Stock Yards Bancorp, Inc. $SYBT Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. has decreased its stake in Stock Yards Bancorp, Inc. by 16.6%, now owning 74,744 shares valued at approximately $5.16 million.
• The company's quarterly earnings surpassed expectations, with reported earnings of $1.15 per share against an estimate of $1.05, alongside a revenue of $97.91 million compared to the expected $95.32 million.
• Stock Yards Bancorp announced an increase in its quarterly dividend to $0.32, marking a rise from the previous amount, with stockholders of record set to receive it on October 1st.

Russell Investments Group Ltd. reduced its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,744 shares of the bank's stock after selling 14,841 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.25% of Stock Yards Bancorp worth $5,162,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Meridian Wealth Management LLC boosted its position in shares of Stock Yards Bancorp by 0.6% during the 1st quarter. Meridian Wealth Management LLC now owns 144,054 shares of the bank's stock valued at $9,948,000 after acquiring an additional 844 shares during the last quarter. Nuveen LLC purchased a new position in Stock Yards Bancorp during the first quarter worth about $4,698,000. Swiss National Bank raised its stake in Stock Yards Bancorp by 3.8% during the first quarter. Swiss National Bank now owns 57,023 shares of the bank's stock worth $3,938,000 after purchasing an additional 2,100 shares during the period. Vanguard Group Inc. boosted its holdings in Stock Yards Bancorp by 1.3% in the 1st 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 during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Stock Yards Bancorp by 40.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 20,427 shares of the bank's stock valued at $1,411,000 after buying an additional 5,850 shares during the period. Hedge funds and other institutional investors own 56.46% of the company's stock.

Insider Activity at Stock Yards Bancorp

In other Stock Yards Bancorp news, EVP William Dishman sold 2,802 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $78.10, for a total transaction of $218,836.20. Following the sale, the executive vice president owned 31,594 shares in the company, valued at $2,467,491.40. This represents a 8.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Croce sold 4,100 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $77.06, for a total value of $315,946.00. Following the transaction, the executive vice president directly owned 24,600 shares of the company's stock, valued at approximately $1,895,676. This represents a 14.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,902 shares of company stock worth $846,782. Company insiders own 3.40% of the company's stock.

Wall Street Analyst Weigh In

SYBT has been the topic of several analyst reports. Wall Street Zen lowered shares of Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday. Piper Sandler raised their target price on 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, Keefe, Bruyette & Woods lifted their target price on Stock Yards Bancorp from $80.00 to $85.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Stock Yards Bancorp has an average rating of "Hold" and an average target price of $79.75.

Stock Yards Bancorp Trading Up 5.8%

SYBT traded up $4.50 during mid-day trading on Friday, hitting $81.55. 164,868 shares of the stock were exchanged, compared to its average volume of 95,317. The firm's fifty day moving average is $77.35 and its two-hundred day moving average is $73.76. Stock Yards Bancorp, Inc. has a 1-year low of $56.35 and a 1-year high of $83.67. The company has a market cap of $2.40 billion, a PE ratio of 18.75 and a beta of 0.74. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.32.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.10. The company had revenue of $97.91 million for the quarter, compared to analyst estimates of $95.32 million. Stock Yards Bancorp had a net margin of 23.86% and a return on equity of 13.31%. Equities analysts forecast that Stock Yards Bancorp, Inc. will post 4.16 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.32 dividend. The ex-dividend date is Monday, September 15th. This is an increase from Stock Yards Bancorp's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 1.6%. Stock Yards Bancorp's payout ratio is 28.51%.

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.