The quarterly results for Stock Yards Bancorp, Inc. (NASDAQ:SYBT) were released last week, making it a good time to revisit its performance. The result was positive overall - although revenues of US$83m were in line with what the analysts predicted, Stock Yards Bancorp surprised by delivering a statutory profit of US$0.88 per share, modestly greater than expected. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.

Check out our latest analysis for Stock Yards Bancorp

Taking into account the latest results, the consensus forecast from Stock Yards Bancorp's six analysts is for revenues of US$341.5m in 2024. This reflects a satisfactory 5.3% improvement in revenue compared to the last 12 months. Statutory per share are forecast to be US$3.51, approximately in line with the last 12 months. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$339.1m and earnings per share (EPS) of US$3.37 in 2024. So the consensus seems to have become somewhat more optimistic on Stock Yards Bancorp's earnings potential following these results.

There's been no major changes to the consensus price target of US$54.00, suggesting that the improved earnings per share outlook is not enough to have a long-term positive impact on the stock's valuation. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. Currently, the most bullish analyst values Stock Yards Bancorp at US$60.00 per share, while the most bearish prices it at US$50.00. With such a narrow range of valuations, the analysts apparently share similar views on what they think the business is worth.

Of course, another way to look at these forecasts is to place them into context against the industry itself. We would highlight that Stock Yards Bancorp's revenue growth is expected to slow, with the forecast 7.2% annualised growth rate until the end of 2024 being well below the historical 18% p.a. growth over the last five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 5.7% per year. Even after the forecast slowdown in growth, it seems obvious that Stock Yards Bancorp is also expected to grow faster than the wider industry.

The Bottom Line

The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Stock Yards Bancorp following these results. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at US$54.00, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Stock Yards Bancorp going out to 2025, and you can see them free on our platform here..

You can also view our analysis of Stock Yards Bancorp's balance sheet, and whether we think Stock Yards Bancorp is carrying too much debt, for free on our platform here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.