Vanguard Group Inc. Raises Stake in Stock Yards Bancorp, Inc. $SYBT

Key Points

• Vanguard Group Inc. increased its stake in Stock Yards Bancorp by 1.3%, now holding approximately 1,888,056 shares valued at $130.39 million, representing 6.41% of the company.
• Stock Yards Bancorp has recently announced a quarterly dividend increase to $0.32 per share, up from the previous $0.31, with a dividend yield of 1.7%.
• Stock Yards Bancorp reported earnings per share of $1.15 for the last quarter, exceeding analysts' expectations of $1.05, and posted revenue of $97.91 million.

Vanguard Group Inc. increased its position in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,888,056 shares of the bank's stock after purchasing an additional 24,564 shares during the period. Vanguard Group Inc. owned 6.41% of Stock Yards Bancorp worth $130,389,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SYBT. Wells Fargo & Company MN boosted its stake in Stock Yards Bancorp by 34.9% during the fourth quarter. Wells Fargo & Company MN now owns 16,890 shares of the bank's stock worth $1,209,000 after buying an additional 4,368 shares during the period. Envestnet Asset Management Inc. boosted its stake in Stock Yards Bancorp by 17.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 8,105 shares of the bank's stock worth $580,000 after buying an additional 1,217 shares during the period. Invesco Ltd. boosted its stake in Stock Yards Bancorp by 9.8% during the fourth quarter. Invesco Ltd. now owns 50,360 shares of the bank's stock worth $3,606,000 after buying an additional 4,489 shares during the period. Raymond James Financial Inc. purchased a new position in Stock Yards Bancorp during the fourth quarter worth about $835,000. Finally, Sterling Capital Management LLC boosted its stake in Stock Yards Bancorp by 806.7% during the fourth quarter. Sterling Capital Management LLC now owns 807 shares of the bank's stock worth $58,000 after buying an additional 718 shares during the period. 56.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Stock Yards Bancorp

In related news, Director Laura L. Wells sold 4,000 shares of Stock Yards Bancorp stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $78.00, for a total value of $312,000.00. Following the completion of the transaction, the director owned 14,954 shares in the company, valued at $1,166,412. The trade was a 21.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP William Dishman sold 2,802 shares of Stock Yards Bancorp stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $78.10, for a total transaction of $218,836.20. Following the completion of the transaction, the executive vice president owned 31,594 shares of the company's stock, valued at $2,467,491.40. This represents a 8.15% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 13,064 shares of company stock worth $1,026,920. 3.40% of the stock is owned by company insiders.

Stock Yards Bancorp Stock Down 0.9%

Shares of NASDAQ SYBT traded down $0.78 during midday trading on Wednesday, hitting $82.12. The company's stock had a trading volume of 150,421 shares, compared to its average volume of 97,354. The business's fifty day simple moving average is $77.85 and its two-hundred day simple moving average is $73.91. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.95 and a quick ratio of 0.95. Stock Yards Bancorp, Inc. has a 1 year low of $56.35 and a 1 year high of $83.83. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 18.88 and a beta of 0.74.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10. Stock Yards Bancorp had a net margin of 23.86% and a return on equity of 13.31%. The business had revenue of $97.91 million during the quarter, compared to analyst estimates of $95.32 million. On average, equities analysts predict that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The firm 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 of this dividend is Monday, September 15th. This is a positive change 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%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Piper Sandler increased their target price on shares of Stock Yards Bancorp from $81.00 to $86.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Wall Street Zen lowered shares of Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods increased their target price on shares of Stock Yards Bancorp from $80.00 to $85.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Stock Yards Bancorp currently 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.