NasdaqGS:SYBT

Stock Analysis Report

Executive Summary

Stock Yards Bancorp, Inc. operates as the holding company for Stock Yards Bank & Trust Company that provides commercial and personal banking services in Louisville, Indianapolis, and Cincinnati.

Rewards

Trading at 28.8% below its fair value

Earnings grew by 39.9% over the past year

Pays a high and reliable dividend of 2.67%

Risk Analysis

Earnings are forecast to decline by an average of -1.4% per year for the next 3 years

Significant insider selling over the past 3 months



Snowflake Analysis

Flawless balance sheet with solid track record and pays a dividend.


Similar Companies

Share Price & News

How has Stock Yards Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SYBT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.6%

SYBT

-3.0%

US Banks

-1.3%

US Market


1 Year Return

12.5%

SYBT

11.8%

US Banks

22.0%

US Market

Return vs Industry: SYBT underperformed the US Banks industry which returned 14.7% over the past year.

Return vs Market: SYBT underperformed the US Market which returned 24.7% over the past year.


Shareholder returns

SYBTIndustryMarket
7 Day-2.6%-3.0%-1.3%
30 Day-4.6%-4.7%1.8%
90 Day0.5%2.7%9.3%
1 Year15.7%12.5%15.0%11.8%24.6%22.0%
3 Year-5.7%-12.7%26.9%17.9%49.2%39.6%
5 Year119.1%93.0%86.3%65.4%77.9%58.3%

Price Volatility Vs. Market

How volatile is Stock Yards Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Stock Yards Bancorp undervalued compared to its fair value and its price relative to the market?

29.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SYBT ($40.5) is trading below our estimate of fair value ($56.92)

Significantly Below Fair Value: SYBT is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: SYBT is poor value based on its PE Ratio (14.3x) compared to the Banks industry average (12.8x).

PE vs Market: SYBT is good value based on its PE Ratio (14.3x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: SYBT's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: SYBT is overvalued based on its PB Ratio (2.3x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Stock Yards Bancorp forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-1.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SYBT's earnings are forecast to decline over the next 3 years (-1.4% per year).

Earnings vs Market: SYBT's earnings are forecast to decline over the next 3 years (-1.4% per year).

High Growth Earnings: SYBT's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SYBT's revenue (4.1% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: SYBT's revenue (4.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SYBT's Return on Equity is forecast to be low in 3 years time (14.2%).


Next Steps

Past Performance

How has Stock Yards Bancorp performed over the past 5 years?

11.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SYBT has high quality earnings.

Growing Profit Margin: SYBT's current net profit margins (38.3%) are higher than last year (31%).


Past Earnings Growth Analysis

Earnings Trend: SYBT's earnings have grown by 11.6% per year over the past 5 years.

Accelerating Growth: SYBT's earnings growth over the past year (39.9%) exceeds its 5-year average (11.6% per year).

Earnings vs Industry: SYBT earnings growth over the past year (39.9%) exceeded the Banks industry 27.1%.


Return on Equity

High ROE: SYBT's Return on Equity (16.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Stock Yards Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: SYBT has a low level of unsold assets or inventory.

Debt Coverage by Assets: SYBT's debt is covered by short term assets (assets are 1.1x debt).


Financial Institutions Analysis

Asset Level: SYBT's level of assets compared to its equity is low.

Allowance for Bad Loans: SYBT has a sufficient allowance for bad loans.

Low Risk Liabilities: SYBT's liabilities are made up of primarily low risk sources of funding.

Loan Level: SYBT has an acceptable proportion of non-loan assets held.

Low Risk Deposits: SYBT's loans are broadly funded by customer deposits.

Level of Bad Loans: SYBT has an appropriate level of bad loans (0.11%)


Next Steps

Dividend

What is Stock Yards Bancorp's current dividend yield, its reliability and sustainability?

2.73%

Current Dividend Yield


Dividend Yield vs Market

company2.7%marketbottom25%1.4%markettop25%3.7%industryaverage2.9%forecastin3Years2.8%

Current dividend yield vs market & industry

Notable Dividend: SYBT's dividend (2.67%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: SYBT's dividend (2.67%) is low compared to the top 25% of dividend payers in the US market (3.66%).


Stability and Growth of Payments

Stable Dividend: SYBT's dividends per share have been stable in the past 10 years.

Growing Dividend: SYBT's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (36%), SYBT's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SYBT's dividends in 3 years are forecast to be well covered by earnings (41.2% payout ratio).


Next Steps

Management

What is the CEO of Stock Yards Bancorp's salary, the management and board of directors tenure and is there insider trading?

3.4yrs

Average management tenure


CEO

Ja Hillebrand (51yo)

1.3yrs

Tenure

US$1,193,589

Compensation

Mr. James A. Hillebrand, also known as Ja, has been the Chief Executive Officer of Stock Yards Bancorp, Inc. and its subsidiary, Stock Yards Bank & Trust Company since October 1, 2018. Mr. Hillebrand serve ...


CEO Compensation Analysis

Compensation vs Market: Ja's total compensation ($USD1.19M) is below average for companies of similar size in the US market ($USD2.53M).

Compensation vs Earnings: Ja's compensation has increased by more than 20% in the past year.


Management Age and Tenure

3.4yrs

Average Tenure

53yo

Average Age

Experienced Management: SYBT's management team is considered experienced (3.4 years average tenure).


Board Age and Tenure

12.1yrs

Average Tenure

60.5yo

Average Age

Experienced Board: SYBT's board of directors are seasoned and experienced ( 12.1 years average tenure).


Insider Trading

Insider Buying: SYBT insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

BuyUS$93007 Jan 20
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares22.82
Max PriceUS$40.75
BuyUS$93007 Jan 20
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares22.82
Max PriceUS$40.75
BuyUS$93007 Jan 20
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares22.82
Max PriceUS$40.75
BuyUS$93007 Jan 20
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares22.82
Max PriceUS$40.75
BuyUS$93007 Jan 20
Richard Lechleiter
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares22.82
Max PriceUS$40.75
BuyUS$93007 Jan 20
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares22.82
Max PriceUS$40.75
BuyUS$5,35027 Dec 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares129.7
Max PriceUS$41.25
BuyUS$2,30027 Dec 19
John Schutte
EntityIndividual
Shares55.76
Max PriceUS$41.25
BuyUS$6,22527 Dec 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares150.91
Max PriceUS$41.25
BuyUS$2,52527 Dec 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares61.21
Max PriceUS$41.25
BuyUS$4,35027 Dec 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares105.46
Max PriceUS$41.25
BuyUS$1,55027 Dec 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares37.58
Max PriceUS$41.25
BuyUS$3,10027 Dec 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares75.15
Max PriceUS$41.25
SellUS$82,80027 Nov 19
David Heintzman
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,000
Max PriceUS$41.40
SellUS$25,48125 Nov 19
Kathy Thompson
EntityIndividual
Role
Member of the Board of Directors
Senior EVP & Director
Shares625
Max PriceUS$40.77
BuyUS$3,92522 Nov 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares96.56
Max PriceUS$40.65
BuyUS$5,12522 Nov 19
John Schutte
EntityIndividual
Shares126.08
Max PriceUS$40.65
BuyUS$3,92522 Nov 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares96.56
Max PriceUS$40.65
BuyUS$2,16222 Nov 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares53.2
Max PriceUS$40.65
BuyUS$3,12522 Nov 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares76.88
Max PriceUS$40.65
BuyUS$3,12522 Nov 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares76.88
Max PriceUS$40.65
BuyUS$1,56322 Nov 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares38.44
Max PriceUS$40.65
SellUS$50,09821 Nov 19
Michael Rehm
EntityIndividual
Role
Other Key Executive
Executive VP & Chief Lending Officer
Shares1,250
Max PriceUS$40.08
SellUS$77,00219 Nov 19
William Dishman
EntityIndividual
Role
Senior Key Executive
Executive VP & Chief Risk Officer of Stock Yards Bank & Trust Company
Shares1,906
Max PriceUS$40.40
SellUS$102,15428 Oct 19
Kathy Thompson
EntityIndividual
Role
Member of the Board of Directors
Senior EVP & Director
Shares2,600
Max PriceUS$39.29
BuyUS$4,02518 Oct 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares109.49
Max PriceUS$36.76
BuyUS$2,16318 Oct 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares58.83
Max PriceUS$36.76
BuyUS$1,56218 Oct 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares42.51
Max PriceUS$36.76
BuyUS$4,32518 Oct 19
John Schutte
EntityIndividual
Shares117.66
Max PriceUS$36.76
BuyUS$3,12518 Oct 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares85.01
Max PriceUS$36.76
BuyUS$4,02518 Oct 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares109.49
Max PriceUS$36.76
BuyUS$4,02518 Oct 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares109.49
Max PriceUS$36.76
SellUS$122,87226 Sep 19
William Dishman
EntityIndividual
Role
Senior Key Executive
Executive VP & Chief Risk Officer of Stock Yards Bank & Trust Company
Shares3,300
Max PriceUS$37.23
BuyUS$5,35023 Sep 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares142.29
Max PriceUS$37.60
BuyUS$2,30023 Sep 19
John Schutte
EntityIndividual
Shares61.17
Max PriceUS$37.60
BuyUS$6,22523 Sep 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares165.56
Max PriceUS$37.60
BuyUS$2,12523 Sep 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares56.52
Max PriceUS$37.60
BuyUS$2,75023 Sep 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares73.14
Max PriceUS$37.60
BuyUS$2,30023 Sep 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares61.17
Max PriceUS$37.60
BuyUS$1,15023 Sep 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares30.59
Max PriceUS$37.60
SellUS$93,63217 Sep 19
Philip Poindexter
EntityIndividual
Role
President
President
Shares2,464
Max PriceUS$38.00
SellUS$36,94713 Sep 19
Michael Croce
EntityIndividual
Role
Senior Key Executive
Executive VP & Director of Retail Banking of Stock Yards Bank & Trust Company
Shares970
Max PriceUS$38.09
SellUS$85,77812 Sep 19
David Heintzman
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,278
Max PriceUS$37.66
SellUS$151,70426 Aug 19
Kathy Thompson
EntityIndividual
Role
Member of the Board of Directors
Senior EVP & Director
Shares4,200
Max PriceUS$36.12
BuyUS$4,02522 Aug 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares111.4
Max PriceUS$36.13
BuyUS$3,12522 Aug 19
John Schutte
EntityIndividual
Shares86.49
Max PriceUS$36.13
BuyUS$3,12522 Aug 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares86.49
Max PriceUS$36.13
BuyUS$1,56322 Aug 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares43.25
Max PriceUS$36.13
BuyUS$4,02522 Aug 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares111.4
Max PriceUS$36.13
BuyUS$1,56322 Aug 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares43.25
Max PriceUS$36.13
BuyUS$4,02522 Aug 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares111.4
Max PriceUS$36.13
SellUS$73,24019 Aug 19
David Heintzman
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,000
Max PriceUS$36.62
SellUS$100,15616 Aug 19
Kathy Thompson
EntityIndividual
Role
Member of the Board of Directors
Senior EVP & Director
Shares2,800
Max PriceUS$35.77
BuyUS$3,92523 Jul 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares113.08
Max PriceUS$34.71
BuyUS$3,92523 Jul 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares113.08
Max PriceUS$34.71
BuyUS$5,12523 Jul 19
John Schutte
EntityIndividual
Shares147.65
Max PriceUS$34.71
BuyUS$3,92523 Jul 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares113.08
Max PriceUS$34.71
BuyUS$2,56323 Jul 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares73.83
Max PriceUS$34.71
BuyUS$2,36323 Jul 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares68.06
Max PriceUS$34.71
BuyUS$3,92523 Jul 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares113.08
Max PriceUS$34.71
SellUS$203,11627 Jun 19
Kathy Thompson
EntityIndividual
Role
Member of the Board of Directors
Senior EVP & Director
Shares5,800
Max PriceUS$35.31
BuyUS$4,65024 Jun 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares134.51
Max PriceUS$34.57
BuyUS$1,50024 Jun 19
John Schutte
EntityIndividual
Shares43.39
Max PriceUS$34.57
BuyUS$4,62524 Jun 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares133.79
Max PriceUS$34.57
BuyUS$2,12524 Jun 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares61.47
Max PriceUS$34.57
BuyUS$3,20024 Jun 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares92.57
Max PriceUS$34.57
BuyUS$1,15024 Jun 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares33.27
Max PriceUS$34.57
BuyUS$3,20024 Jun 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares92.57
Max PriceUS$34.57
SellUS$90,03721 Jun 19
Kathy Thompson
EntityIndividual
Role
Member of the Board of Directors
Senior EVP & Director
Shares2,609
Max PriceUS$34.51
SellUS$68,69511 Jun 19
William Dishman
EntityIndividual
Role
Senior Key Executive
Executive VP & Chief Risk Officer of Stock Yards Bank & Trust Company
Shares2,000
Max PriceUS$34.35
SellUS$51,06006 Jun 19
Kathy Thompson
EntityIndividual
Role
Member of the Board of Directors
Senior EVP & Director
Shares1,500
Max PriceUS$34.04
BuyUS$3,12524 May 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares89.95
Max PriceUS$34.74
BuyUS$3,12524 May 19
John Schutte
EntityIndividual
Shares89.95
Max PriceUS$34.74
BuyUS$3,12524 May 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares89.95
Max PriceUS$34.74
BuyUS$1,56324 May 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares44.98
Max PriceUS$34.74
BuyUS$3,12524 May 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares89.95
Max PriceUS$34.74
BuyUS$1,56324 May 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares44.98
Max PriceUS$34.74
BuyUS$3,12524 May 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares89.95
Max PriceUS$34.74
SellUS$202,64407 May 19
David Heintzman
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares5,685.86
Max PriceUS$35.64
BuyUS$4,02502 May 19
Paul Bickel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares117.18
Max PriceUS$34.35
BuyUS$1,56302 May 19
J. Brown
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares45.49
Max PriceUS$34.35
BuyUS$1,70002 May 19
Charles Edinger
EntityIndividual
Shares49.49
Max PriceUS$34.35
BuyUS$4,02502 May 19
Donna Heitzman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares117.18
Max PriceUS$34.35
BuyUS$2,16302 May 19
Carl Herde
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares62.96
Max PriceUS$34.35
BuyUS$1,70002 May 19
Richard Northern
EntityIndividual
Shares49.49
Max PriceUS$34.35
BuyUS$3,92502 May 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares114.27
Max PriceUS$34.35
BuyUS$4,32502 May 19
John Schutte
EntityIndividual
Shares125.91
Max PriceUS$34.35
BuyUS$4,02502 May 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares117.18
Max PriceUS$34.35
SellUS$150,01702 May 19
David Heintzman
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares4,322
Max PriceUS$34.71
BuyUS$4,65027 Mar 19
Norman Tasman
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares144.77
Max PriceUS$32.12
BuyUS$3,38026 Mar 19
Richard Lechleiter
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares100
Max PriceUS$33.80
BuyUS$1,50025 Mar 19
John Schutte
EntityIndividual
Shares46.7
Max PriceUS$32.12
BuyUS$4,62525 Mar 19
Stephen Priebe
EntityIndividual
Role
Lead Director
Lead Independent Director
Shares143.99
Max PriceUS$32.12
BuyUS$2,40025 Mar 19
Richard Northern
EntityIndividual
Shares74.72
Max PriceUS$32.12
BuyUS$2,12525 Mar 19
Carl Herde