Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Stock Has Average Price Target of $89.50

Shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) have been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $89.50.

Several research firms recently commented on SYBT. Raymond James Financial started coverage on shares of Stock Yards Bancorp in a research note on Wednesday, July 8th. They set a “hold” rating for the company. Stephens set a $87.00 target price on shares of Stock Yards Bancorp and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods raised their target price on shares of Stock Yards Bancorp from $82.00 to $94.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Weiss Ratings raised shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, August 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $87.00 price target (down from $90.00) on shares of Stock Yards Bancorp in a research report on Thursday.

Stock Yards Bancorp Stock Performance

Shares of Stock Yards Bancorp stock opened at $78.43 on Friday. The company has a market capitalization of $2.44 billion, a PE ratio of 15.11 and a beta of 0.74. The company has a 50-day simple moving average of $78.29 and a two-hundred day simple moving average of $73.82. Stock Yards Bancorp has a one year low of $61.51 and a one year high of $89.21. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.01 and a current ratio of 1.01.

Stock Yards Bancorp (NASDAQ:SYBT) last released its quarterly earnings results on Wednesday, October 28th. The bank reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. Stock Yards Bancorp had a net margin of 25.89% and a return on equity of 13.73%. The business had revenue of $120.32 million for the quarter, compared to analysts’ expectations of $119.31 million. Research analysts expect that Stock Yards Bancorp will post 5.24 EPS for the current fiscal year.

Stock Yards Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 21st were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was 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 25.43%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new position in shares of Stock Yards Bancorp in the 2nd quarter valued at $31,000. Versant Capital Management Inc raised its stake in Stock Yards Bancorp by 145.8% in the 3rd quarter. Versant Capital Management Inc now owns 413 shares of the bank’s stock worth $32,000 after acquiring an additional 245 shares during the last quarter. Richardson Financial Services Inc. lifted its position in Stock Yards Bancorp by 60.8% during the 3rd quarter. Richardson Financial Services Inc. now owns 553 shares of the bank’s stock worth $43,000 after acquiring an additional 209 shares during the period. Allworth Financial LP acquired a new stake in Stock Yards Bancorp during the 2nd quarter worth about $73,000. Finally, Fifth Third Bancorp acquired a new stake in Stock Yards Bancorp during the 1st quarter worth about $85,000. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc (NASDAQ:SYBT) is a financial holding company headquartered in Louisville, Kentucky. It is the parent company of Stock Yards Bank & Trust Company, a full-service community bank founded in 1904.

Through Stock Yards Bank & Trust, the company provides commercial and retail banking services to individuals, businesses, and institutions. Its offerings include deposit accounts, commercial and consumer lending, residential mortgage lending, treasury management, online and mobile banking, and other traditional banking products.

The company also provides wealth management, trust, investment management, and brokerage services.