Stock Yards Bancorp (NASDAQ:SYBT) Lowered to Sell Rating by Wall Street Zen

Key Points

• Stock Yards Bancorp (NASDAQ:SYBT) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a bearish outlook on the stock.
• Piper Sandler and Keefe, Bruyette & Woods raised their price targets for SYBT to $86.00 and $85.00 respectively, despite the overall market rating remaining at "Hold."
• The company reported earnings of $1.15 per share, exceeding analysts' expectations, with a revenue of $97.91 million for the last quarter.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Other equities research analysts also recently issued reports about the stock. Piper Sandler boosted their price target on shares of Stock Yards Bancorp from $81.00 to $86.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods boosted their price target on shares of Stock Yards Bancorp from $80.00 to $85.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of "Hold" and an average price target of $79.75.

Stock Yards Bancorp Stock Down 0.5%

NASDAQ:SYBT traded down $0.41 during midday trading on Friday, reaching $81.72. 7,332 shares of the stock traded hands, compared to its average volume of 121,986. 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 has a 12-month low of $56.35 and a 12-month high of $83.83. The stock has a market capitalization of $2.41 billion, a PE ratio of 18.79 and a beta of 0.74. The business has a 50-day moving average of $77.85 and a two-hundred day moving average of $73.91.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $97.91 million for the quarter, compared to analyst estimates of $95.32 million. On average, equities analysts forecast that Stock Yards Bancorp will post 4.16 earnings per share for the current fiscal year.

Insider Activity at Stock Yards Bancorp

In other news, Director Laura L. Wells sold 4,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $78.00, for a total transaction of $312,000.00. Following the transaction, the director directly owned 14,954 shares in the company, valued at $1,166,412. This represents a 21.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP William Dishman sold 2,802 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 31,594 shares in the company, valued at $2,467,491.40. The trade was a 8.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,064 shares of company stock worth $1,026,920. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Stock Yards Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV purchased a new position in Stock Yards Bancorp during the 1st quarter valued at about $114,000. Bank of New York Mellon Corp raised its stake 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 worth $8,909,000 after acquiring an additional 2,030 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Stock Yards Bancorp by 7,142.2% during the first quarter. GAMMA Investing LLC now owns 22,306 shares of the bank's stock worth $1,540,000 after purchasing an additional 21,998 shares during the last quarter. Northern Trust Corp boosted its holdings in Stock Yards Bancorp by 13.0% in the fourth quarter. Northern Trust Corp now owns 274,295 shares of the bank's stock valued at $19,642,000 after acquiring an additional 31,529 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Stock Yards Bancorp by 26.4% in the first quarter. Victory Capital Management Inc. now owns 1,358,138 shares of the bank's stock valued at $93,793,000 after buying an additional 283,532 shares during the period. 56.46% of the stock is currently owned by institutional investors.

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.