Stock Yards Bancorp (NASDAQ:SYBT) Sees Strong Trading Volume Following Insider Buying Activity

Stock Yards Bancorp, Inc. (NASDAQ:SYBT – Get Rating) saw unusually-high trading volume on Friday following insider buying activity. Approximately 47,364 shares were traded during trading, a decline of 40% from the previous session’s volume of 78,399 shares.The stock last traded at $53.08 and had previously closed at $54.63.

Specifically, Director Richard A. Lechleiter purchased 500 shares of the business’s stock in a transaction that occurred on Wednesday, March 15th. The shares were acquired at an average price of $52.71 per share, for a total transaction of $26,355.00. Following the completion of the purchase, the director now owns 3,663 shares in the company, valued at approximately $193,076.73. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director John Schutte purchased 750 shares of the company’s stock in a transaction dated Friday, January 27th. The shares were acquired at an average cost of $58.00 per share, for a total transaction of $43,500.00. Following the transaction, the director now owns 80,975 shares of the company’s stock, valued at $4,696,550. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard A. Lechleiter purchased 500 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were bought at an average price of $52.71 per share, for a total transaction of $26,355.00. Following the completion of the transaction, the director now directly owns 3,663 shares in the company, valued at approximately $193,076.73. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 2,830 shares of company stock worth $158,205. 4.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SYBT has been the subject of a number of recent analyst reports. Piper Sandler lowered Stock Yards Bancorp from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $75.00 to $73.00 in a report on Wednesday, December 14th. StockNews.com initiated coverage on Stock Yards Bancorp in a research note on Thursday. They set a “sell” rating for the company.

Stock Yards Bancorp Price Performance

The business has a 50-day moving average price of $59.09 and a 200 day moving average price of $66.26. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 16.44 and a beta of 0.69. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.10.

Stock Yards Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Monday, March 20th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Friday, March 17th. Stock Yards Bancorp’s dividend payout ratio is currently 36.48%.

Institutional Investors Weigh In On Stock Yards Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in SYBT. Alliancebernstein L.P. grew its position in Stock Yards Bancorp by 11.9% during the fourth quarter. Alliancebernstein L.P. now owns 31,014 shares of the bank’s stock worth $2,015,000 after buying an additional 3,300 shares in the last quarter. CI Private Wealth LLC bought a new position in Stock Yards Bancorp during the fourth quarter worth about $238,000. Jane Street Group LLC bought a new position in Stock Yards Bancorp during the fourth quarter worth about $298,000. Millennium Management LLC bought a new position in Stock Yards Bancorp during the fourth quarter worth about $230,000. Finally, Money Concepts Capital Corp lifted its stake in Stock Yards Bancorp by 298.8% during the fourth quarter. Money Concepts Capital Corp now owns 33,180 shares of the bank’s stock worth $2,156,000 after purchasing an additional 24,860 shares during the period. 51.35% of the stock is owned by institutional investors and hedge funds.

Stock Yards Bancorp Company Profile

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Stock Yards Bancorp, Inc is a holding company, which engages in the provision of commercial and personal banking services. It operates through the following segments: Commercial Banking and Wealth Management and Trust. The Commercial Banking segment includes mortgage banking and investment products sales activity.