Stock Yards Bancorp, Inc. (NASDAQ:SYBT) to Issue Dividend Increase – $0.33 Per Share

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced a quarterly dividend on Wednesday, August 19th. Stockholders of record on Monday, September 21st will be given a dividend of 0.33 per share by the bank on Thursday, October 1st. This represents a c) annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, September 21st. This is a 3.1% increase from Stock Yards Bancorp’s previous quarterly dividend of $0.32.

Stock Yards Bancorp has raised its dividend by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 15 consecutive years. Stock Yards Bancorp has a dividend payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Stock Yards Bancorp to earn $5.63 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 22.7%.

Stock Yards Bancorp Trading Down 2.1%

Shares of NASDAQ:SYBT traded down $1.76 on Wednesday, hitting $81.94. The company had a trading volume of 130,274 shares, compared to its average volume of 172,522. The firm’s 50-day simple moving average is $79.46 and its two-hundred day simple moving average is $72.48. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 16.32 and a beta of 0.68. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.26. Stock Yards Bancorp has a 1 year low of $61.51 and a 1 year high of $89.21.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.23. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.39%. The company had revenue of $114.71 million for the quarter, compared to analysts’ expectations of $111.66 million. Equities analysts anticipate that Stock Yards Bancorp will post 5.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on SYBT shares. Stephens set a $87.00 price objective on Stock Yards Bancorp and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Hovde Group lowered Stock Yards Bancorp from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $82.00 to $90.00 in a research report on Thursday, July 30th. Wall Street Zen upgraded Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $81.00 price target (up from $78.00) on shares of Stock Yards Bancorp in a research note on Friday, June 26th. Finally, Keefe, Bruyette & Woods upped their price target on Stock Yards Bancorp from $82.00 to $94.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $88.00.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.