David P. Heintzman, a director at Stock Yards Bancorp, Inc. (NASDAQ:SYBT), reported the sale of 10,000 shares of the company's common stock. The transaction, which took place on November 15, 2024, was executed at a price of $73.08 per share, amounting to a total value of $730,800. Following this sale, Heintzman holds 87,070 shares indirectly through a family gift trust, with an additional 21,150 shares owned directly.
In addition to the non-derivative transactions, Heintzman also maintains a position in derivative securities, specifically stock appreciation rights, which entitle him to 12,883 shares of common stock. These rights have an exercise price of $35.90 and are set to expire on February 20, 2028.
This transaction was filed with the Securities and Exchange Commission on November 18, 2024, and was signed by Donna Cleek under a power of attorney.
In other recent news, financial services firms Piper Sandler and Stephens have revised their stock price targets for SY Bancorp, citing strong performance and future growth prospects. Piper Sandler raised its target to $69.00, maintaining a Neutral rating, while Stephens increased its target to $70, maintaining an Overweight rating. These adjustments are based on SY Bancorp's robust third-quarter performance and the potential for superior operating leverage in the upcoming year, driven by factors like mid-single-digit organic balance sheet growth and net interest margin expansion.
Piper Sandler also raised its earnings per share estimates for SY Bancorp for the fourth quarter of 2024 and full-year 2025, reflecting expectations of higher net interest income and balance sheet growth. Meanwhile, Stephens highlighted SY Bancorp's consistent financial performance, potential for sustained growth, and strong track record in mergers and acquisitions.
In other developments, SY Bancorp has increased its quarterly cash dividend to $0.31 per share, demonstrating its commitment to shareholder value. This decision was enabled by the company's consistent profitability and solid capital position. These recent developments provide investors with insights into SY Bancorp's financial health and future prospects.
InvestingPro Insights
Stock Yards Bancorp, Inc. (NASDAQ:SYBT) has been demonstrating strong financial performance, which may provide context for Director David P. Heintzman's recent stock sale. According to InvestingPro data, the company boasts a market capitalization of $2.19 billion and a P/E ratio of 20.19, indicating investor confidence in its earnings potential.
InvestingPro Tips reveal that SYBT has raised its dividend for 14 consecutive years and has maintained dividend payments for an impressive 36 consecutive years. This consistent dividend history underscores the company's financial stability and commitment to shareholder returns. The current dividend yield stands at 1.69%, with a dividend growth rate of 3.33% over the last twelve months.
The company's stock has shown remarkable performance, with a 61.3% total return over the past year and a substantial 49.61% return in the last six months. This strong price momentum aligns with the InvestingPro Tip highlighting SYBT's high return over the last year and large price uptick over the last six months.
It's worth noting that 5 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for SYBT's future performance. The company's profitability is also emphasized by an InvestingPro Tip indicating that SYBT has been profitable over the last twelve months, with a healthy operating income margin of 43.5%.
For investors seeking more comprehensive insights, InvestingPro offers 11 additional tips on Stock Yards Bancorp, providing a deeper analysis of the company's financial health and market position.
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