Stock Yards Bancorp (NASDAQ:SYBT) Reaches New 52-Week High - Here's Why

Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $79.85 and last traded at $78.17, with a volume of 8458 shares trading hands. The stock had previously closed at $75.95.

Analysts Set New Price Targets

SYBT has been the subject of a number of research analyst reports. Piper Sandler set a $81.00 price target on shares of Stock Yards Bancorp and gave the company a "neutral" rating in a report on Thursday, April 24th. StockNews.com upgraded shares of Stock Yards Bancorp from a "sell" rating to a "hold" rating in a report on Tuesday. Keefe, Bruyette & Woods cut their price target on shares of Stock Yards Bancorp from $84.00 to $80.00 and set a "market perform" rating for the company in a report on Thursday, April 24th. Finally, Stephens raised their target price on shares of Stock Yards Bancorp from $78.00 to $80.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Stock Yards Bancorp presently has an average rating of "Hold" and an average price target of $77.25.

Stock Yards Bancorp Trading Down 1.0%

The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 19.61 and a beta of 0.73. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.94 and a quick ratio of 0.94. The business's 50-day simple moving average is $70.24 and its two-hundred day simple moving average is $72.30.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.13. The firm had revenue of $93.63 million for the quarter, compared to analysts' expectations of $92.90 million. Stock Yards Bancorp had a net margin of 22.54% and a return on equity of 12.71%. During the same period in the previous year, the company posted $0.88 earnings per share. On average, research analysts anticipate that Stock Yards Bancorp, Inc. will post 4.16 earnings per share for the current fiscal year.

Stock Yards Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were given a dividend of $0.31 per share. The ex-dividend date was Monday, March 17th. This represents a $1.24 dividend on an annualized basis and a yield of 1.63%. Stock Yards Bancorp's dividend payout ratio (DPR) is 29.95%.

Insider Buying and Selling at Stock Yards Bancorp

In other news, Director David P. Heintzman sold 3,419 shares of Stock Yards Bancorp stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $74.71, for a total transaction of $255,433.49. Following the sale, the director now owns 83,651 shares in the company, valued at $6,249,566.21. This trade represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Stock Yards Bancorp

A number of hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 purchasing an additional 658 shares during the period. Clark Capital Management Group Inc. raised its stake in shares of Stock Yards Bancorp by 46.0% during the first quarter. Clark Capital Management Group Inc. now owns 83,699 shares of the bank's stock valued at $5,780,000 after purchasing an additional 26,355 shares during the period. Curi RMB Capital LLC raised its stake in shares of Stock Yards Bancorp by 1.5% during the first quarter. Curi RMB Capital LLC now owns 256,715 shares of the bank's stock valued at $17,780,000 after purchasing an additional 3,695 shares during the period. AQR Capital Management LLC raised its stake in shares of 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 purchasing an additional 2,297 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Stock Yards Bancorp by 87.8% during the first quarter. Adage Capital Partners GP L.L.C. now owns 128,300 shares of the bank's stock valued at $8,860,000 after purchasing an additional 60,000 shares during the period. Hedge funds and other institutional investors own 56.46% of the company's stock.

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.