Bank of New York Mellon Corp Invests $9.59 Million in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Bank of New York Mellon acquired 125,349 shares of Stock Yards Bancorp valued at approximately $9.59 million, giving it a 0.42% stake. Overall, institutional investors and hedge funds own 56.46% of the company.
• Analysts maintain a generally cautious outlook, with one Buy rating and six Holds; the consensus rating is Hold with an $88 price target. Shares recently traded at $79.46.
• Stock Yards Bancorp exceeded quarterly earnings expectations, reporting $1.31 in EPS versus $1.08 anticipated, and increased its quarterly dividend to $0.33, equivalent to a 1.7% yield.

Bank of New York Mellon Corp acquired a new stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 125,349 shares of the bank's stock, valued at approximately $9,585,000. Bank of New York Mellon Corp owned 0.42% of Stock Yards Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP purchased a new position in shares of Stock Yards Bancorp in the third quarter valued at approximately $28,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Stock Yards Bancorp during the third quarter worth approximately $45,000. Empowered Funds LLC purchased a new stake in shares of Stock Yards Bancorp during the fourth quarter worth approximately $60,000. Covestor Ltd raised its stake in Stock Yards Bancorp by 138.4% in the 4th quarter. Covestor Ltd now owns 1,168 shares of the bank's stock valued at $76,000 after purchasing an additional 678 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new position in Stock Yards Bancorp in the 1st quarter valued at $85,000. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SYBT. Hovde Group downgraded shares of Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and raised their price target for the stock from $82.00 to $90.00 in a report on Thursday, July 30th. Stephens set a $87.00 price objective on Stock Yards Bancorp and gave the company an "equal weight" rating in a report on Thursday, July 30th. Weiss Ratings raised Stock Yards Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods raised their target price on 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. Finally, Raymond James Financial started coverage on Stock Yards Bancorp in a research report on Wednesday, July 8th. They issued a "hold" rating on the stock. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $88.00.

Stock Yards Bancorp Trading Up 1.4%

NASDAQ:SYBT opened at $79.46 on Thursday. Stock Yards Bancorp, Inc. has a 1 year low of $61.51 and a 1 year high of $89.21. The stock has a market cap of $2.47 billion, a P/E ratio of 15.83 and a beta of 0.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50-day simple moving average of $80.89 and a 200-day simple moving average of $73.37.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.23. The business had revenue of $114.71 million for 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%. As a group, analysts anticipate that Stock Yards Bancorp, Inc. will post 5.16 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 21st will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.7%. The ex-dividend date 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 (DPR) is currently 26.29%.

Insider Activity at Stock Yards Bancorp

In related news, Director Laura L. Wells sold 6,823 shares of Stock Yards Bancorp 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 sale, the director directly owned 9,580 shares in the company, valued at $826,658.20. This trade represents a 41.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by company insiders.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank's core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.

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