Stock Yards (SYBT) Insider Activity: Purchase at $40, Sales at $83 Reduce Holdings

Rhea-AI Filing Summary

James A. Hillebrand, Chairman & CEO and a director of Stock Yards Bancorp, Inc. (SYBT), reported multiple equity transactions on 08/26/2025 and 08/27/2025. The filing shows a market purchase of 7,571 common shares at $40.00 on 08/26/2025 and two dispositions: 5,409 shares sold at $82.90 on 08/26/2025 and 2,162 shares sold at $83.32 on 08/27/2025. After these transactions the report lists 107,292 shares beneficially owned.

The report also discloses several stock appreciation rights (SARs) exercisable into common shares with various exercise prices and expirations, including SARs for 7,423; 25,000; 12,254; 14,482; 8,615; 10,142; 9,855; 11,788; and 9,210 underlying shares at stated exercise prices and expiration dates. The filing notes dividend reinvestment as a source of some shares.

Positive

• Reported purchase of 7,571 shares at $40.00, indicating continued insider investment in SYBT
• Significant holdings remain after transactions (107,292 shares) and multiple outstanding SARs align management with long-term share performance
• Use of a 10b5-1 plan (code M) is disclosed, providing procedural transparency for at least part of the activity

Negative

• Insider sold 7,571 shares total at ~ $82.90–$83.32, reducing direct common stock holdings from prior levels
• Net reduction in reported direct ownership to 107,292 shares could be viewed as partial liquidation of position

Insights

Corporate Governance Expert

TL;DR: Insider executed both a sizable purchase and subsequent sales, modestly reducing direct holdings while retaining substantial equity and multiple SARs.

The simultaneous purchase of 7,571 shares at $40 and near-term sales at ~$83 indicate active portfolio rebalancing rather than a single directional signal. As Chairman & CEO and a director, Hillebrand's transactions are material to transparency and governance because they alter beneficial ownership to 107,292 shares and leave significant incentive compensation outstanding via multiple SARs with staggered exercise prices and expirations. This mix of transactions preserves alignment via long-term SARs while realizing gains on a portion of existing shares.

Securities/Insider Trading Analyst

TL;DR: The Form 4 records both acquisition and dispositions; net effect is a reduction in reported direct common stock holdings.

Transaction codes include M (purchase pursuant to a 10b5-1 plan), F (sale to cover tax withholding or similar), and S (open-market sale), reflecting structured and open-market activity. The purchase at $40 (code M) contrasts with sales at ~$83, suggesting the purchase may relate to a pre-arranged plan. Multiple SAR grants remain outstanding across exercise prices $35.90 to $75.21 with expirations through 2035, maintaining long-term upside exposure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hillebrand James A

(Last) (First) (Middle)

PO BOX 32890

(Street)

LOUISVILLE KY 40232

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Stock Yards Bancorp, Inc. [ SYBT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								511(1)	I	Trust-Directors' Deferred Comp Plan
Common Stock								25,447	I	KSOP-fbo James Hillebrand
Common Stock	08/26/2025		M		7,571	A	$40	114,863	D
Common Stock	08/26/2025		F		5,409	D	$82.9	109,454	D
Common Stock	08/27/2025		S		2,162	D	$83.32	107,292	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$35.9							02/20/2019	02/20/2028	Common Stock	7,423		7,423	D
Stock Appreciation Right	$40	08/26/2025		M			7,571	03/21/2018	03/21/2027	Common Stock	7,571	$0	0	D
Stock Appreciation Right	$39.32							10/01/2019	10/01/2028	Common Stock	25,000		25,000	D
Stock Appreciation Right	$36.65							02/19/2020	02/19/2029	Common Stock	12,254		12,254	D
Stock Appreciation Right	$37.3							02/25/2021	02/25/2030	Common Stock	14,482		14,482	D
Stock Appreciation Right	$50.71							02/25/2022	02/25/2031	Common Stock	8,615		8,615	D
Stock Appreciation Right	$54.91							02/14/2023	02/14/2032	Common Stock	10,142		10,142	D
Stock Appreciation Right	$60.76							02/13/2024	02/13/2033	Common Stock	9,855		9,855	D
Stock Appreciation Right	$47.95							02/12/2025	02/12/2034	Common Stock	11,788		11,788	D
Stock Appreciation Right	$75.21							02/10/2026	02/10/2035	Common Stock	9,210		9,210	D

Explanation of Responses:

1. Includes shares acquired through automatic dividend reinvestment.

	/s/ Donna Cleek, Power of Attorney	08/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions did SYBT insider James A. Hillebrand report on Form 4?

The filing reports a purchase of 7,571 common shares at $40.00 on 08/26/2025 and sales of 5,409 shares at $82.90 (08/26/2025) and 2,162 shares at $83.32 (08/27/2025).

How many SYBT shares does James Hillebrand beneficially own after these transactions?

The Form 4 lists 107,292 common shares beneficially owned following the reported transactions.

Did the filing disclose any derivative holdings for the SYBT insider?

Yes; the filing discloses multiple stock appreciation rights exercisable into common stock with specified exercise prices and expirations, including SARs for 7,423; 25,000; 12,254; 14,482; 8,615; 10,142; 9,855; 11,788; and 9,210 underlying shares.

Was any purchase made pursuant to a 10b5-1 plan?

Yes; the purchase of 7,571 shares at $40.00 on 08/26/2025 is coded M, indicating it was made pursuant to a written plan intended to satisfy Rule 10b5-1(c) conditions.

Who signed the Form 4 on behalf of the reporting person?

The form is signed by /s/ Donna Cleek, Power of Attorney dated 08/27/2025.