Kayne Anderson Rudnick Investment Management LLC Acquires 60,183 Shares of Stock Yards Bancorp, Inc. $SYBT

Key Points

• Kayne Anderson Rudnick Investment Management LLC has increased its holdings in Stock Yards Bancorp by 4.9%, now owning over 1.27 million shares worth approximately $88.29 million.
• Stock Yards Bancorp recently increased its quarterly dividend from $0.31 to $0.32 per share, with a dividend yield of 1.6%.
• In its latest earnings report, Stock Yards Bancorp beat analysts' expectations with an EPS of $1.15 compared to estimates of $1.05, and reported a revenue of $97.91 million.

Kayne Anderson Rudnick Investment Management LLC boosted its stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,278,442 shares of the bank's stock after buying an additional 60,183 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 4.34% of Stock Yards Bancorp worth $88,289,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of Stock Yards Bancorp by 26.4% during 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. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Stock Yards Bancorp during the fourth quarter worth approximately $4,891,000. Nuveen LLC purchased a new position in Stock Yards Bancorp in the first quarter worth $4,698,000. Clark Capital Management Group Inc. purchased a new position in Stock Yards Bancorp in the fourth quarter worth $4,106,000. Finally, Aptus Capital Advisors LLC grew its holdings in Stock Yards Bancorp by 38.0% in the fourth quarter. Aptus Capital Advisors LLC now owns 131,070 shares of the bank's stock valued at $9,386,000 after purchasing an additional 36,114 shares during the last quarter. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Laura L. Wells sold 4,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $78.00, for a total value of $312,000.00. Following the completion of the transaction, the director directly owned 14,954 shares of the company's stock, valued at approximately $1,166,412. This represents a 21.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Croce sold 4,100 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $77.06, for a total value of $315,946.00. Following the completion of the transaction, the executive vice president directly owned 24,600 shares of the company's stock, valued at approximately $1,895,676. The trade was a 14.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,064 shares of company stock worth $1,026,920 over the last quarter. 3.40% of the stock is currently owned by company insiders.

Stock Yards Bancorp Stock Down 1.1%

NASDAQ SYBT traded down $0.87 on Friday, reaching $80.71. The stock had a trading volume of 71,875 shares, compared to its average volume of 99,269. The business has a 50 day moving average price of $78.13 and a 200 day moving average price of $73.98. 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, Inc. has a 1 year low of $56.35 and a 1 year high of $83.83. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 18.55 and a beta of 0.74.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.10. Stock Yards Bancorp had a return on equity of 13.31% and a net margin of 23.86%.The company had revenue of $97.91 million during the quarter, compared to the consensus estimate of $95.32 million. On average, analysts forecast that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current fiscal 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 given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 1.6%. This is a boost from Stock Yards Bancorp's previous quarterly dividend of $0.31. Stock Yards Bancorp's payout ratio is presently 29.43%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen lowered Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Keefe, Bruyette & Woods lifted their price objective on Stock Yards Bancorp from $80.00 to $85.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Finally, Piper Sandler boosted their price objective on Stock Yards Bancorp from $81.00 to $86.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $79.75.

Stock Yards Bancorp Company Profile

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.