Stock Yards Bancorp, Inc. (SYBT) to Issue Quarterly Dividend of $0.31 on July 1st

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced a quarterly dividend on Tuesday, May 20th, RTT News reports. Investors of record on Monday, June 16th will be paid a dividend of 0.31 per share by the bank on Tuesday, July 1st. This represents a $1.24 annualized dividend and a yield of 1.66%. The ex-dividend date is Monday, June 16th.

Stock Yards Bancorp has a dividend payout ratio of 27.9% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Stock Yards Bancorp stock opened at $74.72 on Friday. Stock Yards Bancorp has a 52-week low of $46.59 and a 52-week high of $79.85. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 19.21 and a beta of 0.72. The company has a fifty day simple moving average of $72.88 and a 200-day simple moving average of $72.57. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.38.

Stock Yards Bancorp (NASDAQ:SYBT) last released its earnings results on Wednesday, April 23rd. The bank reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.13. Stock Yards Bancorp had a net margin of 22.54% and a return on equity of 12.71%. The business had revenue of $93.63 million during the quarter, compared to analyst estimates of $92.90 million. During the same quarter in the prior year, the firm earned $0.88 earnings per share. On average, equities analysts anticipate that Stock Yards Bancorp will post 4.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SYBT shares. Stephens upped their price objective on shares of Stock Yards Bancorp from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price objective on shares of Stock Yards Bancorp from $84.00 to $80.00 and set a “market perform” rating for the company in a report on Thursday, April 24th. Piper Sandler set a $81.00 target price on shares of Stock Yards Bancorp and gave the company a “neutral” rating in a research report on Thursday, April 24th. Finally, Wall Street Zen cut shares of Stock Yards Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, Stock Yards Bancorp has an average rating of “Hold” and an average price target of $77.25.

Insider Transactions at Stock Yards Bancorp

In related news, Director Laura L. Wells sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $77.00, for a total transaction of $77,000.00. Following the sale, the director now directly owns 18,954 shares in the company, valued at approximately $1,459,458. This represents a 5.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David P. Heintzman sold 1,581 shares of the company’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $74.00, for a total transaction of $116,994.00. Following the sale, the director now owns 82,070 shares in the company, valued at $6,073,180. The trade was a 1.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,100 shares of company stock valued at $1,077,373. 3.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Stock Yards Bancorp

A number of large investors have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Stock Yards Bancorp by 28.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 52,643 shares of the bank’s stock worth $3,636,000 after buying an additional 11,758 shares during the period. Jane Street Group LLC purchased a new position in Stock Yards Bancorp in the first quarter valued at approximately $3,400,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Stock Yards Bancorp by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,225 shares of the bank’s stock valued at $1,051,000 after purchasing an additional 658 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Stock Yards Bancorp by 47.4% in the first quarter. AQR Capital Management LLC now owns 7,143 shares of the bank’s stock valued at $493,000 after purchasing an additional 2,297 shares during the last quarter. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

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.