DAVENPORT & Co LLC Makes New $1.41 Million Investment in Stock Yards Bancorp, Inc. $SYBT

Key Points

• DAVENPORT & Co LLC has made a new investment of approximately $1.41 million in Stock Yards Bancorp by acquiring 17,876 shares during the second quarter, increasing their stake to about 0.06% of the company's total shares.
• Stock Yards Bancorp announced a quarterly dividend increase to $0.32, up from $0.31, reflecting a 1.9% dividend yield and a payout ratio of 29.43%.
• Analysts have mixed opinions on Stock Yards Bancorp, with some increasing price targets to as high as $86.00, while others marked a downgrade from buy to hold ratings, indicating uncertainty about future performance.

DAVENPORT & Co LLC bought a new position in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 17,876 shares of the bank's stock, valued at approximately $1,412,000. DAVENPORT & Co LLC owned approximately 0.06% of Stock Yards Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYBT. Sippican Capital Advisors raised its holdings in Stock Yards Bancorp by 0.8% during the first quarter. Sippican Capital Advisors now owns 17,984 shares of the bank's stock worth $1,242,000 after acquiring an additional 140 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Stock Yards Bancorp by 3.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,915 shares of the bank's stock worth $657,000 after acquiring an additional 275 shares in the last quarter. Arizona State Retirement System raised its holdings in Stock Yards Bancorp by 4.0% during the first quarter. Arizona State Retirement System now owns 8,413 shares of the bank's stock worth $581,000 after acquiring an additional 326 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Stock Yards Bancorp by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,225 shares of the bank's stock worth $1,051,000 after acquiring an additional 658 shares in the last quarter. Finally, Meridian Wealth Management LLC raised its holdings in Stock Yards Bancorp by 0.6% during the first quarter. Meridian Wealth Management LLC now owns 144,054 shares of the bank's stock worth $9,948,000 after acquiring an additional 844 shares in the last quarter. 56.46% of the stock is currently owned by institutional investors.

Stock Yards Bancorp Price Performance

Stock Yards Bancorp stock opened at $69.04 on Friday. Stock Yards Bancorp, Inc. has a 12 month low of $60.20 and a 12 month high of $83.83. The stock's 50 day moving average is $75.32 and its 200-day moving average is $74.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 15.87 and a beta of 0.62.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10. Stock Yards Bancorp had a return on equity of 13.31% and a net margin of 23.86%.The company had revenue of $97.91 million for the quarter, compared to the consensus estimate of $95.32 million. Equities research 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 announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were given a $0.32 dividend. The ex-dividend date of this dividend was Monday, September 15th. This is a positive change from Stock Yards Bancorp's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 1.9%. Stock Yards Bancorp's dividend payout ratio (DPR) is currently 29.43%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price target on 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 boosted their price target on Stock Yards Bancorp from $81.00 to $86.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Weiss Ratings downgraded Stock Yards Bancorp from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday. Finally, Wall Street Zen downgraded Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research report on Friday, September 26th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Stock Yards Bancorp presently has a consensus rating of "Hold" and a consensus price target of $79.75.

Insider Activity at Stock Yards Bancorp

In related news, CEO James A. Hillebrand sold 2,162 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $83.32, for a total value of $180,137.84. Following the completion of the sale, the chief executive officer directly owned 107,292 shares in the company, valued at approximately $8,939,569.44. The trade was a 1.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 3.40% of the company's stock.

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.

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