Royal Bank of Canada Sells 11,821 Shares of Stock Yards Bancorp, Inc. $SYBT

Royal Bank of Canada reduced its position in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 31.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,577 shares of the bank’s stock after selling 11,821 shares during the quarter. Royal Bank of Canada owned 0.09% of Stock Yards Bancorp worth $1,696,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. lifted its position in Stock Yards Bancorp by 1.3% in the 3rd quarter. Raymond James Financial Inc. now owns 18,664 shares of the bank’s stock worth $1,306,000 after buying an additional 237 shares during the last quarter. ProShare Advisors LLC boosted its stake in Stock Yards Bancorp by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 4,809 shares of the bank’s stock worth $312,000 after buying an additional 310 shares in the last quarter. California State Teachers Retirement System grew its position in Stock Yards Bancorp by 1.5% during the second quarter. California State Teachers Retirement System now owns 25,710 shares of the bank’s stock valued at $2,031,000 after acquiring an additional 383 shares during the last quarter. Handelsbanken Fonder AB grew its position in Stock Yards Bancorp by 7.5% during the fourth quarter. Handelsbanken Fonder AB now owns 5,700 shares of the bank’s stock valued at $370,000 after acquiring an additional 400 shares during the last quarter. Finally, Quarry LP purchased a new position in shares of Stock Yards Bancorp during the third quarter worth approximately $28,000. 56.46% of the stock is currently owned by institutional investors.

Stock Yards Bancorp Price Performance

SYBT stock opened at $83.70 on Wednesday. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 16.67 and a beta of 0.68. The firm’s 50-day moving average price is $79.46 and its two-hundred day moving average price is $72.48. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.26. Stock Yards Bancorp, Inc. has a 12-month low of $61.51 and a 12-month high of $89.21.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.23. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%.The company had revenue of $114.71 million for the quarter, compared to analysts’ expectations of $111.66 million. As a group, equities analysts predict that Stock Yards Bancorp, Inc. will post 5.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SYBT. Hovde Group cut shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $82.00 to $90.00 in a research note on Thursday, July 30th. Weiss Ratings raised shares of Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, August 6th. Wall Street Zen upgraded shares of Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Piper Sandler reiterated a “neutral” rating and issued a $81.00 price objective (up from $78.00) on shares of Stock Yards Bancorp in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods boosted their target price on Stock Yards Bancorp from $82.00 to $94.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Stock Yards Bancorp has an average rating of “Hold” and a consensus target price of $88.00.

Insider Activity at Stock Yards Bancorp

In other news, President Philip Poindexter sold 1,221 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $70.68, for a total transaction of $86,300.28. Following the transaction, the president directly owned 53,376 shares of the company’s stock, valued at approximately $3,772,615.68. The trade was a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Laura L. Wells sold 6,823 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total value of $588,756.67. Following the transaction, the director owned 9,580 shares of the company’s stock, valued at approximately $826,658.20. This represents a 41.60% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.90% of the company’s stock.

Stock Yards Bancorp Company Profile

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.