Zacks Investment Research Downgrades Stock Yards Bancorp (SYBT) to Hold
Stock Yards Bancorp (NASDAQ:SYBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Stock Yards Bancorp Inc. is a bank holding company. Its main subsidiary is Stock Yards Bank & Trust Company. The company provides banking, trust, investment management, private banking, and brokerage services. It operates in and around Louisville, Indianapolis, and Cincinnati. Stock Yards Bancorp Inc. is headquartered in Louisville, Kentucky. “
A number of other research analysts have also issued reports on the company. BidaskClub lowered Stock Yards Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $40.00 price target on shares of Stock Yards Bancorp in a research report on Friday, January 26th.
In other news, insider Kathy C. Thompson sold 3,324 shares of the company’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $38.10, for a total value of $126,644.40. Following the completion of the sale, the insider now owns 40,440 shares in the company, valued at $1,540,764. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul J. Bickel III acquired 2,510 shares of the business’s stock in a transaction dated Tuesday, December 26th. The stock was purchased at an average price of $38.15 per share, with a total value of $95,756.50. Following the acquisition, the director now owns 4,250 shares of the company’s stock, valued at $162,137.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,671 shares of company stock valued at $102,008 in the last quarter. 6.20% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Stock Yards Bancorp in the third quarter valued at $118,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Stock Yards Bancorp in the fourth quarter valued at $206,000. GSA Capital Partners LLP acquired a new stake in shares of Stock Yards Bancorp in the third quarter valued at $233,000. Highbridge Capital Management LLC acquired a new stake in shares of Stock Yards Bancorp in the third quarter valued at $246,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Stock Yards Bancorp in the fourth quarter valued at $281,000. Institutional investors and hedge funds own 47.87% of the company’s stock.
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About Stock Yards Bancorp
Stock Yards Bancorp, Inc is the holding company for Stock Yards Bank & Trust Company (the Bank). The Bank is a state chartered bank. The Company operates through two segments: commercial banking, and wealth management and trust. The commercial banking segment provides a full range of loan and deposit products to individual consumers and businesses, plus origination of consumer mortgages and securities brokerage activity.
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