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

Zacks Investment Research downgraded shares of Stock Yards Bancorp (NASDAQ:SYBT) from a hold rating to a sell rating in a research report report published on Tuesday.

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 subject of several other research reports. BidaskClub raised shares of Stock Yards Bancorp from a strong sell rating to a sell rating in a research note on Thursday, October 11th. ValuEngine lowered shares of Stock Yards Bancorp from a hold rating to a sell rating in a research note on Thursday, September 27th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $42.00.

Shares of SYBT stock opened at $28.87 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.14. The stock has a market cap of $661.89 million, a price-to-earnings ratio of 12.99 and a beta of 0.61. Stock Yards Bancorp has a 1-year low of $28.53 and a 1-year high of $41.00.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its earnings results on Wednesday, October 24th. The bank reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.01). Stock Yards Bancorp had a return on equity of 15.10% and a net margin of 27.08%. The company had revenue of $39.95 million for the quarter, compared to analysts’ expectations of $40.95 million. During the same period last year, the business earned $0.51 EPS. Equities research analysts anticipate that Stock Yards Bancorp will post 2.38 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Friday, December 14th. Stock Yards Bancorp’s payout ratio is 52.36%.

In other Stock Yards Bancorp news, Director Carl G. Herde acquired 5,000 shares of the stock in a transaction dated Monday, October 29th. The stock was acquired at an average price of $30.75 per share, with a total value of $153,750.00. Following the completion of the purchase, the director now owns 31,182 shares in the company, valued at approximately $958,846.50. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul J. Bickel III acquired 1,000 shares of the stock in a transaction dated Thursday, September 27th. The stock was acquired at an average cost of $36.00 per share, with a total value of $36,000.00. Following the purchase, the director now owns 6,725 shares of the company’s stock, valued at approximately $242,100. The disclosure for this purchase can be found here. In the last three months, insiders bought 7,356 shares of company stock valued at $238,397. Insiders own 6.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of SYBT. Walthausen & Co. LLC purchased a new position in shares of Stock Yards Bancorp in the third quarter valued at approximately $10,595,000. Renaissance Technologies LLC raised its holdings in Stock Yards Bancorp by 139.1% in the second quarter. Renaissance Technologies LLC now owns 266,050 shares of the bank’s stock valued at $10,150,000 after acquiring an additional 154,800 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Stock Yards Bancorp by 31.0% in the third quarter. The Manufacturers Life Insurance Company now owns 603,918 shares of the bank’s stock valued at $21,923,000 after acquiring an additional 142,782 shares in the last quarter. Stock Yards Bank & Trust Co. raised its holdings in Stock Yards Bancorp by 10.1% in the third quarter. Stock Yards Bank & Trust Co. now owns 1,006,160 shares of the bank’s stock valued at $36,523,000 after acquiring an additional 92,360 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in Stock Yards Bancorp by 4.1% in the second quarter. BlackRock Inc. now owns 1,593,343 shares of the bank’s stock valued at $60,788,000 after acquiring an additional 62,148 shares in the last quarter. 50.04% of the stock is owned by institutional investors and hedge funds.

About Stock Yards 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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