Stock Yards Bancorp (SYBT) AI Stock Analysis

• Market Cap: $2.00B
• Dividend Yield: 1.88%
• Average Volume (3M): 165.40K
• Price to Earnings (P/E): 14.1
• Beta (1Y): 0.95
• Revenue Growth: 11.74%
• EPS Growth: 26.27%
• Country: US
• Employees: 1,089
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 1.24
• Shares Outstanding: 29,478,930
• 10 Day Avg. Volume: 172,029
• 30 Day Avg. Volume: 165,399
• PEG Ratio: 3.07
• Price to Book (P/B): 2.23
• Price to Sales (P/S): 4.19
• P/FCF Ratio: 15.77
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 3.65
• Enterprise Value/Gross Profit: 5.35
• Enterprise Value/Ebitda: 11.31
• 1Y Price Target: $75.00
• Price Target Upside: 12.04% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: $76.00 ▲(13.53% Upside)

The score is driven primarily by strong underlying financial performance (high margins, low leverage, solid ROE) and a positive, potentially accretive merger announcement. Valuation appears reasonable, while technical signals are neutral and the stock remains below its 200-day average. Cash-flow softness (TTM FCF growth decline) and earnings concentration in Commercial Banking are the main watch items.

Positive Factors

High Profitability & Margins

Sustained high net and EBIT margins reflect pricing power and operational efficiency that persist beyond quarterly cycles. These margins support robust internal capital generation for lending, dividends, and reinvestment, helping the franchise absorb credit cycles and fund strategic initiatives.

Conservative Balance Sheet

Low leverage and a mid-teens ROE indicate prudent capital management and efficient use of equity. This balance sheet strength increases financial flexibility for underwriting, organic growth, or M&A, and reduces vulnerability to funding stress or regulatory capital pressures over the medium term.

Accretive, Strategic Acquisition

The Field & Main all-stock deal expands Stock Yards' Western Kentucky and Evansville footprint and scale (~$10.4B assets) while projected EPS accretion and minimal tangible book dilution suggest immediate earnings leverage. Scale and market density can sustainably lower per-unit costs and deepen customer relationships.

Negative Factors

Falling Free Cash Flow Growth

A meaningful decline in FCF growth reduces internal funding capacity for lending, dividends, and strategic investments. Even with healthy FCF-to-net-income ratios, a persistent downtrend limits financial flexibility, heightens sensitivity to funding shocks, and can constrain long-term capital deployment.

Earnings Concentration in Commercial Banking

Heavy reliance on commercial banking income concentrates credit and interest-rate exposure in one segment and region. This concentration raises susceptibility to local economic downturns or CRE cycle corrections, which could quickly impair net interest income, asset quality, and medium-term earnings stability.

Declining Gross Margin

A falling gross margin suggests rising funding or operating costs or competitive pricing pressure. If persistent, this erodes operating leverage and compresses net profitability, reducing the bank's ability to build capital, sustain dividends, or absorb higher credit costs over a multi-quarter horizon.

Stock Yards Bancorp Business Overview & Revenue Model

Company Description

Stock Yards Bancorp, Inc. operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T. The Commercial Banking segment offers mortgage banking and deposit services; retail, commercial, and commercial real estate lending services; and online banking, mobile banking, private banking, leasing, treasury management, merchant, international banking, correspondent banking, and other banking services. This segment also provides securities brokerage services through an arrangement with a third party broker-dealer. The WM&T segment provides investment management, financial and retirement planning, and trust and estate services, as well as retirement plan management for businesses and corporations. The company operates through 73 full service banking center locations in Louisville, central, eastern and northern Kentucky, as well as Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets. Stock Yards Bancorp, Inc. was founded in 1904 and is headquartered in Louisville, Kentucky.

How the Company Makes Money

Stock Yards Bancorp generates revenue through several key streams, primarily from interest income earned on loans and investments. The company primarily provides commercial and residential loans, including mortgages, consumer loans, and business loans, which contribute significantly to its interest income. Additionally, SYBT earns non-interest income from various services, including wealth management, trust services, fees from credit and debit card transactions, and other banking fees. The bank also benefits from its strong focus on personalized customer service, which helps cultivate customer loyalty and drive repeat business. Partnerships with local businesses and community organizations further enhance its market presence, leading to increased customer acquisition and retention.

Stock Yards Bancorp Financial Statement Overview

Summary

Strong profitability (net margin 25.81%, EBIT margin 32.34%) and steady revenue growth support a high score, reinforced by low leverage (D/E 0.39) and solid ROE (13.85%). Offsetting factors include declining gross margin and a TTM decline in free cash flow growth (-13.31%). KPI insights show Commercial Banking driving most of the earnings momentum, which supports near-term results but increases concentration sensitivity to credit/loan-cycle conditions.

Income Statement

Stock Yards Bancorp demonstrates strong revenue growth with a TTM increase of 2.64% and consistent profitability, as evidenced by a solid net profit margin of 25.81% and an EBIT margin of 32.34%. However, there is a noticeable decline in gross profit margin from previous years, indicating potential cost pressures.

Balance Sheet

The company maintains a healthy balance sheet with a low debt-to-equity ratio of 0.39 in the TTM period, reflecting prudent financial management. Return on equity is robust at 13.85%, showcasing effective use of equity capital. However, the equity ratio has slightly decreased, suggesting increased leverage over time.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth by 13.31% in the TTM period, which could be a concern. Despite this, the operating cash flow to net income ratio is exceptionally high, indicating strong cash generation relative to earnings. The free cash flow to net income ratio remains healthy at 82.69%.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	546.47M	500.95M	432.46M	330.55M	238.51M	197.16M
Gross Profit	373.03M	335.38M	319.31M	302.02M	233.26M	166.80M
EBITDA	176.36M	157.72M	159.87M	141.14M	106.73M	77.49M
Net Income	135.23M	114.54M	107.75M	92.97M	74.64M	58.87M
Balance Sheet
Total Assets	9.31B	8.86B	8.17B	7.50B	6.65B	4.61B
Cash, Cash Equivalents and Short-Term Investments	821.88M	1.07B	1.13B	1.23B	1.24B	630.16M
Total Debt	406.68M	496.30M	392.58M	218.47M	85.84M	91.08M
Total Liabilities	8.27B	7.92B	7.31B	6.74B	5.97B	4.17B
Stockholders Equity	1.04B	940.48M	858.10M	760.43M	675.87M	440.70M
Cash Flow
Free Cash Flow	122.14M	133.02M	98.97M	90.30M	97.52M	71.67M
Operating Cash Flow	132.87M	142.87M	106.70M	108.74M	102.10M	77.13M
Investing Cash Flow	-406.02M	-677.06M	-424.05M	-384.43M	-78.87M	-804.72M
Financing Cash Flow	776.37M	559.25M	415.94M	-518.14M	620.02M	795.81M

Stock Yards Bancorp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 66.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SYBT, the sentiment is Negative. The current price of 66.94 is below the 20-day moving average (MA) of 67.56, below the 50-day MA of 67.02, and below the 200-day MA of 71.82, indicating a bearish trend. The MACD of 0.28 indicates Positive momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 18.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SYBT.

Stock Yards Bancorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NBTB	77 Outperform	$2.32B	13.25	8.87%	3.33%	11.63%	5.58%
CUBI	75 Outperform	$2.61B	12.73	11.34%	―	-0.37%	-20.30%
SYBT	74 Outperform	$2.00B	14.09	13.69%	1.88%	11.74%	26.27%
FBNC	74 Outperform	$2.40B	21.67	6.39%	1.69%	-5.72%	-3.86%
BANR	71 Outperform	$2.11B	10.94	10.28%	2.97%	6.98%	15.08%
EFSC	70 Outperform	$2.12B	10.69	10.25%	2.20%	6.59%	9.36%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Stock Yards Bancorp Corporate Events

Stock Yards Bancorp announces all-stock Field & Main merger

On January 27, 2026, Stock Yards Bancorp entered into a definitive all-stock merger agreement to acquire Field & Main Bancorp, in a transaction valued at about $105.7 million that will see Field & Main shareholders receive 0.6550 shares of Stock Yards common stock for each Field & Main share. The deal, expected to close in the second quarter of 2026 subject to shareholder and regulatory approvals, will ultimately combine Field & Main Bank into Stock Yards Bank & Trust Company, expand Stock Yards’ footprint into the attractive Western Kentucky corridor and Evansville, Indiana, and create a franchise with roughly $10.4 billion in assets, $7.9 billion in gross loans, $8.6 billion in deposits and $8.4 billion in trust assets; management projects the transaction to be 5.7% accretive to earnings per share with minimal tangible book value dilution and expects Field & Main CEO Scott P. Davis to join the Stock Yards boards, signaling both strategic scale and continuity for customers and employees in the affected markets.

The most recent analyst rating on (SYBT) stock is a Hold with a $75.00 price target. To see the full list of analyst forecasts on Stock Yards Bancorp stock, see the SYBT Stock Forecast page.