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Stock Yards Bancorp

SYBT on Nasdaq. Stock Yards Bancorp sells banking services to people and businesses in Kentucky, Indiana, Ohio. Market value $2.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
13.3%five-year median

Yearly profit per dollar of owners' money: 13 cents. Above 10 is good.

Price to book
quarterly report to June 2026
1.9×

What you pay for each dollar of net assets: $1.92.

Earnings yield
past 12 months to June 2026
6.2%

Profit per $100 you pay: $6.24.

Quality score: 96 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.

$77.07 a share, 25% above its 1-year low

Over the past year the price has ranged from $61.51 to $89.22.

Dividend: 1.5% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.03bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 6% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Profit: $40 million, up 18% on a year ago.
  • Spare cash over the past 12 months: $147 million, up from $141 million.
  • 4% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$29m
December 2024$32m
March 2025$33m
June 2025$34m
September 2025$36m
December 2025$37m
March 2026$37m
June 2026$40m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

None of the long-term investors we follow own it. 246 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • 8.5%+3.4 pts
    Since 30 June 2026
  • at least 5.4%+1.6 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Darrell R. Wells
    at least 4.8%
    (filed with 2 related holders)
    Since 18 September 2025
    What they said

    Item 4 is hereby amended to add the following: The transactions giving rise to the filing of this Amendment No. 1 are certain sales of the Issuer's shares of Common Stock made by Darrell R. Wells on September 18, 2025 in open market transactions at prevailing market prices (the…

    Read the filing
  • Sold down below 5%
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $133,060 of shares on the open market. 3 sold $686,041.

  • WOODS MICHAEL W
    Sr. Vice President
    Sold
    Date
    21 September 2026
    Shares
    139
    Price
    $79.02
    Value
    $10,984
  • Wells Laura L
    Director
    Sold
    Date
    30 July 2026
    Shares
    6,823
    Price
    $86.29
    Value
    $588,757
  • Poindexter Philip
    President
    Sold
    Date
    21 May 2026
    Shares
    1,221
    Price
    $70.68
    Value
    $86,300
  • Hardy David L.
    Director
    Bought
    Date
    6 November 2025
    Shares
    2,000
    Price
    $66.53
    Value
    $133,060

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • The development and use of generative artificial intelligence (AI) technology presents risks and challenges that may adversely impact our business, financial condition and results of operations.

    Could happen
    Further, the legal and regulatory environment related to AI is uncertain and continually evolving, expanding to incorporate intellectual property, privacy, consumer protection, employment and other laws applicable to the use of AI. These laws and regulations could impact our implementation and use of AI technology, subject us to risk of non-compliance and legal or regulatory consequences, harm our reputation and increase costs related to prevention, mitigation or resolution of such issues.
    Read more

  • The development and use of generative artificial intelligence (AI) technology presents risks and challenges that may adversely impact our business, financial condition and results of operations.

    Could happen
    We, or our third-party vendors, clients or counterparties may develop or incorporate AI technology into certain business processes, services or products. While we have established programs to manage our increasing exposure to AI, including processes for monitoring related risks, managing third party relationships, incident response, as well as employee awareness and education, the rapid adoption and broad use of AI across technological platforms and industries exposes us to growing and evolving risks that could adversely impact our business, financial condition and results of operations.
    Read more

  • The development and use of generative artificial intelligence (AI) technology presents risks and challenges that may adversely impact our business, financial condition and results of operations.

    Could happen
    Generative AI models, whether developed or used internally or by third-parties, may produce output or take undesirable action, reflect biases included in any data or assumptions in which they are trained, disclose private or confidential information or otherwise operate in a harmful manner. To the extent use of such models, or AI technology generally, limits transparency or grows in complexity, any failure to understand, monitor or adapt to such technology could present unique risks to our operations and business.
    Read more

  • Organic expansion into new markets could adversely affect our business, financial condition and results of operations.

    Could happen
    We began to expand our geographic footprint organically in 2025, announcing the appointment of a market president in December that will help lead our entry into the south-central Kentucky market. While we feel this expansion is a natural extension of our deep Kentucky roots, this strategic initiative represents entrance into a market that is new to Bancorp. As such, our ability to build brand recognition, develop and grow a talented team of relationship managers and implement our full-service, community banking model in a new market from the ground up will be key to successfully establishing ourselves in south-central Kentucky.
    Read more

  • Incidences of fraud could negatively impact our business, results of operations, and financial condition.

    Could happen
    During 2025, the disclosure of several large loan losses resulting from suspected fraud were made by a number of regional banks, creating broader fraud-based credit concerns for the banking industry generally. While fraud associated with more operationally-focused transactions, such as wire transfers, card fraud or check fraud typically involve smaller individual amounts and occur with more frequency, credit fraud stemming from the origination of loans to borrowers under false pretenses can drive substantial losses with just one occurrence. The inability to prevent such fraud through our underwriting and operational processes could negatively impact our business, results of operations and financial condition, as well as our overall reputation.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.