S.Y. Bancorp (SYBT) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of S.Y. Bancorp (NASDAQ:SYBT) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

According to Zacks, “Stock Yards Bancorp Inc. is a bank holding company. Its main subsidiary is Stock Yards Bank & Trust Company. The company provides banking, trust, investment management, private banking, and brokerage services. It operates in and around Louisville, Indianapolis, and Cincinnati. Stock Yards Bancorp Inc. is headquartered in Louisville, Kentucky. “

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A number of other research analysts have also issued reports on the company. FIG Partners upgraded S.Y. Bancorp from a market perform rating to an outperform rating in a research report on Monday, March 26th. BidaskClub lowered S.Y. Bancorp from a hold rating to a sell rating in a research report on Saturday, February 17th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $40.00 target price on shares of S.Y. Bancorp in a research report on Friday, January 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $39.00.

Shares of NASDAQ:SYBT opened at $35.55 on Thursday. S.Y. Bancorp has a 1 year low of $31.90 and a 1 year high of $44.50. The company has a market cap of $807.52, a PE ratio of 18.61 and a beta of 0.65. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.90 and a current ratio of 0.90.

S.Y. Bancorp (NASDAQ:SYBT) last announced its earnings results on Thursday, January 25th. The bank reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). S.Y. Bancorp had a net margin of 24.39% and a return on equity of 13.38%. The business had revenue of $38.57 million for the quarter, compared to analysts’ expectations of $38.01 million. sell-side analysts expect that S.Y. Bancorp will post 2.27 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Monday, March 19th were issued a $0.23 dividend. The ex-dividend date was Friday, March 16th. This represents a $0.92 dividend on an annualized basis and a yield of 2.59%. This is a positive change from S.Y. Bancorp’s previous quarterly dividend of $0.21. S.Y. Bancorp’s dividend payout ratio (DPR) is presently 48.17%.

In other news, Director Paul J. Bickel III acquired 871 shares of the firm’s stock in a transaction on Monday, March 26th. The shares were bought at an average price of $34.82 per share, for a total transaction of $30,328.22. Following the acquisition, the director now owns 5,475 shares of the company’s stock, valued at approximately $190,639.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Dishman acquired 1,755 shares of the firm’s stock in a transaction on Monday, March 26th. The stock was purchased at an average price of $36.18 per share, for a total transaction of $63,495.90. Following the acquisition, the insider now directly owns 17,584 shares in the company, valued at approximately $636,189.12. The disclosure for this purchase can be found here. Insiders acquired a total of 6,249 shares of company stock worth $224,878 in the last 90 days. 6.20% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in S.Y. Bancorp in the 3rd quarter valued at $118,000. SeaCrest Wealth Management LLC purchased a new position in S.Y. Bancorp in the 4th quarter valued at $206,000. GSA Capital Partners LLP purchased a new position in S.Y. Bancorp in the 3rd quarter valued at $233,000. Highbridge Capital Management LLC purchased a new position in S.Y. Bancorp in the 3rd quarter valued at $246,000. Finally, Teacher Retirement System of Texas purchased a new position in S.Y. Bancorp in the 4th quarter valued at $281,000. Institutional investors own 48.15% of the company’s stock.

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About S.Y. Bancorp

Stock Yards Bancorp, Inc operates as the holding company for Stock Yards Bank & Trust Company that provides commercial and personal banking services in Louisville, Indianapolis, and Cincinnati. Its deposit products include demand deposits, savings deposits, certificates of deposit, money market deposits, and time deposits.

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