Renaissance Technologies LLC Cuts Stock Position in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Renaissance Technologies cut its Stock Yards Bancorp stake by 73.3% in the first quarter, selling 20,941 shares and retaining 7,611 shares valued at approximately $505,000. Institutional investors collectively own 56.46% of the company.
• Stock Yards Bancorp reported quarterly EPS of $1.31, exceeding analyst expectations of $1.08, while revenue of $114.71 million also surpassed estimates. The bank posted a 13.39% return on equity and a 25.41% net margin.
• Shares opened at $84.28, near their 52-week high, while analysts maintained a broadly neutral view: one Buy rating and six Holds produced a consensus “Hold” rating and an average target price of $88.

Renaissance Technologies LLC decreased its holdings in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 73.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,611 shares of the bank's stock after selling 20,941 shares during the quarter. Renaissance Technologies LLC's holdings in Stock Yards Bancorp were worth $505,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Quarry LP purchased a new position in Stock Yards Bancorp in the third quarter valued at about $28,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Stock Yards Bancorp in the third quarter worth about $45,000. Empowered Funds LLC purchased a new stake in shares of Stock Yards Bancorp in the fourth quarter worth about $60,000. Covestor Ltd grew its stake in shares of Stock Yards Bancorp by 138.4% in the fourth quarter. Covestor Ltd now owns 1,168 shares of the bank's stock valued at $76,000 after buying an additional 678 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new stake in shares of Stock Yards Bancorp in the first quarter valued at about $85,000. 56.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Laura L. Wells sold 6,823 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $86.29, for a total transaction of $588,756.67. Following the completion of the transaction, the director directly owned 9,580 shares in the company, valued at approximately $826,658.20. This represents a 41.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Philip Poindexter sold 1,221 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $70.68, for a total value of $86,300.28. Following the transaction, the president owned 53,376 shares of the company's stock, valued at approximately $3,772,615.68. This trade represents a 2.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company's stock.

Stock Yards Bancorp Stock Down 0.9%

Shares of NASDAQ SYBT opened at $84.28 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.01 and a current ratio of 1.01. Stock Yards Bancorp, Inc. has a 1 year low of $61.51 and a 1 year high of $89.21. The stock's 50-day simple moving average is $79.27 and its 200-day simple moving average is $72.37. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 16.79 and a beta of 0.68.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $114.71 million during the quarter, compared to the consensus estimate of $111.66 million. As a group, equities analysts anticipate that Stock Yards Bancorp, Inc. will post 5.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SYBT shares. Wall Street Zen raised Stock Yards Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Raymond James Financial initiated coverage on shares of Stock Yards Bancorp in a research report on Wednesday, July 8th. They issued a "hold" rating for the company. Weiss Ratings upgraded shares of Stock Yards Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods boosted their target price on shares of Stock Yards Bancorp from $82.00 to $94.00 and gave the stock a "market perform" rating in a research report on Friday, July 31st. Finally, Stephens set a $87.00 target price on shares of Stock Yards Bancorp and gave the company an "equal weight" rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Stock Yards Bancorp has a consensus rating of "Hold" and a consensus target price of $88.00.

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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