Stock Yards Bank trades at $76.64 and has moved in lockstep with the market. Its shares have returned 8.7% over the last six months while the S&P 500 has gained 8.1%.
Is now the time to buy SYBT? Find out in our full research report, it’s free.
Why do investors watch Stock Yards Bank?
Founded in 1904 in Louisville and named after the city's historic livestock market district, Stock Yards Bancorp (NASDAQ: SYBT) operates a regional bank providing commercial banking, wealth management, and trust services across Kentucky, Indiana, and Ohio.
Three things to like:
1. Net interest income skyrockets, fueling growth opportunities
Our experience and research show the market cares primarily about a bank’s net interest income growth as one-time fees are considered a lower-quality and non-recurring revenue source.
Stock Yards Bank’s net interest income has grown at a 16.6% annualized rate over the last five years, better than the broader banking industry and faster than its total revenue. Its growth was driven by both an increase in its outstanding loans and net interest margin, which represents how much a bank earns in relation to its outstanding loan book.
2. Increasing net interest margin juices financials
Net interest margin (NIM) represents how much a bank earns in relation to its outstanding loans. It’s one of the most important metrics to track because it shows how a bank’s loans are performing and whether it has the ability to command higher premiums for its services.
Over the past two years, Stock Yards Bank’s net interest margin averaged 3.6%, climbing by 41.7 basis points (100 basis points = 1 percentage point) over that period.
This expansion was a tailwind for its net interest income, and while prevailing interest rates matter the most for industry net interest margins, banks that consistently increase this figure generally boast higher-earning loan books (all else equal such as the risk of those loans) or provide differentiated services that give them the ability to charge higher rates (pricing power).
3. Growing TBVPS reflects strong asset base
In the banking industry, tangible book value per share (TBVPS) provides the clearest picture of shareholder value, as it focuses on concrete assets while excluding intangible items that may not hold value during challenging times.
Stock Yards Bank’s TBVPS increased by 10.4% annually over the last five years, and growth has recently accelerated as TBVPS grew at an excellent 16.3% annual clip over the past two years (from $23.22 to $31.39 per share).
Final judgment
There are definitely things to like about Stock Yards Bank. At $76.64 per share (or 1.8× forward P/B), is now the right time to buy the stock? See for yourself in our comprehensive research report, it’s free.
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