Field & Main Bank Makes New Investment in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Field & Main Bank acquired 1.08 million shares of Stock Yards Bancorp in the second quarter, worth about $82.7 million. The position represents 13.1% of the bank’s portfolio and approximately 3.48% of SYBT’s outstanding shares.
• Stock Yards Bancorp exceeded quarterly expectations, reporting $1.31 in EPS versus the $1.08 consensus and revenue of $114.71 million. Institutional investors own 56.46% of the company.
• The company raised its quarterly dividend to $0.33 per share, implying a 1.7% yield, while analysts maintain a consensus “Hold” rating with an average price target of $88.

Field & Main Bank purchased a new stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,081,161 shares of the bank's stock, valued at approximately $82,676,000. Stock Yards Bancorp accounts for 13.1% of Field & Main Bank's investment portfolio, making the stock its biggest holding. Field & Main Bank owned about 3.48% of Stock Yards Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Glenview Trust Co bought a new position in Stock Yards Bancorp in the 2nd quarter worth approximately $4,412,000. Corient Private Wealth LP bought a new stake in Stock Yards Bancorp during the 2nd quarter valued at $1,047,000. Bank of America Corp DE bought a new stake in Stock Yards Bancorp during the 2nd quarter valued at $11,330,000. Jupiter Topco LLC acquired a new position in Stock Yards Bancorp during the 2nd quarter worth $947,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Stock Yards Bancorp in the second quarter worth $734,000. Institutional investors own 56.46% of the company's stock.

Stock Yards Bancorp Stock Up 0.1%

SYBT 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 company has a market capitalization of $2.48 billion, a PE ratio of 15.90 and a beta of 0.68. The stock's fifty day moving average is $80.60 and its 200-day moving average 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 announced its earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.23. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%.The business had revenue of $114.71 million during the quarter, compared to analysts' expectations of $111.66 million. On average, equities analysts predict that Stock Yards Bancorp, Inc. will post 5.16 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 21st will be given a dividend of $0.33 per share. This is a positive change from Stock Yards Bancorp's previous quarterly dividend of $0.32. The ex-dividend date is Monday, September 21st. This represents a $1.32 annualized dividend and a dividend yield of 1.7%. Stock Yards Bancorp's payout ratio is 25.50%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stephens set a $87.00 price target on Stock Yards Bancorp and gave the company an "equal weight" rating in a report on Thursday, July 30th. Hovde Group lowered shares of Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and increased their target price for the company from $82.00 to $90.00 in a research report on Thursday, July 30th. 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. Keefe, Bruyette & Woods upped their price target on shares of 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 initiated coverage on shares of Stock Yards Bancorp in a research note on Wednesday, July 8th. They issued a "hold" rating for the company. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Stock Yards Bancorp presently has an average rating of "Hold" and an average price target of $88.00.

Insider Activity

In other news, Director Laura L. Wells sold 6,823 shares of Stock Yards Bancorp stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total value of $588,756.67. Following the transaction, the director owned 9,580 shares of the company's stock, valued at $826,658.20. The trade was a 41.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.90% of the stock is owned by corporate insiders.

Stock Yards Bancorp 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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