David P. Heintzman, a director at Stock Yards Bancorp, Inc. (NASDAQ:SYBT), recently sold 3,500 shares of the company’s common stock. The transaction, which took place on November 25, 2024, was executed at an average price of $78.10 per share, resulting in a total sale value of approximately $273,347.
In addition to the sale, Heintzman also exercised stock appreciation rights, acquiring 12,883 shares at a price of $35.90 per share. Following these transactions, Heintzman holds 21,411 shares of Stock Yards Bancorp directly.
In other recent news, financial services firms Piper Sandler and Stephens have both updated their positions on SY Bancorp. Piper Sandler raised its stock price target for SY Bancorp to $69.00, citing the company's robust third-quarter performance and potential for superior operating leverage in the upcoming year. The firm also adjusted its fourth-quarter 2024 and full-year 2025 earnings per share (EPS) estimates for SY Bancorp, raising them to $1.01 and $4.05, respectively.
Meanwhile, Stephens increased its stock price target for SY Bancorp to $70, highlighting the company's consistent financial performance and potential for sustained growth. The firm noted SY Bancorp's 8.7% increase in operating EPS and an 11.3% rise in pre-provision net revenue in the third quarter of 2024.
Both firms acknowledged SY Bancorp's disciplined cost management and low-to-mid-single-digit fee income growth as positive drivers. The analysts also recognized the significant contribution of SY Bancorp's wealth management division to its revenue. However, despite these positive developments, Piper Sandler maintained a neutral rating on the stock, citing the current premium multiples at which the shares are trading.
InvestingPro Insights
While David P. Heintzman's recent stock sale might raise eyebrows, a closer look at Stock Yards Bancorp's performance reveals a company with strong fundamentals and positive momentum. According to InvestingPro data, SYBT has a market capitalization of $2.29 billion and is trading near its 52-week high, with the stock price at 97.98% of its peak.
The bank's financial health appears robust, with a P/E ratio of 21.41, suggesting a reasonable valuation compared to its peers. Moreover, SYBT boasts an impressive operating income margin of 43.5% for the last twelve months, indicating efficient operations and strong profitability.
InvestingPro Tips highlight SYBT's commitment to shareholder returns. The company has raised its dividend for 15 consecutive years and maintained payments for 36 years, demonstrating a strong track record of rewarding investors. This is further supported by a current dividend yield of 1.6%, which, while modest, is backed by consistent growth.
The stock's performance has been particularly noteworthy, with a 71.7% total return over the past year and a substantial 67.7% return in just the last six months. This aligns with the InvestingPro Tip noting SYBT's strong returns across various timeframes, including the last month, three months, and decade.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for SYBT, providing a deeper understanding of the company's prospects and potential risks.
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