Corebridge Financial Inc. Trims Holdings in Stock Yards Bancorp, Inc. $SYBT

Corebridge Financial Inc. decreased its stake in shares of Stock Yards Bancorp, Inc. (NASDAQ:SYBT) by 1.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,546 shares of the bank’s stock after selling 186 shares during the quarter. Corebridge Financial Inc.’s holdings in Stock Yards Bancorp were worth $866,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SYBT. Tower Research Capital LLC TRC lifted its position in Stock Yards Bancorp by 18.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,537 shares of the bank’s stock worth $110,000 after buying an additional 234 shares in the last quarter. KBC Group NV purchased a new stake in Stock Yards Bancorp in the first quarter valued at $114,000. Johnson Investment Counsel Inc. purchased a new stake in Stock Yards Bancorp in the first quarter valued at $223,000. Quantbot Technologies LP lifted its stake in shares of Stock Yards Bancorp by 132.8% in the 1st quarter. Quantbot Technologies LP now owns 4,070 shares of the bank’s stock valued at $281,000 after purchasing an additional 2,322 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Stock Yards Bancorp during the 1st quarter worth $296,000. Hedge funds and other institutional investors own 56.46% of the company’s stock.

Insider Transactions at Stock Yards Bancorp

In related news, EVP William Dishman sold 2,802 shares of the business’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $78.10, for a total value of $218,836.20. Following the sale, the executive vice president owned 31,594 shares in the company, valued at approximately $2,467,491.40. The trade was a 8.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Croce sold 4,100 shares of the business’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $77.06, for a total value of $315,946.00. Following the transaction, the executive vice president directly owned 24,600 shares of the company’s stock, valued at $1,895,676. The trade was a 14.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,064 shares of company stock worth $1,026,920 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on SYBT shares. Piper Sandler boosted their price objective on shares of Stock Yards Bancorp from $81.00 to $86.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods boosted their price objective on shares of Stock Yards Bancorp from $80.00 to $85.00 and gave the company a “market perform” rating in a report on Thursday, July 24th. Finally, Wall Street Zen lowered shares of Stock Yards Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 23rd. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $79.75.

Stock Yards Bancorp Price Performance

SYBT stock opened at $79.36 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.34 billion, a PE ratio of 18.24 and a beta of 0.73. Stock Yards Bancorp, Inc. has a 12-month low of $56.35 and a 12-month high of $83.83. The business’s fifty day moving average price is $78.35 and its 200 day moving average price is $74.15.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.10. The firm had revenue of $97.91 million for the quarter, compared to the consensus estimate of $95.32 million. Stock Yards Bancorp had a return on equity of 13.31% and a net margin of 23.86%. On average, sell-side analysts anticipate that Stock Yards Bancorp, Inc. will post 4.16 EPS for the current year.

Stock Yards Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.32 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 1.6%. This is a boost from Stock Yards Bancorp’s previous quarterly dividend of $0.31. Stock Yards Bancorp’s dividend payout ratio (DPR) is presently 28.51%.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T. The Commercial Banking segment offers a range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking, and other banking services.