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

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Investors of record on Monday, December 16th will be given a dividend of 0.31 per share by the bank on Tuesday, December 31st. This represents a $1.24 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Monday, December 16th.

Stock Yards Bancorp has raised 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 dividend payout ratio of 30.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Stock Yards Bancorp to earn $4.02 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 30.8%.

Stock Yards Bancorp Stock Up 0.4 %

SYBT stock opened at $77.62 on Friday. Stock Yards Bancorp has a 1-year low of $42.35 and a 1-year high of $79.79. The stock has a market cap of $2.28 billion, a P/E ratio of 21.32 and a beta of 0.85. The stock’s fifty day simple moving average is $70.88 and its two-hundred day simple moving average is $60.50. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.38.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. The business had revenue of $130.52 million during the quarter, compared to the consensus estimate of $87.57 million. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. Analysts expect that Stock Yards Bancorp will post 3.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Stephens downgraded 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 research report on Friday, November 15th. Piper Sandler increased their target price on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Finally, Hovde Group downgraded shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $67.00 to $68.00 in a research note on Thursday, October 24th.

Insiders Place Their Bets

In other news, EVP Michael Rehm sold 2,650 shares of Stock Yards Bancorp stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $74.81, for a total transaction of $198,246.50. Following the completion of the sale, the executive vice president now owns 16,927 shares in the company, valued at approximately $1,266,308.87. This trade represents a 13.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David P. Heintzman sold 2,700 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $63.07, for a total transaction of $170,289.00. Following the completion of the transaction, the director now owns 29,786 shares in the company, valued at approximately $1,878,603.02. This trade represents a 8.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,269 shares of company stock worth $2,514,725 in the last quarter. 3.90% of the stock is owned by company insiders.

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.