Glenview Trust Co Makes New Investment in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Glenview Trust Co. acquired 57,701 shares of Stock Yards Bancorp during the second quarter, valued at approximately $4.4 million and representing about 0.19% of the company. Institutional investors collectively own 56.46% of SYBT.
• Stock Yards Bancorp exceeded quarterly expectations, reporting earnings per share of $1.31 versus the $1.08 consensus estimate and revenue of $114.71 million. Analysts expect $5.16 in full-year EPS.
• The bank raised its quarterly dividend to $0.33 per share, implying a $1.32 annualized payout and a 1.7% yield. Despite several higher price targets, analysts maintain a consensus “Hold” rating with an $88 target.

Glenview Trust Co bought a new stake in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 57,701 shares of the bank's stock, valued at approximately $4,412,000. Glenview Trust Co owned approximately 0.19% of Stock Yards Bancorp at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Sei Investments Co. grew its position in Stock Yards Bancorp by 182.6% during the first quarter. Sei Investments Co. now owns 55,087 shares of the bank's stock valued at $3,652,000 after purchasing an additional 35,592 shares in the last quarter. Oxford Financial Group LTD. LLC acquired a new position in Stock Yards Bancorp in the 2nd quarter valued at approximately $11,063,000. Deprince Race & Zollo Inc. lifted its position in Stock Yards Bancorp by 11.4% in the 1st quarter. Deprince Race & Zollo Inc. now owns 126,497 shares of the bank's stock worth $8,385,000 after buying an additional 12,937 shares in the last quarter. NFJ Investment Group LLC purchased a new stake in Stock Yards Bancorp in the 2nd quarter worth approximately $2,713,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Stock Yards Bancorp during the 1st quarter valued at $1,677,000. Institutional investors and hedge funds own 56.46% of the company's stock.

Stock Yards Bancorp Stock Performance

SYBT stock opened at $79.73 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 15.88 and a beta of 0.68. Stock Yards Bancorp, Inc. has a 12 month low of $61.51 and a 12 month high of $89.21. The firm has a 50 day moving average of $80.47 and a two-hundred day moving average of $73.09.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share for the quarter, beating 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 business had revenue of $114.71 million for the quarter, compared to the consensus estimate of $111.66 million. As a group, equities analysts anticipate that Stock Yards Bancorp, Inc. will post 5.16 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

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

Analyst Ratings Changes

A number of research firms have recently weighed in on SYBT. 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. Stephens set a $87.00 price objective on Stock Yards Bancorp and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Piper Sandler restated a "neutral" rating and issued a $81.00 target price (up from $78.00) on shares of Stock Yards Bancorp in a research note on Friday, June 26th. Weiss Ratings upgraded Stock Yards Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 6th. Finally, Hovde Group lowered Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and upped their target price for the stock from $82.00 to $90.00 in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $88.00.

Insiders Place Their Bets

In other Stock Yards Bancorp news, Director Laura L. Wells sold 6,823 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $86.29, for a total transaction of $588,756.67. Following the transaction, the director directly owned 9,580 shares in the company, valued at $826,658.20. This trade represents a 41.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is currently 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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