Stock Yards Bancorp (NASDAQ:SYBT) Hits New 52-Week High - Here's What Happened

Key Points

• Stock Yards Bancorp's share price hit a new **52-week high**, reaching **$83.81** during trading, closing at **$83.20** with a volume of **14,881 shares** traded.
• The company's recent **quarterly earnings** beat expectations, reporting **$1.15 EPS** compared to the consensus estimate of **$1.05**, along with **revenue of $97.91 million** for the quarter.
• Stock Yards Bancorp announced an increase in its **quarterly dividend** from **$0.31 to $0.32 per share**, reflecting a **1.5% yield** with a payout ratio of **29.43%**.

Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock traded as high as $83.81 and last traded at $83.20, with a volume of 14881 shares. The stock had previously closed at $82.90.

Analysts Set New Price Targets

Several equities analysts have weighed in on SYBT shares. Wall Street Zen downgraded Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Piper Sandler lifted their price objective 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. Finally, Keefe, Bruyette & Woods increased 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, July 24th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Stock Yards Bancorp has a consensus rating of "Hold" and an average target price of $79.75.

Stock Yards Bancorp Price Performance

The company has a 50 day simple moving average of $78.13 and a 200 day simple moving average of $73.98. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 18.55 and a beta of 0.74. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.32.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.10. The company had revenue of $97.91 million for the quarter, compared to the consensus estimate of $95.32 million. Stock Yards Bancorp had a return on equity of 13.31% and a net margin of 23.86%. As a group, research analysts predict that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.32 dividend. This is a positive change from Stock Yards Bancorp's previous quarterly dividend of $0.31. The ex-dividend date is Monday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.6%. Stock Yards Bancorp's dividend payout ratio (DPR) is 29.43%.

Insider Transactions at Stock Yards Bancorp

In other news, CEO James A. Hillebrand sold 2,162 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $83.32, for a total value of $180,137.84. Following the transaction, the chief executive officer directly owned 107,292 shares in the company, valued at $8,939,569.44. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP William Dishman sold 2,802 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $78.10, for a total value of $218,836.20. Following the completion of the transaction, the executive vice president 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. In the last 90 days, insiders have sold 13,064 shares of company stock valued at $1,026,920. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Stock Yards Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. raised its stake in shares of Stock Yards Bancorp by 17.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 8,105 shares of the bank's stock valued at $580,000 after purchasing an additional 1,217 shares during the period. Raymond James Financial Inc. acquired a new stake in Stock Yards Bancorp during the 4th quarter valued at $835,000. MetLife Investment Management LLC increased its stake in Stock Yards Bancorp by 6.9% during the 4th quarter. MetLife Investment Management LLC now owns 15,383 shares of the bank's stock worth $1,102,000 after buying an additional 987 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Stock Yards Bancorp by 18.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,537 shares of the bank's stock worth $110,000 after buying an additional 234 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Stock Yards Bancorp by 6.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,220 shares of the bank's stock valued at $1,807,000 after acquiring an additional 1,635 shares in 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.