Form 4: Stock Yards Bancorp CEO Exercises Options, Sells Shares
Insider Transaction Report
Stock Yards Bancorp's Chairman & CEO, James A. Hillebrand, exercised Stock Appreciation Rights and subsequently sold shares for tax obligations and in the open market.
Summary
- James A. Hillebrand, Chairman & CEO of Stock Yards Bancorp, Inc. (SYBT), reported transactions involving the company's common stock.
- On August 26, 2025, Hillebrand exercised Stock Appreciation Rights (SARs) to acquire 7,571 shares of common stock at an exercise price of $40.00 per share.
- Concurrently, on August 26, 2025, 5,409 shares were disposed of at $82.90 per share to cover tax liabilities related to the SAR exercise.
- On August 27, 2025, an additional 2,162 shares were sold in the open market at $83.32 per share.
- Following these transactions, Hillebrand directly beneficially owns 107,292 shares of common stock.
- Indirect beneficial ownership includes 511 shares in a Trust-Directors' Deferred Comp Plan and 25,447 shares in a KSOP.
- Hillebrand continues to hold various other Stock Appreciation Rights with exercise prices ranging from $35.90 to $75.21 and expiration dates extending to February 10, 2035.
Sentiment
Score: 6
Explanation: The sentiment is moderately positive. While there was a sale of shares, it was primarily to cover tax liabilities from an equity award exercise, and a smaller portion for open market sale. The executive still retains a substantial beneficial ownership, indicating continued confidence and alignment with shareholder interests. The exercise of SARs at a lower price than the sale price also indicates a positive return for the executive on their compensation.
Positives
- The exercise of Stock Appreciation Rights indicates the vesting and value realization of previously granted equity compensation.
- The remaining significant direct and indirect beneficial ownership demonstrates continued alignment of the CEO's interests with shareholders.
Negatives
- The sale of 2,162 shares in the open market reduces the CEO's direct beneficial ownership.
Future Outlook
NA
Industry Context
NA
Related Party Transactions
- The reported transactions are insider dealings involving the Chairman & CEO, James A. Hillebrand, exercising Stock Appreciation Rights and selling shares of Stock Yards Bancorp, Inc. common stock.
Stakeholder Impact
- Shareholders: The transactions provide transparency into executive compensation realization and share ownership. The sale of shares could be perceived as a slight reduction in insider confidence, but the primary sale was for tax purposes, which is a routine event. The continued significant holding by the CEO maintains alignment.
Key Dates
| Date | Description |
|---|---|
| 02/20/2019 | Date exercisable for Stock Appreciation Right with exercise price $35.90 and expiration date 02/20/2028. |
| 10/01/2019 | Date exercisable for Stock Appreciation Right with exercise price $39.32 and expiration date 10/01/2028. |
| 02/19/2020 | Date exercisable for Stock Appreciation Right with exercise price $36.65 and expiration date 02/19/2029. |
| 02/25/2021 | Date exercisable for Stock Appreciation Right with exercise price $37.30 and expiration date 02/25/2030. |
| 02/25/2022 | Date exercisable for Stock Appreciation Right with exercise price $50.71 and expiration date 02/25/2031. |
| 02/14/2023 | Date exercisable for Stock Appreciation Right with exercise price $54.91 and expiration date 02/14/2032. |
| 02/13/2024 | Date exercisable for Stock Appreciation Right with exercise price $60.76 and expiration date 02/13/2033. |
| 02/12/2025 | Date exercisable for Stock Appreciation Right with exercise price $47.95 and expiration date 02/12/2034. |
| 08/26/2025 | Transaction date for exercise of 7,571 Stock Appreciation Rights at $40.00 per share and disposition of 5,409 shares for tax liability at $82.90 per share. |
| 08/27/2025 | Transaction date for open market sale of 2,162 shares at $83.32 per share. Also, the signature date for the filing. |
| 02/10/2026 | Date exercisable for Stock Appreciation Right with exercise price $75.21 and expiration date 02/10/2035. |
| 03/21/2027 | Expiration date for the Stock Appreciation Right exercised on 08/26/2025. |
| 02/20/2028 | Expiration date for Stock Appreciation Right with exercise price $35.90. |
| 10/01/2028 | Expiration date for Stock Appreciation Right with exercise price $39.32. |
| 02/19/2029 | Expiration date for Stock Appreciation Right with exercise price $36.65. |
| 02/25/2030 | Expiration date for Stock Appreciation Right with exercise price $37.30. |
| 02/25/2031 | Expiration date for Stock Appreciation Right with exercise price $50.71. |
| 02/14/2032 | Expiration date for Stock Appreciation Right with exercise price $54.91. |
| 02/13/2033 | Expiration date for Stock Appreciation Right with exercise price $60.76. |
| 02/12/2034 | Expiration date for Stock Appreciation Right with exercise price $47.95. |
| 02/10/2035 | Expiration date for Stock Appreciation Right with exercise price $75.21. |
Recommendation
holdThe filing details routine insider transactions where the CEO exercised vested equity awards and sold shares, primarily to cover tax obligations. While there was a small open market sale, the overall activity is typical for executive compensation management and does not signal a significant change in the company's fundamental outlook or the CEO's long-term commitment. The CEO retains a substantial stake, suggesting continued alignment with shareholder interests. Therefore, a 'hold' recommendation is appropriate as this filing alone does not present new information warranting a change in investment thesis.
Keywords
Stock Yards Bancorp, SYBT, James A. Hillebrand, Insider Trading, Form 4, Stock Appreciation Rights, SARs, CEO, Director, Share Sale, Equity Compensation, Beneficial Ownership
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