Stock Yards Bancorp (NASDAQ:SYBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $44.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.40% from the stock’s previous close.
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 $38.80 on Wednesday. Stock Yards Bancorp has a 1-year low of $31.90 and a 1-year high of $48.05. The firm has a market capitalization of $897.76, a price-to-earnings ratio of 20.84 and a beta of 0.68. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.90 and a quick ratio of 0.90.
In other Stock Yards Bancorp news, CEO David P. Heintzman sold 1,264 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $39.55, for a total value of $49,991.20. Following the completion of the sale, the chief executive officer now directly owns 165,809 shares in the company, valued at approximately $6,557,745.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kathy C. Thompson sold 1,466 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $35.08, for a total value of $51,427.28. Following the completion of the sale, the insider now owns 40,161 shares of the company’s stock, valued at $1,408,847.88. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 299 shares of company stock valued at $10,996 and sold 10,338 shares valued at $391,155. 6.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the business. Alps Advisors Inc. lifted its holdings in shares of Stock Yards Bancorp by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 11,214 shares of the bank’s stock worth $436,000 after buying an additional 29 shares during the period. Neuberger Berman Group LLC lifted its stake in shares of Stock Yards Bancorp by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 5,741 shares of the bank’s stock worth $223,000 after purchasing an additional 46 shares during the last quarter. US Bancorp DE lifted its stake in shares of Stock Yards Bancorp by 1.2% during the 2nd quarter. US Bancorp DE now owns 3,973 shares of the bank’s stock worth $155,000 after purchasing an additional 47 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Stock Yards Bancorp by 1.7% during the 2nd quarter. Wells Fargo & Company MN now owns 25,050 shares of the bank’s stock worth $975,000 after purchasing an additional 416 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Stock Yards Bancorp by 5.9% during the 1st quarter. Bank of America Corp DE now owns 7,490 shares of the bank’s stock worth $304,000 after purchasing an additional 420 shares during the last quarter. Institutional investors and hedge funds own 47.71% of the company’s stock.
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About Stock Yards Bancorp
Stock Yards Bancorp, Inc is the holding company for Stock Yards Bank & Trust Company (the Bank). The Bank is a state chartered bank. The Company operates through two segments: commercial banking, and wealth management and trust. The commercial banking segment provides a full range of loan and deposit products to individual consumers and businesses, plus origination of consumer mortgages and securities brokerage activity.
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