FIG Partners Downgrades SY Bancorp (SYBT) to Market Perform

FIG Partners analyst John Rodis downgraded SY Bancorp (NASDAQ: SYBT) from Outperform to Market Perform with a price target of $36.00.

For an analyst ratings summary and ratings history on SY Bancorp click here. For more ratings news on SY Bancorp click here.

Shares of SY Bancorp closed at $34.76 yesterday.

Analyst says: "SYBT shares have been relatively strong the past month and as a result lowering investment rating to ‘Market-Perform’ from Outperform based solely on valuation. Our $36 target still assumes SYBT shares trade at ~14.5x our FY19 EPS estimate and ~215% of forward TBV (YE19). These multiples compare to our current FIG Bank peer group medians of ~11.5x and 180%, respectively. Given the Company’s strong fundamentals and above average levels of profitability we continue to believe a premium valuation is warranted."

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