Stock Yards Bancorp (NASDAQ:SYBT) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report)'s share price passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $75.98 and traded as high as $77.18. Stock Yards Bancorp shares last traded at $75.52, with a volume of 136,949 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SYBT shares. Stephens set a $87.00 price target on shares of Stock Yards Bancorp and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Weiss Ratings upgraded Stock Yards Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 6th. Piper Sandler reissued a "neutral" rating and set a $81.00 price objective (up from $78.00) on shares of Stock Yards Bancorp in a report on Friday, June 26th. Raymond James Financial assumed coverage on Stock Yards Bancorp in a research report on Wednesday, July 8th. They set a "hold" rating on the stock. Finally, Hovde Group lowered Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and boosted their price objective for the stock from $82.00 to $90.00 in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $88.00.

Stock Yards Bancorp Price Performance

The company has a 50 day moving average price of $79.85 and a 200-day moving average price of $75.98. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.26. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 15.04 and a beta of 0.74.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last issued 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. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.39%. The business had revenue of $114.71 million during the quarter, compared to analyst estimates of $111.66 million. As a group, equities research analysts predict that Stock Yards Bancorp, Inc. will post 5.21 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 21st were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Monday, September 21st. This is an increase from Stock Yards Bancorp's previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a dividend yield of 1.7%. Stock Yards Bancorp's payout ratio is 26.29%.

Insider Activity

In other news, Director Laura Wells sold 6,823 shares of Stock Yards Bancorp stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total transaction of $588,756.67. Following the transaction, the director owned 9,580 shares in the company, valued at approximately $826,658.20. The trade was a 41.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.90% of the company's stock.

Institutional Trading of Stock Yards Bancorp

Institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Stock Yards Bancorp in the 2nd quarter valued at about $165,219,000. Field & Main Bank bought a new position in shares of Stock Yards Bancorp during the second quarter worth about $82,676,000. The Manufacturers Life Insurance Company bought a new position in shares of Stock Yards Bancorp during the second quarter worth about $15,848,000. Bank of America Corp DE bought a new position in shares of Stock Yards Bancorp during the second quarter worth about $11,330,000. Finally, Oxford Financial Group LTD. LLC acquired a new position in shares of Stock Yards Bancorp in the second quarter worth approximately $11,063,000. Institutional investors own 56.46% of the company's stock.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a financial holding company headquartered in Louisville, Kentucky. Through its principal subsidiary, Stock Yards Bank & Trust Company, it provides commercial and retail banking services to individuals, businesses, and institutions.

The bank offers deposit accounts, commercial and consumer lending, residential mortgage services, treasury management, online and mobile banking, and other traditional financial products. It also provides wealth management and trust services, including investment management, fiduciary administration, financial planning, and estate-related services.

Founded in 1904, Stock Yards Bank has developed a regional presence serving communities in Kentucky, southern Indiana, the greater Cincinnati area, and Indianapolis.

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