David P. Heintzman, a director at Stock Yards Bancorp, Inc. (NASDAQ:SYBT), recently sold 8,000 shares of the company's common stock. The shares were sold at an average price of $76.7531, totaling approximately $614,024. Following this transaction, Heintzman holds 22,150 shares directly. Additionally, a separate transaction involved gifting 1,000 shares to a charitable organization, which did not involve any cash consideration. After these transactions, Heintzman retains ownership of 97,070 shares in a family gift trust.
In other recent news, financial services firms Piper Sandler and Stephens have adjusted their outlooks for SY Bancorp, citing strong third-quarter performance and potential for future growth. Piper Sandler raised its stock price target for SY Bancorp to $69.00, up from $65.50, while maintaining a Neutral rating. The firm's new earnings per share (EPS) estimates for SY Bancorp for the fourth quarter of 2024 and full-year 2025 are $1.01 and $4.05, respectively, reflecting expectations of higher net interest income, net interest margin, and balance sheet growth.
On the other hand, Stephens increased its stock price target for SY Bancorp to $70, maintaining an Overweight rating. The firm highlighted SY Bancorp's consistent financial performance and potential for sustained growth, supported by both organic market opportunities and mergers and acquisitions.
In terms of company developments, SY Bancorp recently increased its quarterly cash dividend to $0.31 per share, demonstrating its commitment to shareholder value. This move was enabled by the company's consistent profitability and a solid capital position. These are some of the recent developments that have shaped the outlook for SY Bancorp.
InvestingPro Insights
David P. Heintzman's recent sale of Stock Yards Bancorp shares comes at a time when the company's stock is trading near its 52-week high, with a price that is 96.92% of its peak. This aligns with an InvestingPro Tip indicating that SYBT has been experiencing a strong return over the last month, with a 18.53% price total return in the past 30 days.
The company's financial health appears robust, with InvestingPro Data showing a market capitalization of $2.22 billion and a P/E ratio of 20.54. This valuation is supported by solid fundamentals, including an operating income margin of 43.5% for the last twelve months as of Q3 2024.
Investors may find comfort in SYBT's dividend history. An InvestingPro Tip highlights that the company has raised its dividend for 14 consecutive years and has maintained dividend payments for 36 consecutive years. The current dividend yield stands at 1.64%, with a 3.33% dividend growth rate over the last twelve months.
For those considering SYBT's long-term performance, another InvestingPro Tip notes the company's high return over the last decade. This is reflected in the impressive 75.5% price total return over the past year.
These insights are just a sample of the valuable information available on InvestingPro. The platform offers 12 additional tips for SYBT, providing a comprehensive view for investors looking to deepen their analysis of Stock Yards Bancorp.
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