Field & Main Bank Invests $82.68 Million in Stock Yards Bancorp, Inc. $SYBT

Field & Main Bank bought a new position in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) during the second quarter, Holdings Channel reports. The fund bought 1,081,161 shares of the bank’s stock, valued at approximately $82,676,000. Stock Yards Bancorp accounts for 13.1% of Field & Main Bank’s investment portfolio, making the stock its biggest position.

Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. boosted its position in shares of Stock Yards Bancorp by 1.3% in the 3rd quarter. Raymond James Financial Inc. now owns 18,664 shares of the bank’s stock valued at $1,306,000 after purchasing an additional 237 shares during the period. ProShare Advisors LLC raised its holdings in Stock Yards Bancorp by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 4,809 shares of the bank’s stock worth $312,000 after buying an additional 310 shares during the period. California State Teachers Retirement System lifted its stake in Stock Yards Bancorp by 1.5% during the second quarter. California State Teachers Retirement System now owns 25,710 shares of the bank’s stock valued at $2,031,000 after buying an additional 383 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in Stock Yards Bancorp by 7.5% during the fourth quarter. Handelsbanken Fonder AB now owns 5,700 shares of the bank’s stock valued at $370,000 after buying an additional 400 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Stock Yards Bancorp in the second quarter worth about $31,000. 56.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 6th. Raymond James Financial initiated coverage on shares of Stock Yards Bancorp in a research note on Wednesday, July 8th. They issued a “hold” rating for the company. Stephens set a $87.00 price objective on shares of Stock Yards Bancorp and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Piper Sandler reissued a “neutral” rating and set a $81.00 target price (up from $78.00) on shares of Stock Yards Bancorp in a research note on Friday, June 26th. Finally, Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and increased their target price for the company from $82.00 to $90.00 in a report on Thursday, July 30th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $88.00.

Insider Activity

In other Stock Yards Bancorp news, Director Laura L. Wells sold 6,823 shares of Stock Yards Bancorp stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total transaction of $588,756.67. Following the completion of the sale, the director owned 9,580 shares of the company’s stock, valued at $826,658.20. This trade represents a 41.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.90% of the stock is owned by company insiders.

Stock Yards Bancorp Trading Up 0.1%

NASDAQ:SYBT opened at $79.84 on Friday. The stock has a market cap of $2.48 billion, a PE ratio of 15.90 and a beta of 0.68. Stock Yards Bancorp, Inc. has a fifty-two week low of $61.51 and a fifty-two week high of $89.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s 50-day moving average is $80.60 and its two-hundred day moving average is $73.13.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 EPS for the quarter, topping the consensus estimate of $1.08 by $0.23. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.39%. The business had revenue of $114.71 million during the quarter, compared to analysts’ expectations of $111.66 million. As a group, equities research analysts forecast that Stock Yards Bancorp, Inc. will post 5.16 earnings per share for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 21st will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, September 21st. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.32. Stock Yards Bancorp’s payout ratio is currently 25.50%.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.