Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Declares Quarterly Dividend of $0.31

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) declared a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Stockholders of record on Monday, December 16th will be paid a dividend of 0.31 per share by the bank on Tuesday, December 31st. This represents a $1.24 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Monday, December 16th.

Stock Yards Bancorp has increased its dividend by an average of 3.0% per year over the last three years and has raised its dividend annually for the last 15 consecutive years. Stock Yards Bancorp has a payout ratio of 30.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Stock Yards Bancorp to earn $3.97 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 31.2%.

Stock Yards Bancorp Trading Up 1.3 %

Shares of NASDAQ SYBT traded up $0.93 during mid-day trading on Thursday, hitting $74.21. The company’s stock had a trading volume of 35,560 shares, compared to its average volume of 106,277. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 20.35 and a beta of 0.81. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.94 and a quick ratio of 0.94. Stock Yards Bancorp has a one year low of $42.35 and a one year high of $77.82. The company’s fifty day simple moving average is $65.43 and its 200-day simple moving average is $57.11.

Stock Yards Bancorp (NASDAQ:SYBT) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.06. The company had revenue of $130.52 million for the quarter, compared to analyst estimates of $87.57 million. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. On average, sell-side analysts anticipate that Stock Yards Bancorp will post 3.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Stock Yards Bancorp news, Director David P. Heintzman sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $73.08, for a total transaction of $730,800.00. Following the completion of the transaction, the director now owns 87,070 shares in the company, valued at approximately $6,363,075.60. This trade represents a 10.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 25,700 shares of company stock worth $1,784,823. 3.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

SYBT has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $64.00 price objective (up previously from $54.00) on shares of Stock Yards Bancorp in a research note on Thursday, July 25th. Stephens downgraded shares of Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $70.00 to $76.00 in a report on Friday, November 15th. Piper Sandler lifted their price objective on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Finally, Hovde Group downgraded shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $67.00 to $68.00 in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Stock Yards Bancorp has an average rating of “Hold” and an average target price of $69.25.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T. The Commercial Banking segment offers a range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking, and other banking services.