Champlain Investment Partners LLC Sells 117,856 Shares of Stock Yards Bancorp, Inc. $SYBT

Key Points

• Champlain Investment Partners LLC decreased its stake in Stock Yards Bancorp by 13.0%, now holding 787,794 shares valued at $54.4 million.
• Stock Yards Bancorp is set to pay a quarterly dividend of $0.32 per share, reflecting an increase from the previous quarter's $0.31, with an annual yield of 1.5%.
• Stock Yards Bancorp reported an EPS of $1.15 for the last quarter, surpassing analyst estimates, with a revenue of $97.91 million.

Champlain Investment Partners LLC cut its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 13.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 787,794 shares of the bank's stock after selling 117,856 shares during the period. Champlain Investment Partners LLC owned about 2.67% of Stock Yards Bancorp worth $54,405,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Stock Yards Bancorp by 1.3% in the first quarter. Vanguard Group Inc. now owns 1,888,056 shares of the bank's stock worth $130,389,000 after acquiring an additional 24,564 shares in the last quarter. Victory Capital Management Inc. grew its position in Stock Yards Bancorp by 26.4% in the first quarter. Victory Capital Management Inc. now owns 1,358,138 shares of the bank's stock worth $93,793,000 after acquiring an additional 283,532 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in Stock Yards Bancorp by 4.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,278,442 shares of the bank's stock worth $88,289,000 after acquiring an additional 60,183 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Stock Yards Bancorp by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 965,396 shares of the bank's stock worth $69,133,000 after acquiring an additional 24,011 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Stock Yards Bancorp by 0.8% in the first quarter. American Century Companies Inc. now owns 279,671 shares of the bank's stock worth $19,314,000 after acquiring an additional 2,110 shares in the last quarter. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SYBT has been the subject of several research reports. Keefe, Bruyette & Woods upped their target price on shares of Stock Yards Bancorp from $80.00 to $85.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. Piper Sandler upped their target price on shares of Stock Yards Bancorp from $81.00 to $86.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen lowered shares of Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $79.75.

Stock Yards Bancorp Trading Down 1.1%

NASDAQ SYBT traded down $0.87 during trading on Monday, hitting $80.71. 71,875 shares of the company's stock traded hands, compared to its average volume of 95,673. The stock has a fifty day moving average of $78.13 and a two-hundred day moving average of $73.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.95 and a quick ratio of 0.95. Stock Yards Bancorp, Inc. has a 12-month low of $56.35 and a 12-month high of $83.83. The firm has a market cap of $2.38 billion, a P/E ratio of 18.55 and a beta of 0.73.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.10. Stock Yards Bancorp had a net margin of 23.86% and a return on equity of 13.31%. The business had revenue of $97.91 million during the quarter, compared to analyst estimates of $95.32 million. As a group, sell-side analysts expect that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.6%. This is a positive change from Stock Yards Bancorp's previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, September 15th. Stock Yards Bancorp's payout ratio is currently 28.51%.

Insider Activity

In other news, CEO James A. Hillebrand sold 2,162 shares of the company's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $83.32, for a total transaction of $180,137.84. Following the completion of the transaction, the chief executive officer directly owned 107,292 shares of the company's stock, valued at approximately $8,939,569.44. This represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP William Dishman sold 2,802 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $78.10, for a total transaction of $218,836.20. Following the transaction, the executive vice president directly owned 31,594 shares of the company's stock, valued at approximately $2,467,491.40. This trade represents a 8.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 13,064 shares of company stock valued at $1,026,920. 3.40% of the stock is currently owned by 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.