Hovde Group Upgrades Stock Yards Bancorp (NASDAQ:SYBT) to “Outperform”

Stock Yards Bancorp (NASDAQ:SYBT) was upgraded by investment analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. The brokerage presently has a $75.00 target price on the bank’s stock. Hovde Group’s price target would suggest a potential upside of 16.28% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Wall Street Zen upgraded Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Stock Yards Bancorp in a research note on Monday, December 29th. Zacks Research upgraded Stock Yards Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 2nd. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $76.00 price target (up from $75.00) on shares of Stock Yards Bancorp in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Stock Yards Bancorp Trading Down 2.6%

Shares of Stock Yards Bancorp stock opened at $64.50 on Friday. Stock Yards Bancorp has a 12-month low of $60.75 and a 12-month high of $83.83. The stock has a market capitalization of $1.90 billion, a P/E ratio of 13.58 and a beta of 0.71. The company has a 50-day simple moving average of $67.61 and a 200 day simple moving average of $69.52. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.30.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $104.47 million for the quarter, compared to analysts’ expectations of $102.42 million. Stock Yards Bancorp had a net margin of 24.83% and a return on equity of 13.68%. Research analysts expect that Stock Yards Bancorp will post 4.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. EP Wealth Advisors LLC bought a new position in shares of Stock Yards Bancorp in the 4th quarter valued at about $250,000. Empowered Funds LLC bought a new stake in shares of Stock Yards Bancorp during the fourth quarter worth approximately $60,000. Voloridge Investment Management LLC raised its stake in shares of Stock Yards Bancorp by 35.7% during the fourth quarter. Voloridge Investment Management LLC now owns 78,394 shares of the bank’s stock worth $5,092,000 after buying an additional 20,605 shares during the last quarter. Tudor Investment Corp ET AL lifted its holdings in Stock Yards Bancorp by 53.9% in the fourth quarter. Tudor Investment Corp ET AL now owns 117,402 shares of the bank’s stock valued at $7,625,000 after buying an additional 41,134 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in Stock Yards Bancorp in the fourth quarter valued at approximately $703,000. 56.46% of the stock is currently owned by institutional investors and hedge funds.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.