Charles Schwab Investment Management Inc. Lowers Holdings in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Stock Yards Bancorp, Inc. by 2.0%, now holding 218,258 shares worth approximately $15 million.
• Stock Yards Bancorp recently announced an increase in its quarterly dividend from $0.31 to $0.32 per share, with a dividend yield of 1.6%.
• The company reported an earnings per share (EPS) of $1.15 for the last quarter, exceeding analyst expectations of $1.05.

Charles Schwab Investment Management Inc. lessened its stake in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 218,258 shares of the bank's stock after selling 4,374 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.74% of Stock Yards Bancorp worth $15,073,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SYBT. Tower Research Capital LLC TRC increased its position in Stock Yards Bancorp by 18.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,537 shares of the bank's stock valued at $110,000 after buying an additional 234 shares in the last quarter. KBC Group NV purchased a new stake in Stock Yards Bancorp during the 1st quarter valued at $114,000. Aquatic Capital Management LLC boosted its stake in Stock Yards Bancorp by 53.4% during the 4th quarter. Aquatic Capital Management LLC now owns 2,762 shares of the bank's stock valued at $198,000 after purchasing an additional 962 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Stock Yards Bancorp during the 1st quarter valued at $223,000. Finally, Teacher Retirement System of Texas purchased a new stake in Stock Yards Bancorp during the 1st quarter valued at $296,000. Institutional investors own 56.46% of the company's stock.

Insider Transactions at Stock Yards Bancorp

In other news, EVP William Dishman sold 2,802 shares of Stock Yards Bancorp stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $78.10, for a total value of $218,836.20. Following the sale, the executive vice president directly owned 31,594 shares of the company's stock, valued at approximately $2,467,491.40. The trade was a 8.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James A. Hillebrand sold 2,162 shares of Stock Yards Bancorp stock in a transaction dated Wednesday, August 27th. The stock was 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 of the company's stock, valued at approximately $8,939,569.44. This represents a 1.98% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,064 shares of company stock valued at $1,026,920. 3.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on SYBT shares. Keefe, Bruyette & Woods increased their target price on Stock Yards Bancorp from $80.00 to $85.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Wall Street Zen downgraded Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Finally, Piper Sandler raised their price target 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. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $79.75.

Stock Yards Bancorp Price Performance

NASDAQ:SYBT traded down $0.87 on Friday, reaching $80.71. 71,875 shares of the company's stock traded hands, compared to its average volume of 99,269. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.32. The stock has a 50-day simple moving average of $78.13 and a 200-day simple moving average of $73.98. The firm has a market cap of $2.38 billion, a PE ratio of 18.55 and a beta of 0.74. Stock Yards Bancorp, Inc. has a 12 month low of $56.35 and a 12 month high of $83.83.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.15 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $97.91 million for the quarter, compared to analysts' expectations of $95.32 million. Equities research analysts forecast that Stock Yards Bancorp, Inc. will post 4.16 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

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

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.