th quarter. Victory Capital Management Inc. now owns 1,074,606 shares of the bank's stock worth $76,953,000 after purchasing an additional 586,550 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Stock Yards Bancorp by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 965,396 shares of the bank's stock valued at $69,133,000 after acquiring an additional 24,011 shares during the period. American Century Companies Inc. lifted its holdings in shares of Stock Yards Bancorp by 2.1% in the 4th quarter. American Century Companies Inc. now owns 277,561 shares of the bank's stock worth $19,876,000 after acquiring an additional 5,661 shares during the last quarter. Curi RMB Capital LLC boosted its position in shares of Stock Yards Bancorp by 1.1% during the 4th quarter. Curi RMB Capital LLC now owns 253,020 shares of the bank's stock worth $18,119,000 after purchasing an additional 2,651 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Stock Yards Bancorp by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 222,632 shares of the bank's stock valued at $15,943,000 after purchasing an additional 3,605 shares during the last quarter. Institutional investors and hedge funds own 56.46% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on SYBT. Piper Sandler set a $81.00 price target on Stock Yards Bancorp and gave the stock a "neutral" rating in a research report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price objective on shares of Stock Yards Bancorp from $84.00 to $80.00 and set a "market perform" rating for the company in a report on Thursday, April 24th. Finally, Stephens boosted their price objective on Stock Yards Bancorp from $78.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 24th.

Stock Yards Bancorp Stock Performance

NASDAQ SYBT traded up $1.08 during trading hours on Friday, hitting $74.41. The company had a trading volume of 90,663 shares, compared to its average volume of 126,725. The company has a market cap of $2.19 billion, a PE ratio of 19.13 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.94 and a current ratio of 0.94. Stock Yards Bancorp, Inc. has a 1-year low of $44.36 and a 1-year high of $79.79. The business has a 50 day moving average of $69.16 and a 200-day moving average of $71.64.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.13. Stock Yards Bancorp had a net margin of 22.54% and a return on equity of 12.71%. The company had revenue of $93.63 million for the quarter, compared to analyst estimates of $92.90 million. During the same period in the previous year, the business posted $0.88 earnings per share. As a group, equities research analysts expect that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current year.

Stock Yards Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were given a $0.31 dividend. The ex-dividend date was Monday, March 17th. This represents a $1.24 dividend on an annualized basis and a yield of 1.67%. Stock Yards Bancorp's payout ratio is currently 29.95%.

Insider Buying and Selling at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 1,581 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $74.00, for a total value of $116,994.00. Following the sale, the director now directly owns 82,070 shares of the company's stock, valued at approximately $6,073,180. This represents a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.40% of the stock is owned by corporate insiders.

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.