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

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 given 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 2.10%.

Stock Yards Bancorp has increased its dividend by an average of 4.6% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Stock Yards Bancorp has a dividend payout ratio of 29.2% indicating that its dividend is sufficiently covered by earnings. Equities 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%.

NASDAQ:SYBT traded up $0.16 during mid-day trading on Wednesday, hitting $53.45. 120 shares of the company’s stock were exchanged, compared to its average volume of 71,259. Stock Yards Bancorp has a one year low of $45.92 and a one year high of $67.40. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.81 and a quick ratio of 0.80. The business has a fifty day moving average price of $53.70 and a 200 day moving average price of $58.36. The company has a market cap of $1.56 billion, a PE ratio of 23.79 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 15.16% and a net margin of 23.13%. On average, equities analysts forecast that Stock Yards Bancorp will post 3.58 EPS for the current fiscal year.

Several brokerages have recently issued reports on SYBT. 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 began coverage on shares of Stock Yards Bancorp in a research note on Wednesday. They issued 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 target price on the stock in a research note on Saturday, April 30th.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new position in shares of Stock Yards Bancorp during the fourth quarter valued at approximately $212,000. Susquehanna International Group LLP purchased a new position in shares of Stock Yards Bancorp during the fourth quarter valued at approximately $226,000. Segall Bryant & Hamill LLC purchased a new position in shares of Stock Yards Bancorp during the fourth quarter valued at approximately $292,000. Millennium Management LLC purchased a new position in shares of Stock Yards Bancorp during the fourth quarter valued at approximately $341,000. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of Stock Yards Bancorp by 216.6% during the third 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 last quarter. 51.96% of the stock is owned by hedge funds and other institutional investors.

About Stock Yards Bancorp (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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