Stock Yards Bancorp (NASDAQ:SYBT) Stock Crosses Above 50-Day Moving Average - Here's Why

Key Points

• Stock Yards Bancorp shares rose above their 50-day moving average, reaching $79.52 and last trading at $79.19, compared with a 50-day average of $78.68.
• Analyst sentiment remains cautious, with one Buy rating and six Holds; the consensus rating is Hold with an average price target of $88.
• The bank exceeded quarterly earnings and revenue expectations, reporting $1.31 in EPS and $114.71 million in revenue, while increasing its quarterly dividend to $0.33 per share.

Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report)'s share price passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $78.68 and traded as high as $79.52. Stock Yards Bancorp shares last traded at $79.19, with a volume of 107,948 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on SYBT shares. Wall Street Zen upgraded shares of Stock Yards Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Weiss Ratings raised shares of Stock Yards Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, August 6th. Keefe, Bruyette & Woods upped their price objective on shares of Stock Yards Bancorp from $82.00 to $94.00 and gave the company a "market perform" rating in a research report on Friday, July 31st. Hovde Group cut shares of Stock Yards Bancorp from an "outperform" rating to a "market perform" rating and increased their target price for the company from $82.00 to $90.00 in a research note on Thursday, July 30th. Finally, Stephens set a $87.00 target price on Stock Yards Bancorp and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $88.00.

Stock Yards Bancorp Stock Up 1.1%

The business has a 50 day moving average of $78.68 and a 200 day moving average of $73.59. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 15.77 and a beta of 0.74.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share for the quarter, topping 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 firm had revenue of $114.71 million for the quarter, compared to the consensus estimate of $111.66 million. On average, equities analysts anticipate that Stock Yards Bancorp, Inc. will post 5.24 EPS for the current year.

Stock Yards Bancorp Increases Dividend

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

Insider Buying and Selling at Stock Yards Bancorp

In related news, Director Laura Wells sold 6,823 shares of the company's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $86.29, for a total value of $588,756.67. Following the sale, the director owned 9,580 shares of the company's stock, valued at $826,658.20. The trade was a 41.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new stake in Stock Yards Bancorp during the second quarter valued at approximately $31,000. Versant Capital Management Inc raised its holdings in shares of Stock Yards Bancorp by 145.8% in the 3rd quarter. Versant Capital Management Inc now owns 413 shares of the bank's stock worth $32,000 after buying an additional 245 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Stock Yards Bancorp in the 2nd quarter worth approximately $73,000. Fifth Third Bancorp acquired a new position in shares of Stock Yards Bancorp in the 1st quarter worth approximately $85,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Stock Yards Bancorp in the 2nd quarter worth approximately $123,000. Institutional investors own 56.46% of the company's stock.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc NASDAQ: SYBT is a financial holding company headquartered in Louisville, Kentucky. It is the parent company of Stock Yards Bank & Trust Company, a full-service community bank founded in 1904.

Through Stock Yards Bank & Trust, the company provides commercial and retail banking services to individuals, businesses, and institutions. Its offerings include deposit accounts, commercial and consumer lending, residential mortgage lending, treasury management, online and mobile banking, and other traditional banking products.

The company also provides wealth management, trust, investment management, and brokerage services.

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