Stock Yards Bancorp, Inc. Declares Quarterly Dividend of $0.30 (NASDAQ:SYBT)

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) declared a quarterly dividend on Wednesday, May 22nd, RTT News reports. Stockholders of record on Monday, June 17th will be given a dividend of 0.30 per share by the bank on Monday, July 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Monday, June 17th.

Stock Yards Bancorp has raised its dividend payment by an average of 3.0% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Stock Yards Bancorp has a dividend payout ratio of 32.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Stock Yards Bancorp to earn $3.59 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 33.4%.

Stock Yards Bancorp Stock Performance

Shares of NASDAQ SYBT opened at $47.67 on Thursday. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 13.39 and a beta of 0.83. The stock’s 50-day moving average is $46.20 and its 200 day moving average is $47.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.26. Stock Yards Bancorp has a 1-year low of $36.93 and a 1-year high of $53.15.

Stock Yards Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06. Stock Yards Bancorp had a net margin of 22.86% and a return on equity of 12.51%. The firm had revenue of $83.44 million for the quarter, compared to the consensus estimate of $83.00 million. On average, sell-side analysts anticipate that Stock Yards Bancorp will post 3.49 EPS for the current fiscal year.

Insider Transactions at Stock Yards Bancorp

In related news, Director David P. Heintzman sold 3,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $47.05, for a total transaction of $141,150.00. Following the transaction, the director now owns 113,070 shares in the company, valued at approximately $5,319,943.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on SYBT shares. Piper Sandler initiated coverage on shares of Stock Yards Bancorp in a research report on Wednesday, March 6th. They set a “neutral” rating and a $52.00 price target for the company. Hovde Group began coverage on Stock Yards Bancorp in a research report on Monday, March 4th. They set an “outperform” rating on the stock. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $54.00 price objective (up previously from $53.00) on shares of Stock Yards Bancorp in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.00.

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.