Bank of America Corp DE Acquires New Holdings in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Bank of America acquired 148,165 shares of Stock Yards Bancorp in the second quarter, worth approximately $11.33 million and representing about 0.48% of the company. Institutional investors collectively own 56.46% of SYBT.
• Analysts remain broadly cautious, with an average “Hold” rating and an $88 price target. The bank nevertheless exceeded quarterly expectations, reporting $1.31 in EPS versus the $1.08 consensus and $114.71 million in revenue.
• Stock Yards Bancorp raised its quarterly dividend to $0.33 per share, or $1.32 annually, producing a 1.7% yield and a 26.29% payout ratio.

Bank of America Corp DE purchased a new stake in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 148,165 shares of the bank's stock, valued at approximately $11,330,000. Bank of America Corp DE owned approximately 0.48% of Stock Yards Bancorp at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. ProShare Advisors LLC lifted its holdings in shares of Stock Yards Bancorp by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 4,809 shares of the bank's stock worth $312,000 after acquiring an additional 310 shares during the last quarter. Handelsbanken Fonder AB raised its position in Stock Yards Bancorp by 7.5% during the fourth quarter. Handelsbanken Fonder AB now owns 5,700 shares of the bank's stock valued at $370,000 after purchasing an additional 400 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Stock Yards Bancorp during the second quarter worth about $31,000. Diversified Trust Co boosted its holdings in shares of Stock Yards Bancorp by 5.4% in the 1st quarter. Diversified Trust Co now owns 8,962 shares of the bank's stock worth $594,000 after purchasing an additional 456 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its holdings in shares of Stock Yards Bancorp by 0.4% in the 4th quarter. Aptus Capital Advisors LLC now owns 187,691 shares of the bank's stock worth $12,191,000 after purchasing an additional 816 shares in the last quarter. Institutional investors own 56.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Stephens set a $87.00 price target on shares of Stock Yards Bancorp and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods upped their price objective on shares of Stock Yards Bancorp from $82.00 to $94.00 and gave the company a "market perform" rating in a research note on Friday, July 31st. Piper Sandler reaffirmed a "neutral" rating and set a $81.00 target price (up from $78.00) on shares of Stock Yards Bancorp in a report on Friday, June 26th. Wall Street Zen upgraded shares of Stock Yards Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Hovde Group downgraded shares of Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and boosted their price target for the stock from $82.00 to $90.00 in a research note on Thursday, July 30th. One research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Stock Yards Bancorp currently has an average rating of "Hold" and an average price target of $88.00.

Insider Transactions at Stock Yards Bancorp

In other news, Director Laura Wells sold 6,823 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total transaction of $588,756.67. Following the sale, the director directly owned 9,580 shares of the company's stock, valued at $826,658.20. This represents a 41.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is currently owned by insiders.

Stock Yards Bancorp Stock Performance

SYBT stock opened at $78.57 on Friday. Stock Yards Bancorp, Inc. has a 1 year low of $61.51 and a 1 year high of $89.21. The company has a market cap of $2.44 billion, a P/E ratio of 15.65 and a beta of 0.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.01 and a quick ratio of 1.01. The stock's fifty day moving average price is $81.46 and its 200-day moving average price is $74.78.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.23. The business had revenue of $114.71 million during the quarter, compared to analyst estimates of $111.66 million. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%. On average, equities analysts forecast that Stock Yards Bancorp, Inc. will post 5.21 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 21st will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, September 21st. This is a positive change from Stock Yards Bancorp's previous quarterly dividend of $0.32. Stock Yards Bancorp's dividend payout ratio is presently 26.29%.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc is a financial holding company headquartered in Louisville, Kentucky. Its principal subsidiary, Stock Yards Bank & Trust Company, provides a range of banking and financial services to individuals, businesses, institutions and government entities.

Stock Yards Bank offers commercial and consumer deposit accounts, residential and commercial real estate lending, business loans, personal loans, treasury management and other traditional banking products. Through its wealth management operations, the company also provides investment management, trust, estate planning and related fiduciary services.

Founded in 1904, Stock Yards Bancorp serves customers through banking markets in Kentucky, southern Indiana and the Cincinnati and Columbus areas of Ohio.

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