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

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend 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 every year for the last 15 years. Stock Yards Bancorp has a dividend payout ratio of 30.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Stock Yards Bancorp to earn $3.97 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 31.2%.

Stock Yards Bancorp Trading Up 1.3 %

SYBT stock traded up $0.93 during midday trading on Thursday, hitting $74.21. The stock had a trading volume of 35,560 shares, compared to its average volume of 106,277. The firm has a market cap of $2.18 billion, a PE ratio of 20.35 and a beta of 0.81. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.94 and a quick ratio of 0.94. Stock Yards Bancorp has a 12-month low of $42.35 and a 12-month high of $77.82. The company’s 50-day moving average price is $65.43 and its 200 day moving average price is $57.11.

Stock Yards Bancorp (NASDAQ:SYBT) last released its earnings results on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, topping the consensus estimate of $0.94 by $0.06. The firm had revenue of $130.52 million during the quarter, compared to analysts’ expectations of $87.57 million. Stock Yards Bancorp had a net margin of 21.62% and a return on equity of 12.00%. On average, equities research analysts predict that Stock Yards Bancorp will post 3.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Stock Yards Bancorp news, Director David P. Heintzman sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $73.08, for a total value of $730,800.00. Following the completion of the sale, the director now directly owns 87,070 shares of the company’s stock, valued at $6,363,075.60. The trade was a 10.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 25,700 shares of company stock valued at $1,784,823 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Wall Street Analysts Forecast Growth

SYBT has been the topic of a number of research analyst reports. Hovde Group lowered shares of Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $67.00 to $68.00 in a report on Thursday, October 24th. Stephens lowered shares of Stock Yards Bancorp from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $70.00 to $76.00 in a report on Friday, November 15th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $64.00 price target (up previously from $54.00) on shares of Stock Yards Bancorp in a report on Thursday, July 25th. Finally, Piper Sandler lifted their target price on shares of Stock Yards Bancorp from $65.50 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $69.25.

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.