Stock Yards Bancorp, Inc. (NASDAQ:SYBT), a $2.27 billion market cap regional bank, recently saw activity from its Senior Vice President, Michael B. Newton, who sold 45 shares of the company's common stock on December 16. The shares were sold at $76.76 each, totaling approximately $3,454. The stock has shown remarkable strength, gaining over 65% in the past six months according to InvestingPro data. Following this transaction, Newton holds 2,927 shares, which includes shares acquired through automatic dividend reinvestment. InvestingPro analysis reveals the company has maintained dividend payments for 36 consecutive years, with 15 years of consecutive increases - a testament to its financial stability. The current dividend yield stands at 1.6%.
In other recent news, financial services firms Piper Sandler and Stephens have adjusted their stock price targets for SY Bancorp, reflecting the company's strong performance and growth prospects. Piper Sandler increased its target from $65.50 to $69.00, maintaining a neutral rating. This adjustment was based on SY Bancorp's robust third-quarter performance, with projections of mid-single-digit organic balance sheet growth and further net interest margin expansion. The firm also raised its earnings per share estimates for the fourth quarter of 2024 and full-year 2025.
Simultaneously, Stephens raised its target for SY Bancorp to $70, maintaining an Overweight rating. The firm highlighted SY Bancorp's consistent financial performance and potential for sustained growth, driven by both organic market opportunities and mergers and acquisitions. The company's third-quarter results showed an 8.7% increase in operating EPS and an 11.3% rise in pre-provision net revenue.
These recent developments reflect the ongoing activities at SY Bancorp, with an emphasis on profitability, revenue diversity, and shareholder value. Analysts have recognized the company's disciplined cost management and low-to-mid-single-digit fee income growth as positive drivers. However, it's important to note that these are analyst prognostications and should not be taken as a guarantee of future performance.
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