Stock Yards Bancorp, Inc. (NASDAQ:SYBT) to Issue Dividend Increase - $0.32 Per Share

Key Points

• Stock Yards Bancorp, Inc. has declared a quarterly dividend of $0.32 per share, set to be paid on October 1st to shareholders recorded by September 15th, reflecting a 3.2% increase from the previous quarter's dividend.
• The bank boasts a dividend payout ratio of 27.9%, indicating strong earnings coverage for its dividend payments, with analysts forecasting earnings of $4.48 per share next year.
• Stock Yards Bancorp shares are currently rated as a Hold by several brokerages, with a consensus target price of $79.75, showing an overall stable outlook despite recent fluctuations in stock price.

Stock Yards Bancorp, Inc. (NASDAQ:SYBT - Get Free Report) declared a quarterly dividend on Tuesday, August 19th, RTT News reports. Shareholders of record on Monday, September 15th will be paid a dividend of 0.32 per share by the bank on Wednesday, October 1st. This represents a c) dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Monday, September 15th. This is a 3.2% increase from Stock Yards Bancorp's previous quarterly dividend of $0.31.

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 Stock Up 5.8%

Stock Yards Bancorp stock traded up $4.50 during trading hours on Friday, reaching $81.55. The stock had a trading volume of 164,868 shares, compared to its average volume of 95,317. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 18.75 and a beta of 0.74. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.95 and a quick ratio of 0.95. The business's 50 day moving average price is $77.35 and its 200-day moving average price is $73.78. Stock Yards Bancorp has a 52 week low of $56.35 and a 52 week high of $83.67.

Stock Yards Bancorp (NASDAQ:SYBT - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.10. The business had revenue of $97.91 million during the quarter, compared to the consensus estimate of $95.32 million. Stock Yards Bancorp had a net margin of 23.86% and a return on equity of 13.31%. Sell-side analysts anticipate that Stock Yards Bancorp will post 4.16 EPS for the current year.

Insider Activity at Stock Yards Bancorp

In related news, EVP Michael Croce sold 4,100 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $77.06, for a total value of $315,946.00. Following the sale, the executive vice president owned 24,600 shares in the company, valued at $1,895,676. This represents a 14.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Dishman sold 2,802 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $78.10, for a total value of $218,836.20. Following the completion of the sale, the executive vice president owned 31,594 shares in the company, valued at approximately $2,467,491.40. This represents a 8.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,902 shares of company stock worth $846,782 over the last quarter. Insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Stock Yards Bancorp

A number of large investors have recently bought and sold shares of the company. CANADA LIFE ASSURANCE Co boosted its position in Stock Yards Bancorp by 6.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 9,983 shares of the bank's stock valued at $790,000 after buying an additional 617 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Stock Yards Bancorp by 49.9% in the second quarter. Tower Research Capital LLC TRC now owns 4,887 shares of the bank's stock valued at $386,000 after acquiring an additional 1,627 shares during the period. Corient Private Wealth LLC lifted its holdings in Stock Yards Bancorp by 65.6% in the second quarter. Corient Private Wealth LLC now owns 41,544 shares of the bank's stock valued at $3,281,000 after acquiring an additional 16,460 shares during the period. EP Wealth Advisors LLC acquired a new position in Stock Yards Bancorp in the second quarter valued at approximately $296,000. Finally, Engineers Gate Manager LP acquired a new position in Stock Yards Bancorp in the second quarter valued at approximately $242,000. Hedge funds and other institutional investors own 56.46% of the company's stock.

About Stock Yards Bancorp

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.