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

A number of other institutional investors have also recently modified their holdings of the business. Tower Research Capital LLC TRC boosted its position in Stock Yards Bancorp by 18.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,537 shares of the bank's stock worth $110,000 after purchasing an additional 234 shares in the last quarter. KBC Group NV purchased a new stake in Stock Yards Bancorp during the first quarter worth $114,000. Aquatic Capital Management LLC boosted its position in Stock Yards Bancorp by 53.4% during the fourth quarter. Aquatic Capital Management LLC now owns 2,762 shares of the bank's stock worth $198,000 after purchasing an additional 962 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Stock Yards Bancorp during the first quarter worth $223,000. Finally, Teacher Retirement System of Texas purchased a new stake in Stock Yards Bancorp during the first quarter worth $296,000. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on SYBT shares. Wall Street Zen downgraded Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Piper Sandler boosted their price target on Stock Yards Bancorp from $81.00 to $86.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods boosted their price target 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. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $79.75.

Stock Yards Bancorp Trading Down 0.8%

NASDAQ SYBT traded down $0.69 during trading hours on Thursday, hitting $81.44. 19,310 shares of the company's stock were exchanged, compared to its average volume of 122,055. The business's 50 day moving average is $77.85 and its 200-day moving average is $73.91. Stock Yards Bancorp, Inc. has a 12-month low of $56.35 and a 12-month high of $83.83. The firm has a market capitalization of $2.40 billion, a P/E ratio of 18.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.95 and a current ratio of 0.95.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $1.15 earnings per share 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 firm had revenue of $97.91 million for the quarter, compared to the consensus estimate of $95.32 million. As a group, analysts anticipate that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed 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 is a positive change from Stock Yards Bancorp's previous quarterly dividend of $0.31. The ex-dividend date is Monday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.6%. Stock Yards Bancorp's dividend payout ratio (DPR) is 28.51%.

Insider Transactions at Stock Yards Bancorp

In other news, EVP William Dishman sold 2,802 shares of the firm's 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 transaction, the executive vice president directly owned 31,594 shares in the company, valued at $2,467,491.40. This trade represents a 8.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James A. Hillebrand sold 2,162 shares of the firm's 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 in the company, valued at approximately $8,939,569.44. This trade represents a 1.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,064 shares of company stock valued at $1,026,920. 3.40% of the stock is owned by company insiders.

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.