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

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced a quarterly dividend on Tuesday, February 18th, RTT News reports. Stockholders of record on Monday, March 17th will be paid a dividend of 0.31 per share by the bank on Tuesday, April 1st. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Monday, March 17th.

Stock Yards Bancorp has raised its dividend by an average of 3.5% per year over the last three years and has increased its dividend annually for the last 15 consecutive years. Stock Yards Bancorp has a payout ratio of 27.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Stock Yards Bancorp to earn $4.48 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 27.7%.

Stock Yards Bancorp Stock Performance

NASDAQ:SYBT traded down $0.63 during mid-day trading on Thursday, reaching $74.80. The stock had a trading volume of 77,427 shares, compared to its average volume of 138,704. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 19.23 and a beta of 0.86. Stock Yards Bancorp has a twelve month low of $42.35 and a twelve month high of $79.79. The business has a 50 day simple moving average of $73.45 and a 200 day simple moving average of $67.92.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.08. Stock Yards Bancorp had a net margin of 22.54% and a return on equity of 12.71%. During the same quarter in the prior year, the business posted $0.82 earnings per share. On average, analysts expect that Stock Yards Bancorp will post 4.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on SYBT. Piper Sandler boosted their price objective on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Hovde Group lowered shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $67.00 to $68.00 in a report on Thursday, October 24th. Finally, Stephens lowered shares of Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $70.00 to $76.00 in a research note on Friday, November 15th.

Insider Activity at Stock Yards Bancorp

In other news, Director David P. Heintzman sold 3,500 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $78.10, for a total transaction of $273,350.00. Following the transaction, the director now owns 21,411 shares in the company, valued at $1,672,199.10. This represents a 14.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Philip Poindexter sold 3,419 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $75.55, for a total transaction of $258,305.45. Following the completion of the transaction, the president now owns 51,331 shares in the company, valued at $3,878,057.05. The trade was a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,964 shares of company stock valued at $535,110 over the last ninety days. Insiders own 3.90% of the company’s stock.

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.