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Investing.com - Piper Sandler has raised its price target on SY Bancorp (NASDAQ:SYBT) to $86.00 from $81.00 while maintaining a Neutral rating on the stock. The stock, currently trading at $80.04, has demonstrated strong momentum with a 35% return over the past year.
The research firm cited SY Bancorp’s "impressive" second-quarter results, which showed 5% pre-provision net revenue upside driven by stronger operating leverage. The bank’s profitability metrics strengthened with a return on assets of 1.5% and return on tangible common equity of 20.4% in the second quarter. According to InvestingPro, the company maintains strong financial health with consistent dividend payments for 37 consecutive years and has raised dividends for 15 straight years.
Piper Sandler views SY Bancorp as an attractive long-term holding due to its superior organic balance sheet growth, core fee income prospects via market share gains, pristine credit profile, and outlook for continued top-decile profitability. The firm also noted that SY Bancorp is well-positioned to navigate the $10 billion asset threshold through merger and acquisition activity. InvestingPro data reveals the company’s strong revenue growth of 11.3% and healthy return on equity of 14%.
Despite these positive factors, Piper Sandler maintained its Neutral rating, indicating these strengths appear to be reflected in the current valuation. The firm stated it would become more constructive with a pullback in the shares’ relative multiples.
Piper Sandler raised its 2025 and 2026 earnings per share estimates by 6% and 7% to $4.65 and $4.80, respectively, reflecting the second-quarter upside as well as higher balance sheet growth and net interest margin starting points. The new $86 price target is based on 18.0 times the firm’s 2026 earnings estimate, representing a premium to high-performing peers at 15.2 times.
In other recent news, Stock Yards Bancorp reported financial results that exceeded expectations for the first quarter of 2025, with earnings per share and pre-provision net revenue surpassing analyst estimates. This positive performance led Stephens to raise the company’s stock target to $80, maintaining an Equal Weight rating. The company also announced the authorization of a new stock repurchase program, allowing for the buyback of up to one million shares, which represents approximately 3.4% of its outstanding shares. In addition, Stock Yards Bancorp has appointed BDO USA as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. Meanwhile, the company disclosed the upcoming retirement of board member David P. Heintzman, effective July 15, 2025, after 40 years of service. At its 2025 Annual Meeting of Shareholders, Stock Yards Bancorp elected its board of directors and approved executive compensation. The company also highlighted its strategic investment in wealth management and expansion efforts, including the opening of a new branch in the Indian market.
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