Meridian Wealth Management LLC Makes New $9.08 Million Investment in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Meridian Wealth Management LLC bought a new stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 146,508 shares of the bank’s stock, valued at approximately $9,082,000. Meridian Wealth Management LLC owned about 0.50% of Stock Yards Bancorp at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Independence Bank of Kentucky increased its stake in shares of Stock Yards Bancorp by 1.4% during 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. Diversified Trust Co boosted its stake in shares of Stock Yards Bancorp by 2.3% during the 2nd quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock valued at $504,000 after buying an additional 231 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Stock Yards Bancorp by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock valued at $239,000 after buying an additional 384 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Stock Yards Bancorp by 10.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock valued at $263,000 after buying an additional 494 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Stock Yards Bancorp during the 2nd quarter valued at approximately $45,000. Institutional investors and hedge funds own 56.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on SYBT. Piper Sandler upped their price target on Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $64.00 price target (up from $54.00) on shares of Stock Yards Bancorp in a research report on Thursday, July 25th. Stephens lowered Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $70.00 to $76.00 in a research report on Friday, November 15th. Finally, Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price target for the company from $67.00 to $68.00 in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $69.25.

Stock Yards Bancorp Trading Up 0.9 %

NASDAQ:SYBT opened at $73.91 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.38. Stock Yards Bancorp, Inc. has a 1-year low of $42.35 and a 1-year high of $77.82. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 20.35 and a beta of 0.81. The stock has a fifty day simple moving average of $65.43 and a 200 day simple moving average of $57.11.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.06. The business had revenue of $130.52 million during the quarter, compared to analyst estimates of $87.57 million. Stock Yards Bancorp had a return on equity of 12.00% and a net margin of 21.62%. Sell-side analysts forecast that Stock Yards Bancorp, Inc. will post 3.76 earnings per share for the current year.

Stock Yards Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, December 16th. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 34.07%.

Insider Transactions at Stock Yards Bancorp

In other news, Director David P. Heintzman sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $73.08, for a total transaction of $730,800.00. Following the completion of the transaction, the director now directly owns 87,070 shares in the company, valued at $6,363,075.60. The trade was a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Rehm sold 2,650 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $74.81, for a total value of $198,246.50. Following the transaction, the executive vice president now owns 16,927 shares of the company’s stock, valued at approximately $1,266,308.87. This trade represents a 13.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,350 shares of company stock valued at $1,983,069 in the last three months. Corporate insiders own 3.90% 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.