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UPDATE: KBW Raises PT on S.Y. Bancorp to $25 (SYBT)


KBW is out with its report today on S.Y. Bancorp (NASDAQ: SYBT), raising its PT to $25.

In a note to clients, KBW writes, "SYBT maintained impressive core profitability as 1Q results were mostly in-line with our estimate and the Street. Asset quality stabilized as NPAs came in at 1.59%. NIM expanded to its highest level since 2008. SYBT continues to grow capital and easily justify its healthy $0.18 quarterly dividend. We are lowering our 2011 estimate on the miss, but are leaving 2012-2013 estimates alone; increasing PT."

KBW maintains Market Perform on SYBT.

Shares of SYBT clost Wednesday at $24.37.


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