Stock Yards Bancorp, Inc. to Issue 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. Stockholders 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 dividend yield of 1.67%. The ex-dividend date is Monday, December 16th.

Stock Yards Bancorp has raised its dividend by an average of 3.0% annually over the last three years and has raised its dividend every year for the last 15 years. Stock Yards Bancorp has a payout ratio of 30.2% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Up 1.3 %

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

Stock Yards Bancorp (NASDAQ:SYBT) last posted 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 company 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%. On average, equities research analysts expect that Stock Yards Bancorp will post 3.76 earnings per share for the current year.

Insider Buying and Selling

In other Stock Yards Bancorp news, Director David P. Heintzman sold 7,659 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $65.98, for a total transaction of $505,340.82. Following the sale, the director now directly owns 99,411 shares in the company, valued at approximately $6,559,137.78. This trade represents a 7.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 25,700 shares of company stock valued at $1,784,823 in the last 90 days. 3.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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