Stock Yards Bancorp (NASDAQ:SYBT) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) issued its quarterly earnings data on Wednesday. The bank reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.10, Zacks reports. The business had revenue of $97.91 million during the quarter, compared to the consensus estimate of $95.32 million. Stock Yards Bancorp had a return on equity of 13.51% and a net margin of 23.86%.

Stock Yards Bancorp Price Performance

Shares of NASDAQ:SYBT traded down $0.82 on Friday, reaching $78.56. 100,867 shares of the company traded hands, compared to its average volume of 159,727. Stock Yards Bancorp has a fifty-two week low of $53.21 and a fifty-two week high of $83.67. The company's 50 day moving average is $77.03 and its 200-day moving average is $73.42. The stock has a market capitalization of $2.32 billion, a PE ratio of 18.06 and a beta of 0.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.94 and a quick ratio of 0.94.

Stock Yards Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.58%. Stock Yards Bancorp's dividend payout ratio (DPR) is presently 29.95%.

Insider Buying and Selling

In other Stock Yards Bancorp news, Director David P. Heintzman sold 1,581 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $74.00, for a total transaction of $116,994.00. Following the sale, the director directly owned 82,070 shares of the company's stock, valued at $6,073,180. The trade was a 1.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP William Dishman sold 2,802 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $78.10, for a total transaction of $218,836.20. Following the sale, the executive vice president directly owned 31,594 shares in the company, valued at approximately $2,467,491.40. This trade represents a 8.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,483 shares of company stock worth $1,040,776 over the last quarter. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Stock Yards Bancorp

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its holdings in Stock Yards Bancorp by 47.4% during the first quarter. AQR Capital Management LLC now owns 7,143 shares of the bank's stock valued at $493,000 after acquiring an additional 2,297 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Stock Yards Bancorp by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,225 shares of the bank's stock valued at $1,051,000 after acquiring an additional 658 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Stock Yards Bancorp by 28.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 52,643 shares of the bank's stock valued at $3,636,000 after buying an additional 11,758 shares during the period. Finally, Jane Street Group LLC bought a new stake in shares of Stock Yards Bancorp in the first quarter valued at about $3,400,000. 56.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SYBT has been the subject of several analyst reports. Stephens boosted their price objective on Stock Yards Bancorp from $78.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 24th. Keefe, Bruyette & Woods upped their target price on Stock Yards Bancorp from $80.00 to $85.00 and gave the stock a "market perform" rating in a research report on Thursday. Piper Sandler upped their target price on Stock Yards Bancorp from $81.00 to $86.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, Wall Street Zen downgraded Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $79.75.

About Stock Yards Bancorp

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.