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

Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report) declared a quarterly dividend on Tuesday, May 20th, RTT News reports. Investors of record on Monday, June 16th will be paid a dividend of 0.31 per share by the bank on Tuesday, July 1st. This represents a $1.24 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Monday, June 16th.

Stock Yards Bancorp has increased its dividend by an average of 3.5% annually 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 27.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NASDAQ:SYBT traded down $0.18 during trading on Monday, reaching $73.40. The company had a trading volume of 80,059 shares, compared to its average volume of 129,184. Stock Yards Bancorp has a twelve month low of $44.36 and a twelve month high of $79.85. 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 $2.16 billion, a PE ratio of 18.87 and a beta of 0.73. The firm's fifty day moving average is $70.87 and its 200 day moving average is $72.57.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.13. The business had revenue of $93.63 million during the quarter, compared to analyst estimates of $92.90 million. Stock Yards Bancorp had a return on equity of 12.71% and a net margin of 22.54%. During the same quarter in the prior year, the firm posted $0.88 earnings per share. On average, equities analysts forecast that Stock Yards Bancorp will post 4.16 EPS for the current year.

Insider Transactions at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 3,419 shares of the stock in a transaction on Friday, April 25th. The stock was sold at an average price of $74.71, for a total transaction of $255,433.49. Following the completion of the sale, the director now directly owns 83,651 shares in the company, valued at approximately $6,249,566.21. This trade represents a 3.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Laura L. Wells sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $77.00, for a total transaction of $77,000.00. Following the completion of the sale, the director now directly owns 18,954 shares of the company's stock, valued at $1,459,458. This represents a 5.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,000 shares of company stock valued at $449,427 over the last quarter. Company insiders own 3.40% of the company's stock.

Institutional Trading of Stock Yards Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its stake in Stock Yards Bancorp by 47.4% during the first quarter. AQR Capital Management LLC now owns 7,143 shares of the bank's stock worth $493,000 after buying an additional 2,297 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Stock Yards Bancorp by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,225 shares of the bank's stock valued at $1,051,000 after acquiring an additional 658 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Stock Yards Bancorp by 28.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 52,643 shares of the bank's stock valued at $3,636,000 after acquiring an additional 11,758 shares during the period. Finally, Jane Street Group LLC bought a new stake in Stock Yards Bancorp in the first quarter valued at about $3,400,000. Institutional investors and hedge funds own 56.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Stock Yards Bancorp from $84.00 to $80.00 and set a "market perform" rating for the company in a research report on Thursday, April 24th. Stephens increased their target price on shares of Stock Yards Bancorp from $78.00 to $80.00 and gave the company an "equal weight" rating in a research note on Thursday, April 24th. Piper Sandler set a $81.00 price target on shares of Stock Yards Bancorp and gave the stock a "neutral" rating in a research report on Thursday, April 24th. Finally, Wall Street Zen downgraded Stock Yards Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, Stock Yards Bancorp currently has an average rating of "Hold" and a consensus target price of $77.25.

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.