Stock Yards Bancorp, Inc. (NASDAQ:SYBT) Declares $0.28 Quarterly Dividend

Stock Yards Bancorp, Inc. (NASDAQ:SYBT – Get Rating) announced a quarterly dividend on Wednesday, May 18th, RTT News reports. Investors of record on Monday, June 20th will be paid a dividend of 0.28 per share by the bank on Friday, July 1st. This represents a $1.12 annualized dividend and a yield of 2.11%.

Stock Yards Bancorp has raised its dividend by an average of 4.6% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. Stock Yards Bancorp has a payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Stock Yards Bancorp to earn $3.80 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 29.5%.

Shares of SYBT stock opened at $53.14 on Thursday. Stock Yards Bancorp has a 12-month low of $45.92 and a 12-month high of $67.40. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.03. The firm’s 50 day moving average is $53.73 and its 200 day moving average is $58.33. The stock has a market capitalization of $1.55 billion, a P/E ratio of 23.72 and a beta of 0.71.

Stock Yards Bancorp (NASDAQ:SYBT – Get Rating) last issued its earnings results on Wednesday, April 27th. The bank reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.15). Stock Yards Bancorp had a return on equity of 14.63% and a net margin of 23.13%. As a group, equities analysts predict that Stock Yards Bancorp will post 3.58 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in SYBT. Morgan Stanley raised its position in shares of Stock Yards Bancorp by 6.2% during the 2nd quarter. Morgan Stanley now owns 54,039 shares of the bank’s stock valued at $2,751,000 after purchasing an additional 3,159 shares during the period. UBS Group AG raised its position in shares of Stock Yards Bancorp by 14.0% during the 3rd quarter. UBS Group AG now owns 7,984 shares of the bank’s stock valued at $469,000 after purchasing an additional 978 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Stock Yards Bancorp by 216.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,230 shares of the bank’s stock valued at $365,000 after purchasing an additional 4,262 shares during the period. Bank of New York Mellon Corp raised its position in shares of Stock Yards Bancorp by 15.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 181,419 shares of the bank’s stock valued at $10,640,000 after purchasing an additional 23,689 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Stock Yards Bancorp by 124.2% during the 4th quarter. Bank of America Corp DE now owns 22,741 shares of the bank’s stock valued at $1,452,000 after purchasing an additional 12,600 shares during the period. Hedge funds and other institutional investors own 51.96% of the company’s stock.

Several research analysts have recently weighed in on SYBT shares. StockNews.com upgraded shares of Stock Yards Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, May 2nd. Hovde Group started coverage on shares of Stock Yards Bancorp in a research note on Wednesday. They set a “market perform” rating on the stock. Finally, Zacks Investment Research upgraded shares of Stock Yards Bancorp from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Saturday, April 30th.

Stock Yards Bancorp Company Profile (Get Rating)

Stock Yards Bancorp, Inc operates as a holding company for Stock Yards Bank & Trust Company and SYB Insurance Company, Inc that provides various banking products and services in Louisville, Indianapolis, Indiana, and Ohio. It operates in two segments, Commercial Banking and WM&T. The Commercial Banking segment provides mortgage banking and deposit services; retail, commercial, and commercial real estate lending services; and leasing, treasury management, merchant, international banking, correspondent banking, and other banking services.

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