Citigroup Inc. Purchases 23,093 Shares of Stock Yards Bancorp, Inc. $SYBT

Citigroup Inc. increased its holdings in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 60.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,128 shares of the bank’s stock after acquiring an additional 23,093 shares during the period. Citigroup Inc.’s holdings in Stock Yards Bancorp were worth $4,278,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Huntington National Bank grew its stake in Stock Yards Bancorp by 1,405.6% in the 2nd quarter. Huntington National Bank now owns 1,084 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,012 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of Stock Yards Bancorp in the 3rd quarter worth about $92,000. Archer Investment Corp bought a new position in Stock Yards Bancorp during the second quarter valued at about $105,000. Sei Investments Co. purchased a new stake in Stock Yards Bancorp during the second quarter worth about $207,000. Finally, Atlanta Consulting Group Advisors LLC bought a new stake in Stock Yards Bancorp in the second quarter worth about $216,000. 56.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SYBT shares. Zacks Research raised shares of Stock Yards Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 2nd. Hovde Group increased their price objective on Stock Yards Bancorp from $73.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, January 29th. Wall Street Zen upgraded Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Piper Sandler reiterated a “neutral” rating and set a $76.00 price target (up from $75.00) on shares of Stock Yards Bancorp in a research note on Friday, January 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Stock Yards Bancorp in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $79.00.

Stock Yards Bancorp Stock Performance

Shares of SYBT opened at $66.19 on Thursday. Stock Yards Bancorp, Inc. has a 52-week low of $60.75 and a 52-week high of $83.83. The stock’s 50-day simple moving average is $67.66 and its 200 day simple moving average is $69.56. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 13.93 and a beta of 0.71.

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

Stock Yards Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, March 16th. Stock Yards Bancorp’s payout ratio is 26.95%.

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.