Stock Yards Bancorp (NASDAQ:SYBT) Given New $68.00 Price Target at Hovde Group

Stock Yards Bancorp (NASDAQ:SYBT) had its price target hoisted by Hovde Group from $53.00 to $68.00 in a research note released on Wednesday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods reissued a market perform rating and set a $54.00 target price (up from $53.00) on shares of Stock Yards Bancorp in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $62.50.

Stock Yards Bancorp Trading Down 0.5 %

SYBT stock opened at $63.27 on Wednesday. The company’s 50-day simple moving average is $49.98 and its 200-day simple moving average is $47.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.26. Stock Yards Bancorp has a 52-week low of $36.93 and a 52-week high of $64.51. The firm has a market cap of $1.86 billion, a P/E ratio of 17.77 and a beta of 0.83.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its earnings results on Wednesday, July 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.10. Stock Yards Bancorp had a net margin of 21.99% and a return on equity of 12.36%. The business had revenue of $123.96 million for the quarter, compared to analyst estimates of $83.90 million. As a group, equities analysts forecast that Stock Yards Bancorp will post 3.59 EPS for the current fiscal year.

Stock Yards Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.90%. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 33.71%.

Insider Buying and Selling

In related news, Director David P. Heintzman sold 3,000 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $47.05, for a total transaction of $141,150.00. Following the completion of the transaction, the director now owns 113,070 shares in the company, valued at approximately $5,319,943.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Stock Yards Bancorp by 6.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 152,229 shares of the bank’s stock worth $7,561,000 after purchasing an additional 8,777 shares during the last quarter. Independence Bank of Kentucky raised its holdings in Stock Yards Bancorp by 1.4% in the 2nd quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock valued at $714,000 after acquiring an additional 202 shares during the last quarter. RPS Advisory Solutions LLC acquired a new stake in Stock Yards Bancorp in the 2nd quarter valued at about $1,358,000. Wealth Enhancement Advisory Services LLC raised its holdings in Stock Yards Bancorp by 19.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,409 shares of the bank’s stock valued at $418,000 after acquiring an additional 1,343 shares during the last quarter. Finally, Diversified Trust Co raised its holdings in Stock Yards Bancorp by 2.3% in the 2nd quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock valued at $504,000 after acquiring an additional 231 shares during the last quarter. Institutional investors and hedge funds 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.