Stock Yards Bancorp (NASDAQ:SYBT) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Stock Yards Bancorp beat quarterly expectations: It reported earnings of $1.40 per share, exceeding the $1.33 consensus estimate, while revenue of $120.32 million also topped expectations.
• The company increased its quarterly dividend from $0.32 to $0.33 per share, equivalent to $1.32 annually and a 1.7% yield.
• Analysts remain cautious on the stock: Six analysts rate it Hold and one rates it Buy, resulting in an average Hold rating and an $88 price target. Shares traded down to $76.22 following the earnings release.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) released its quarterly earnings data on Wednesday. The bank reported $1.40 EPS for the quarter, topping the consensus estimate of $1.33 by $0.07, FiscalAI reports. The business had revenue of $120.32 million during the quarter, compared to the consensus estimate of $119.31 million.

Stock Yards Bancorp Stock Performance

Stock Yards Bancorp stock traded down $2.17 during midday trading on Wednesday, reaching $76.22. The company's stock had a trading volume of 21,624 shares, compared to its average volume of 166,163. The firm has a market capitalization of $2.37 billion, a PE ratio of 15.18 and a beta of 0.74. Stock Yards Bancorp has a fifty-two week low of $61.51 and a fifty-two week high of $89.21. The stock's 50 day simple moving average is $78.56 and its 200 day simple moving average is $73.66.

Stock Yards Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Monday, September 21st were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.7%. This is a boost from Stock Yards Bancorp's previous quarterly dividend of $0.32. The ex-dividend date was Monday, September 21st. Stock Yards Bancorp's dividend payout ratio (DPR) is presently 26.29%.

Analyst Ratings Changes

Several brokerages have recently commented on SYBT. Hovde Group downgraded Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and boosted their price objective for the company from $82.00 to $90.00 in a research report on Thursday, July 30th. Stephens set a $87.00 target price on shares of Stock Yards Bancorp and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods raised their price objective on shares of Stock Yards Bancorp from $82.00 to $94.00 and gave the stock a "market perform" rating in a research note on Friday, July 31st. Raymond James Financial assumed coverage on Stock Yards Bancorp in a report on Wednesday, July 8th. They issued a "hold" rating on the stock. Finally, Wall Street Zen upgraded shares of Stock Yards Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Stock Yards Bancorp currently has an average rating of "Hold" and an average target price of $88.00.

Insiders Place Their Bets

In other news, Director Laura Wells sold 6,823 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total transaction of $588,756.67. Following the completion of the sale, the director directly owned 9,580 shares of the company's stock, valued at $826,658.20. The trade was a 41.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.90% of the company's stock.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc NASDAQ: SYBT is a financial holding company headquartered in Louisville, Kentucky. It is the parent company of Stock Yards Bank & Trust Company, a full-service community bank founded in 1904.

Through Stock Yards Bank & Trust, the company provides commercial and retail banking services to individuals, businesses, and institutions. Its offerings include deposit accounts, commercial and consumer lending, residential mortgage lending, treasury management, online and mobile banking, and other traditional banking products.

The company also provides wealth management, trust, investment management, and brokerage services.

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