Michael Rehm, Executive Vice President of Stock Yards Bancorp, Inc. (NASDAQ:SYBT), has reported the sale of 2,650 shares of the company's common stock. The shares were sold at an average price of $74.813 per share, amounting to a total transaction value of $198,254. Following this transaction, Rehm holds 16,927 shares directly.
In other recent news, financial services firms Piper Sandler and Stephens have revised their stock price targets for SY Bancorp. Piper Sandler increased its target from $65.50 to $69.00, maintaining a Neutral rating, while Stephens raised its target to $70, upholding an Overweight rating. These changes were influenced by SY Bancorp's strong third-quarter performance and promising outlook for the upcoming year, including anticipated net interest margin expansion and balance sheet growth.
Piper Sandler also adjusted its earnings per share estimates for SY Bancorp for the fourth quarter of 2024 and full year 2025, raising them to $1.01 and $4.05, respectively. This adjustment reflects expectations of higher net interest income and balance sheet growth. Additionally, the firm introduced a 2026 earnings per share estimate of $4.25.
On another note, SY Bancorp announced an increase in its quarterly cash dividend to $0.31 per share, demonstrating its commitment to shareholder value. This decision was supported by the company's consistent profitability and solid capital position.
Furthermore, the wealth management division of SY Bancorp, managing approximately $7.2 billion in assets, has been highlighted as a key revenue contributor. Lastly, SY Bancorp's prospects for sustained growth are underpinned by organic market opportunities and potential for mergers and acquisitions, according to Stephens. These are some of the recent developments concerning SY Bancorp.
InvestingPro Insights
As Michael Rehm, Executive Vice President of Stock Yards Bancorp, Inc. (NASDAQ:SYBT), sells a portion of his holdings, it's worth examining the company's recent performance and financial health to provide context for this insider transaction.
According to InvestingPro data, Stock Yards Bancorp boasts a market capitalization of $2.19 billion, reflecting its substantial presence in the banking sector. The company's P/E ratio stands at 20.39, suggesting investors are willing to pay a premium for its earnings potential. This valuation is further supported by the company's strong financial performance, with a revenue of $331.81 million in the last twelve months as of Q3 2023.
InvestingPro Tips highlight that Stock Yards Bancorp has raised its dividend for 15 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given that the company has maintained dividend payments for 36 consecutive years, a testament to its financial stability and shareholder-friendly policies. The current dividend yield is 1.69%, which may be attractive to income-focused investors.
The company's stock has shown remarkable performance, with a 62.97% total return over the past year and a 51.63% return over the last six months. This strong momentum is reflected in the stock trading at 95.77% of its 52-week high, indicating investor confidence in the company's prospects.
Analysts appear optimistic about Stock Yards Bancorp's future, with 5 analysts revising their earnings estimates upwards for the upcoming period. This positive sentiment aligns with the company's profitability over the last twelve months and analysts' predictions of continued profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Stock Yards Bancorp, providing a deeper dive into the company's financial health and market position.
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