Squarepoint Ops LLC Sells 62,342 Shares of Stock Yards Bancorp, Inc. $SYBT

Key Points

• Squarepoint Ops LLC cut its Stock Yards Bancorp stake by 74.6%, selling 62,342 shares and retaining 21,222 shares valued at approximately $1.62 million.
• Stock Yards Bancorp reported quarterly EPS of $1.31, exceeding the $1.08 analyst consensus, while revenue of $114.71 million also topped estimates.
• The bank increased its quarterly dividend from $0.32 to $0.33 per share, implying a $1.32 annualized dividend and a 1.6% yield; analysts maintain a consensus “Hold” rating with an $88 price target.

Squarepoint Ops LLC lowered its position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 74.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,222 shares of the bank's stock after selling 62,342 shares during the quarter. Squarepoint Ops LLC owned approximately 0.07% of Stock Yards Bancorp worth $1,623,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SYBT. Sei Investments Co. grew its position in shares of Stock Yards Bancorp by 182.6% in 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 during the last quarter. Oxford Financial Group LTD. LLC acquired a new stake in shares of Stock Yards Bancorp during the 2nd quarter worth approximately $11,063,000. Deprince Race & Zollo Inc. raised its holdings in shares of Stock Yards Bancorp by 11.4% during 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. Field & Main Bank bought a new position in shares of Stock Yards Bancorp in the second quarter worth about $82,676,000. Finally, BlackRock Inc. bought a new position in Stock Yards Bancorp in the 2nd quarter valued at approximately $165,219,000. 56.46% of the stock is currently owned by institutional investors and hedge funds.

Stock Yards Bancorp Stock Performance

Shares of SYBT opened at $81.08 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.26. The firm's fifty day simple moving average is $81.34 and its two-hundred day simple moving average is $74.08. Stock Yards Bancorp, Inc. has a 12 month low of $61.51 and a 12 month high of $89.21. The stock has a market capitalization of $2.52 billion, a P/E ratio of 16.15 and a beta of 0.66.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.23. The company had revenue of $114.71 million for the quarter, compared to the consensus estimate of $111.66 million. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%. As a group, analysts predict that Stock Yards Bancorp, Inc. will post 5.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 21st will be paid a $0.33 dividend. The ex-dividend date is Monday, September 21st. This represents a $1.32 annualized dividend and a dividend yield of 1.6%. This is an increase from Stock Yards Bancorp's previous quarterly dividend of $0.32. Stock Yards Bancorp's dividend payout ratio (DPR) is presently 25.50%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen raised Stock Yards Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Stephens set a $87.00 target price on shares of Stock Yards Bancorp and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Raymond James Financial initiated coverage on shares of Stock Yards Bancorp in a research note on Wednesday, July 8th. They set a "hold" rating for the company. Hovde Group lowered shares of Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and lifted their price target for the stock from $82.00 to $90.00 in a report on Thursday, July 30th. Finally, Piper Sandler reissued a "neutral" rating and issued a $81.00 price objective (up from $78.00) on shares of Stock Yards Bancorp in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $88.00.

Insider Activity

In other Stock Yards Bancorp news, Director Laura Wells sold 6,823 shares of the firm's stock in a transaction 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 completion of the sale, the director directly owned 9,580 shares in the company, valued at approximately $826,658.20. This trade represents a 41.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a financial holding company headquartered in Louisville, Kentucky. Its principal subsidiary, Stock Yards Bank & Trust Company, provides a range of banking and financial services to individuals, businesses, institutions and government entities.

Stock Yards Bank offers commercial and consumer deposit accounts, residential and commercial real estate lending, business loans, personal loans, treasury management and other traditional banking products. Through its wealth management operations, the company also provides investment management, trust, estate planning and related fiduciary services.

Founded in 1904, Stock Yards Bancorp serves customers through banking markets in Kentucky, southern Indiana and the Cincinnati and Columbus areas of Ohio.

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