Stock Yards Bancorp (NASDAQ:SYBT) Downgraded by Weiss Ratings to Hold (C+)

Key Points

• Stock Yards Bancorp was downgraded by Weiss Ratings from a "buy (B-)" to a "hold (C+)" rating, indicating a more cautious outlook for the company.
• Despite the downgrade, analyst ratings are mixed, with Piper Sandler raising the price target to $86.00, while Wall Street Zen lowered its rating to "sell".
• The stock has a market capitalization of $2.07 billion and has recently experienced fluctuations, with a 1-year low of $60.20 and a high of $83.83.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) was downgraded by Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a report released on Wednesday,Weiss Ratings reports.

Several other brokerages have also recently issued reports on SYBT. Piper Sandler lifted their price target on Stock Yards Bancorp from $81.00 to $86.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Wall Street Zen cut Stock Yards Bancorp from a "hold" rating to a "sell" rating in a report on Friday, September 26th. Finally, Keefe, Bruyette & Woods lifted their target price 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. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $79.75.

Stock Yards Bancorp Stock Up 0.0%

Shares of SYBT stock opened at $70.15 on Wednesday. Stock Yards Bancorp has a 1 year low of $60.20 and a 1 year high of $83.83. The stock has a market cap of $2.07 billion, a PE ratio of 16.13 and a beta of 0.62. The business's fifty day moving average is $75.44 and its 200-day moving average is $74.59. 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 issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.15 earnings per share (EPS) for the quarter, beating 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 company had revenue of $97.91 million for the quarter, compared to analysts' expectations of $95.32 million. Equities analysts expect that Stock Yards Bancorp will post 4.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Stock Yards Bancorp

In other news, CEO James A. Hillebrand sold 2,162 shares of Stock Yards Bancorp stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $83.32, for a total transaction of $180,137.84. Following the transaction, the chief executive officer owned 107,292 shares in the company, valued at approximately $8,939,569.44. The trade was a 1.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. KBC Group NV purchased a new position in shares of Stock Yards Bancorp during the first quarter valued at $114,000. Bank of New York Mellon Corp boosted its position in Stock Yards Bancorp by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 129,010 shares of the bank's stock valued at $8,909,000 after purchasing an additional 2,030 shares during the last quarter. GAMMA Investing LLC boosted its position in Stock Yards Bancorp by 7,142.2% during the first quarter. GAMMA Investing LLC now owns 22,306 shares of the bank's stock valued at $1,540,000 after purchasing an additional 21,998 shares during the last quarter. Vanguard Group Inc. boosted its position in Stock Yards Bancorp by 1.3% during the first quarter. Vanguard Group Inc. now owns 1,888,056 shares of the bank's stock valued at $130,389,000 after purchasing an additional 24,564 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in Stock Yards Bancorp by 26.4% during the first quarter. Victory Capital Management Inc. now owns 1,358,138 shares of the bank's stock valued at $93,793,000 after purchasing an additional 283,532 shares during the last quarter. Hedge funds and other institutional investors own 56.46% of the company's stock.

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.

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