Nuveen LLC Makes New Investment in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Nuveen LLC invested approximately $4.70 million in Stock Yards Bancorp, acquiring 68,024 shares, which represents about 0.23% of the company's stock.
• Stock Yards Bancorp recently increased its quarterly dividend to $0.32 from $0.31, with a dividend yield of 1.5%.
• The company reported $1.15 earnings per share (EPS) for the last quarter, exceeding analysts' estimates of $1.05.

Nuveen LLC acquired a new stake in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 68,024 shares of the bank's stock, valued at approximately $4,698,000. Nuveen LLC owned approximately 0.23% of Stock Yards Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Swiss National Bank lifted its holdings in Stock Yards Bancorp by 3.8% during the first quarter. Swiss National Bank now owns 57,023 shares of the bank's stock valued at $3,938,000 after purchasing an additional 2,100 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Stock Yards Bancorp by 1.3% during the first quarter. Vanguard Group Inc. now owns 1,888,056 shares of the bank's stock valued at $130,389,000 after purchasing an additional 24,564 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Stock Yards Bancorp by 40.1% in the first quarter. PNC Financial Services Group Inc. now owns 20,427 shares of the bank's stock worth $1,411,000 after buying an additional 5,850 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of 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 buying an additional 283,532 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Stock Yards Bancorp by 4.0% in the first quarter. Arizona State Retirement System now owns 8,413 shares of the bank's stock worth $581,000 after buying an additional 326 shares in the last quarter. 56.46% of the stock is owned by hedge funds and other institutional investors.

Stock Yards Bancorp Trading Down 1.1%

Shares of SYBT traded down $0.87 during trading on Friday, reaching $80.71. 71,875 shares of the company traded hands, compared to its average volume of 99,269. Stock Yards Bancorp, Inc. has a twelve month low of $56.35 and a twelve month high of $83.83. The stock has a market cap of $2.38 billion, a PE ratio of 18.55 and a beta of 0.74. The stock has a 50-day simple moving average of $78.13 and a 200-day simple moving average of $73.98. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.32.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $95.32 million. On average, analysts anticipate that Stock Yards Bancorp, Inc. will post 4.16 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.6%. This is an increase from Stock Yards Bancorp's previous quarterly dividend of $0.31. The ex-dividend date is Monday, September 15th. Stock Yards Bancorp's dividend payout ratio (DPR) is presently 29.43%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SYBT. Keefe, Bruyette & Woods lifted 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 note on Thursday, July 24th. Piper Sandler lifted 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 note on Thursday, July 24th. Finally, Wall Street Zen downgraded shares of Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, Stock Yards Bancorp has a consensus rating of "Hold" and a consensus price target of $79.75.

Insider Buying and Selling at Stock Yards Bancorp

In related news, CEO James A. Hillebrand sold 2,162 shares of Stock Yards Bancorp stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $83.32, for a total value of $180,137.84. Following the completion of the transaction, the chief executive officer 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 document filed with the SEC, which is accessible through this hyperlink. Also, Director Laura L. Wells sold 4,000 shares of Stock Yards Bancorp stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $78.00, for a total transaction of $312,000.00. Following the completion of the transaction, the director owned 14,954 shares of the company's stock, valued at $1,166,412. This trade represents a 21.10% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,064 shares of company stock worth $1,026,920. 3.40% of the stock is currently owned by company insiders.

About Stock Yards Bancorp

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.