Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Plans Dividend Increase - $0.33 Per Share

Key Points

• Stock Yards Bancorp raised its quarterly dividend 3.1% to $0.33 per share, payable October 1 to shareholders of record on September 21. The annualized dividend is approximately $1.32, representing a 1.6% yield.
• The bank has increased its dividend for 15 consecutive years, with a current payout ratio of 28.8%, indicating that earnings comfortably cover the dividend.
• Stock Yards Bancorp reported quarterly EPS of $1.31, beating analyst expectations of $1.08, while revenue of $114.71 million also exceeded estimates. Shares recently traded at $81.94, giving the company a market capitalization of approximately $2.55 billion.

Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report) declared a quarterly dividend on Wednesday, August 19th. Stockholders of record on Monday, September 21st will be paid a dividend of 0.33 per share by the bank on Thursday, October 1st. This represents a c) annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, September 21st. This is a 3.1% increase from Stock Yards Bancorp's previous quarterly dividend of $0.32.

Stock Yards Bancorp has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 15 years. Stock Yards Bancorp has a dividend payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Stock Yards Bancorp to earn $5.63 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 22.7%.

Stock Yards Bancorp Price Performance

Shares of NASDAQ SYBT traded down $1.76 during trading hours on Wednesday, reaching $81.94. 130,274 shares of the stock traded hands, compared to its average volume of 172,522. The company's 50-day simple moving average is $79.46 and its two-hundred day simple moving average is $72.48. The company has a market capitalization of $2.55 billion, a P/E ratio of 16.32 and a beta of 0.68. Stock Yards Bancorp has a 52-week low of $61.51 and a 52-week high of $89.21. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.26.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.23. Stock Yards Bancorp had a return on equity of 13.39% and a net margin of 25.41%.The business had revenue of $114.71 million during the quarter, compared to analyst estimates of $111.66 million. Equities research analysts forecast that Stock Yards Bancorp will post 5.14 EPS for the current year.

Insider Activity at Stock Yards Bancorp

In related news, President Philip Poindexter sold 1,221 shares of Stock Yards Bancorp stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $70.68, for a total value of $86,300.28. Following the transaction, the president directly owned 53,376 shares of the company's stock, valued at $3,772,615.68. The trade was a 2.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Laura L. Wells sold 6,823 shares of the company's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total transaction of $588,756.67. Following the sale, the director owned 9,580 shares of the company's stock, valued at $826,658.20. This represents a 41.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Stock Yards Bancorp

Several large investors have recently modified their holdings of SYBT. Quarry LP bought a new position in Stock Yards Bancorp during the 3rd quarter valued at approximately $28,000. Global Retirement Partners LLC bought a new stake in shares of Stock Yards Bancorp in the 2nd quarter worth approximately $31,000. Brown Brothers Harriman & Co. purchased a new position in shares of Stock Yards Bancorp during the third quarter valued at approximately $45,000. Empowered Funds LLC purchased a new position in shares of Stock Yards Bancorp during the fourth quarter valued at approximately $60,000. Finally, Allworth Financial LP bought a new position in shares of Stock Yards Bancorp during the second quarter valued at approximately $73,000. 56.46% of the stock is owned by institutional investors.

Stock Yards Bancorp Company Profile

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank's core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source