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

by · The Markets Daily

Stock Yards Bancorp, Inc. (NASDAQ:SYBT – Get Free Report) 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 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Monday, December 16th.

Stock Yards Bancorp has raised its dividend payment 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 dividend 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 Performance

SYBT stock traded up $0.93 during midday trading on Thursday, reaching $74.21. The stock had a trading volume of 35,560 shares, compared to its average volume of 106,277. The firm has a fifty day simple moving average of $65.43 and a two-hundred day simple moving average of $57.11. The stock 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 quick ratio of 0.94 and a current ratio of 0.94. Stock Yards Bancorp has a 52-week low of $42.35 and a 52-week high of $77.82.

Stock Yards Bancorp (NASDAQ:SYBT – Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.06. Stock Yards Bancorp had a return on equity of 12.00% and a net margin of 21.62%. The firm had revenue of $130.52 million for the quarter, compared to analysts’ expectations of $87.57 million. As a group, equities research analysts anticipate that Stock Yards Bancorp will post 3.76 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Read Our Latest Research Report on Stock Yards Bancorp

Insiders Place Their Bets

In other Stock Yards Bancorp news, Director David P. Heintzman sold 10,000 shares of Stock Yards Bancorp stock in a transaction 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 transaction, the director now owns 87,070 shares in the company, valued at $6,363,075.60. This trade represents a 10.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 25,700 shares of company stock valued at $1,784,823. Company insiders own 3.90% of the company’s stock.

About Stock Yards Bancorp

(Get Free Report)

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.

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