Today, Stock Yards Bancorp Inc. (SYBT) Lowered to Hold at Zacks Investment Research

Today, Stock Yards Bancorp Inc. (SYBT) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Stock Yards Bancorp Inc. (NASDAQ:SYBT) from a buy rating to a hold rating in a report issued on Tuesday 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. “

Shares of Stock Yards Bancorp (NASDAQ:SYBT) opened at 33.20 on Tuesday. The firm has a market cap of $747.43 million, a P/E ratio of 19.38 and a beta of 0.69. The stock’s 50 day moving average is $32.54 and its 200-day moving average is $29.06. Stock Yards Bancorp has a 52-week low of $22.67 and a 52-week high of $34.42.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. Stock Yards Bancorp had a return on equity of 13.30% and a net margin of 28.15%. Equities analysts anticipate that Stock Yards Bancorp will post $1.77 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Monday, September 12th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, September 8th. This represents a $0.72 annualized dividend and a dividend yield of 2.17%. Stock Yards Bancorp’s dividend payout ratio is 41.78%.

In other news, CEO David P. Heintzman sold 5,000 shares of Stock Yards Bancorp stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $29.70, for a total transaction of $148,500.00. Following the completion of the sale, the chief executive officer now directly owns 181,657 shares in the company, valued at approximately $5,395,212.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO David P. Heintzman sold 2,997 shares of Stock Yards Bancorp stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $29.81, for a total value of $89,340.57. Following the sale, the chief executive officer now owns 165,020 shares of the company’s stock, valued at $4,919,246.20. The disclosure for this sale can be found here. Insiders own 8.40% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Harvey Investment Co. LLC raised its stake in Stock Yards Bancorp by 37.5% in the second quarter. Harvey Investment Co. LLC now owns 64,502 shares of the company’s stock valued at $1,821,000 after buying an additional 17,600 shares during the period. Aperio Group LLC bought a new stake in Stock Yards Bancorp during the first quarter valued at $261,000. Bank of New York Mellon Corp raised its stake in Stock Yards Bancorp by 51.8% in the second quarter. Bank of New York Mellon Corp now owns 148,634 shares of the company’s stock valued at $4,197,000 after buying an additional 50,735 shares during the period. State Board of Administration of Florida Retirement System raised its stake in Stock Yards Bancorp by 33.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 31,911 shares of the company’s stock valued at $901,000 after buying an additional 7,927 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Stock Yards Bancorp by 52.8% in the second quarter. PNC Financial Services Group Inc. now owns 225,171 shares of the company’s stock valued at $6,357,000 after buying an additional 77,788 shares during the period. Institutional investors and hedge funds own 42.46% of the company’s stock.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is the holding company for Stock Yards Bank & Trust Company (the Bank). The Company operates through two segments: commercial banking, and investment management and trust. Its commercial banking segment provides a range of loan and deposit products to individual consumers and businesses.

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