Stock Yards Bancorp (SYBT) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Stock Yards Bancorp (NASDAQ:SYBT) from a buy rating to a hold rating in a research note released on Saturday, Zacks.com reports.

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. “

SYBT has been the topic of several other reports. FIG Partners downgraded Stock Yards Bancorp from an outperform rating to a market perform rating and set a $36.00 target price on the stock. in a research note on Tuesday, January 8th. BidaskClub upgraded Stock Yards Bancorp from a sell rating to a hold rating in a research note on Saturday, January 5th. Finally, ValuEngine upgraded Stock Yards Bancorp from a sell rating to a hold rating in a research note on Wednesday, December 26th.

NASDAQ:SYBT opened at $34.57 on Friday. The company has a market cap of $790.81 million, a P/E ratio of 14.29 and a beta of 0.42. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. Stock Yards Bancorp has a 52-week low of $28.02 and a 52-week high of $41.00.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its earnings results on Thursday, January 24th. The bank reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.04. Stock Yards Bancorp had a return on equity of 15.83% and a net margin of 31.70%. The company had revenue of $41.49 million for the quarter, compared to the consensus estimate of $40.40 million. On average, research analysts expect that Stock Yards Bancorp will post 2.52 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 18th were paid a $0.25 dividend. The ex-dividend date was Friday, March 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.89%. Stock Yards Bancorp’s dividend payout ratio (DPR) is currently 41.32%.

In other Stock Yards Bancorp news, Chairman David P. Heintzman sold 2,865 shares of Stock Yards Bancorp stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $34.91, for a total value of $100,017.15. Following the transaction, the chairman now directly owns 142,437 shares in the company, valued at approximately $4,972,475.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathy C. Thompson sold 3,015 shares of Stock Yards Bancorp stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $36.15, for a total value of $108,992.25. The disclosure for this sale can be found here. Insiders acquired a total of 971 shares of company stock worth $33,541 over the last quarter. Company insiders own 8.30% of the company’s stock.

Several hedge funds have recently made changes to their positions in the business. Legal & General Group Plc lifted its holdings in shares of Stock Yards Bancorp by 7.8% in the 4th quarter. Legal & General Group Plc now owns 8,854 shares of the bank’s stock valued at $290,000 after buying an additional 638 shares during the period. Bank of Montreal Can lifted its holdings in shares of Stock Yards Bancorp by 35.7% in the 4th quarter. Bank of Montreal Can now owns 2,704 shares of the bank’s stock valued at $89,000 after buying an additional 712 shares during the period. Quantamental Technologies LLC acquired a new stake in shares of Stock Yards Bancorp in the 4th quarter valued at approximately $29,000. First Hawaiian Bank lifted its holdings in shares of Stock Yards Bancorp by 28.4% in the 1st quarter. First Hawaiian Bank now owns 4,470 shares of the bank’s stock valued at $151,000 after buying an additional 990 shares during the period. Finally, Citigroup Inc. lifted its holdings in shares of Stock Yards Bancorp by 18.1% in the 4th quarter. Citigroup Inc. now owns 6,837 shares of the bank’s stock valued at $224,000 after buying an additional 1,049 shares during the period. Institutional investors own 50.77% of the company’s stock.

Stock Yards Bancorp Company Profile

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, money market deposits, and time deposits.

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