S.Y. Bancorp Rating Lowered to Neutral at DA Davidson (SYBT)
S.Y. Bancorp (NASDAQ:SYBT) was downgraded by equities research analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $36.00 price objective on the stock, up from their previous price objective of $34.00. DA Davidson’s target price points to a potential upside of 6.60% from the stock’s previous close.
The analysts wrote, “We are reducing our rating of S.Y Bancorp to NEUTRAL from Buy based on valuation. We note that our rating change does not suggest a change in our outlook on the fundamental performance of the bank. In fact, we believe fundamentals remain exceptionally good as defined by the following: (1) An outlook for above peer profitability as measured by ROA and ROTCE; (2) Loan growth that should compare well to peers as the pipeline for new loans improves in the Louisville, Indianapolis and Cincinnati markets; and (3) A strong capital position that could support accretive acquisitions.”
In other S.Y. Bancorp news, EVP Philip Poindexter unloaded 3,491 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $31.25, for a total transaction of $109,093.75. Following the transaction, the executive vice president now directly owns 12,700 shares of the company’s stock, valued at approximately $396,875. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks downgraded shares of S.Y. Bancorp from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday, November 19th. They now have a $32.50 price target on the stock. Separately, analysts at Hilliard Lyons downgraded shares of S.Y. Bancorp from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, October 24th.
Shares of S.Y. Bancorp (NASDAQ:SYBT) opened at 33.77 on Monday. S.Y. Bancorp has a 52 week low of $21.27 and a 52 week high of $33.84. The stock’s 50-day moving average is $30.3 and its 200-day moving average is $27.2. The company has a market cap of $491.9 million and a P/E ratio of 16.93.
S.Y. Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. Analysts expect that S.Y. Bancorp will post $1.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, December 31st. Shareholders of record on Monday, December 9th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Thursday, December 5th. This is a positive change from S.Y. Bancorp’s previous quarterly dividend of $0.20.
S.Y. Bancorp, Inc (NASDAQ:SYBT) is a bank holding company of Stock Yards Bank & Trust Company (the Bank).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.