Zacks Investment Research Lowers Stock Yards Bancorp (SYBT) to Sell

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

Other research analysts also recently issued research reports about the company. BidaskClub raised Stock Yards Bancorp from a strong sell rating to a sell rating in a report on Thursday, October 11th. ValuEngine downgraded Stock Yards Bancorp from a hold rating to a sell rating in a report on Thursday, September 27th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. Stock Yards Bancorp presently has an average rating of Hold and an average price target of $42.00.

SYBT stock opened at $31.49 on Friday. Stock Yards Bancorp has a fifty-two week low of $29.69 and a fifty-two week high of $41.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market capitalization of $716.24 million, a price-to-earnings ratio of 16.49 and a beta of 0.66.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its earnings results on Wednesday, October 24th. The bank reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.01). Stock Yards Bancorp had a net margin of 27.08% and a return on equity of 15.10%. The firm had revenue of $39.95 million during the quarter, compared to the consensus estimate of $40.95 million. During the same period in the prior year, the company posted $0.51 EPS. On average, equities analysts predict that Stock Yards Bancorp will post 2.38 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Friday, December 14th. Stock Yards Bancorp’s dividend payout ratio is 52.36%.

In other Stock Yards Bancorp news, CEO David P. Heintzman sold 2,571 shares of the stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $38.90, for a total value of $100,011.90. Following the transaction, the chief executive officer now owns 170,552 shares of the company’s stock, valued at $6,634,472.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul J. Bickel III bought 1,000 shares of the stock in a transaction on Thursday, September 27th. The stock was purchased at an average cost of $36.00 per share, for a total transaction of $36,000.00. Following the acquisition, 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 acquired 7,429 shares of company stock worth $242,395. 6.20% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. increased its position in Stock Yards Bancorp by 116.7% in the third quarter. Russell Investments Group Ltd. now owns 4,026 shares of the bank’s stock worth $146,000 after buying an additional 2,168 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in Stock Yards Bancorp in the second quarter worth about $206,000. Sigma Planning Corp purchased a new stake in Stock Yards Bancorp in the second quarter worth about $251,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Stock Yards Bancorp in the second quarter worth about $283,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Stock Yards Bancorp in the third quarter worth about $453,000. Institutional investors and hedge funds own 49.95% 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, certificates of deposit, money market deposits, and time deposits.

See Also: Why is the ex-dividend date different from the record date?

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