Victory Capital Management Inc. Takes $30.26 Million Position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT)

Victory Capital Management Inc. bought a new position in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) during the 3rd quarter, HoldingsChannel reports. The firm bought 488,056 shares of the bank’s stock, valued at approximately $30,255,000.

Several other hedge funds also recently added to or reduced their stakes in SYBT. Independence Bank of Kentucky grew its stake in shares of Stock Yards Bancorp by 1.4% during the second quarter. Independence Bank of Kentucky now owns 14,374 shares of the bank’s stock worth $714,000 after acquiring an additional 202 shares during the last quarter. Diversified Trust Co grew its position in Stock Yards Bancorp by 2.3% during the 2nd quarter. Diversified Trust Co now owns 10,141 shares of the bank’s stock worth $504,000 after purchasing an additional 231 shares during the last quarter. ProShare Advisors LLC increased its stake in Stock Yards Bancorp by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 4,879 shares of the bank’s stock valued at $239,000 after purchasing an additional 384 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Stock Yards Bancorp by 10.3% in the second quarter. Point72 Asset Management L.P. now owns 5,294 shares of the bank’s stock worth $263,000 after buying an additional 494 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Stock Yards Bancorp during the second quarter worth $45,000. 56.46% of the stock is owned by institutional investors and hedge funds.

Stock Yards Bancorp Stock Down 1.6 %

Shares of SYBT stock opened at $73.25 on Friday. Stock Yards Bancorp, Inc. has a twelve month low of $42.35 and a twelve month high of $77.82. The stock has a market cap of $2.15 billion, a P/E ratio of 20.12 and a beta of 0.81. The stock has a 50 day moving average of $64.52 and a 200 day moving average of $56.55. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.38.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.06. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. The firm had revenue of $130.52 million during the quarter, compared to analyst estimates of $87.57 million. As a group, sell-side analysts expect that Stock Yards Bancorp, Inc. will post 3.76 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a dividend of $0.31 per share. This is a positive change from Stock Yards Bancorp’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Monday, September 16th. Stock Yards Bancorp’s dividend payout ratio is presently 34.07%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $64.00 target price (up previously from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Hovde Group downgraded Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $67.00 to $68.00 in a report on Thursday, October 24th. Piper Sandler increased their price target on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Finally, Stephens cut shares of Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $70.00 to $76.00 in a research note on Friday. Four investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $69.25.

Insider Activity

In related news, Director David P. Heintzman sold 3,000 shares of Stock Yards Bancorp stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $74.59, for a total value of $223,770.00. Following the sale, the director now owns 30,150 shares of the company’s stock, valued at approximately $2,248,888.50. This trade represents a 9.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 15,700 shares of company stock worth $1,054,023 in the last ninety days. Company insiders own 3.90% of the company’s stock.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T. The Commercial Banking segment offers a range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking, and other banking services.