BlackRock Inc. Buys New Stake in Stock Yards Bancorp, Inc. $SYBT

Key Points

• BlackRock acquired 2.16 million shares of Stock Yards Bancorp in the second quarter, worth approximately $165.2 million and representing a 6.95% stake. Institutional investors and hedge funds collectively own 56.46% of the company.
• Stock Yards Bancorp reported quarterly EPS of $1.31, exceeding analyst expectations of $1.08, while revenue reached $114.71 million. The bank also raised its quarterly dividend from $0.32 to $0.33 per share, producing a 1.7% yield.
• Analysts maintain a generally neutral view, with one Buy rating and six Hold ratings; the consensus rating is Hold with an $88 price target, compared with the stock’s recent price of $79.84.

BlackRock Inc. acquired a new position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,160,573 shares of the bank's stock, valued at approximately $165,219,000. BlackRock Inc. owned 6.95% of Stock Yards Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the business. Marshall Wace LLP lifted its position in shares of Stock Yards Bancorp by 691.5% during the 4th quarter. Marshall Wace LLP now owns 178,002 shares of the bank's stock valued at $11,561,000 after buying an additional 155,512 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Stock Yards Bancorp in the second quarter valued at about $9,585,000. Thrivent Financial for Lutherans acquired a new stake in shares of Stock Yards Bancorp in the fourth quarter valued at about $7,461,000. Millennium Management LLC increased its stake in shares of Stock Yards Bancorp by 211.2% during the fourth quarter. Millennium Management LLC now owns 131,842 shares of the bank's stock worth $8,563,000 after purchasing an additional 89,470 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Stock Yards Bancorp by 47.2% during the third quarter. Bank of America Corp DE now owns 183,724 shares of the bank's stock worth $12,859,000 after purchasing an additional 58,942 shares in the last quarter. 56.46% of the stock is currently owned by institutional investors and hedge funds.

Stock Yards Bancorp Stock Performance

Shares of SYBT stock opened at $79.84 on Friday. 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 firm has a market cap of $2.48 billion, a P/E ratio of 15.90 and a beta of 0.68. The firm's 50 day moving average price is $80.60 and its 200-day moving average price is $73.13. Stock Yards Bancorp, Inc. has a one year low of $61.51 and a one year high of $89.21.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.23. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.39%. The company had revenue of $114.71 million for the quarter, compared to analyst estimates of $111.66 million. As a group, equities research analysts predict that Stock Yards Bancorp, Inc. will post 5.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The business 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 is a boost from Stock Yards Bancorp's previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 1.7%. The ex-dividend date is Monday, September 21st. Stock Yards Bancorp's payout ratio is currently 25.50%.

Insider Transactions at Stock Yards Bancorp

In other Stock Yards Bancorp news, Director Laura L. Wells sold 6,823 shares of the business'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 value of $588,756.67. Following the completion of the sale, the director owned 9,580 shares in the company, valued at approximately $826,658.20. The trade was a 41.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SYBT has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price objective on 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. Wall Street Zen raised shares of Stock Yards Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Stephens set a $87.00 target price on shares of Stock Yards Bancorp and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Stock Yards Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, August 6th. Finally, 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 research note on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $88.00.

About Stock Yards Bancorp

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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