LOUISVILLE - Stock Yards Bancorp, Inc. (NASDAQ: NASDAQ:SYBT), a financial holding company headquartered in Louisville, Kentucky, has announced the declaration of a quarterly cash dividend. The company's Board of Directors has approved a dividend of $0.30 per common share, which is slated for distribution on April 1, 2024, to shareholders who are on record as of March 18, 2024.
With a history dating back to 1904, Stock Yards Bank & Trust Company operates as the primary subsidiary of Stock Yards Bancorp, Inc. The banking institution has a presence in the Louisville, central, eastern, and northern regions of Kentucky, in addition to the metropolitan areas of Indianapolis, Indiana, and Cincinnati, Ohio.
Stock Yards Bancorp, established in 1988, currently boasts assets totaling approximately $8.17 billion. The company's shares are publicly traded on the NASDAQ Stock Market under the ticker symbol SYBT.
This financial move by Stock Yards Bancorp comes as a routine corporate action within the banking industry, reflecting a commitment to providing returns to its investors.
This announcement is based on a press release statement from the company.
InvestingPro Insights
In light of Stock Yards Bancorp, Inc.'s (NASDAQ: SYBT) recent dividend declaration, investors may find the following insights from InvestingPro valuable for a deeper understanding of the company's financial standing. As of the last twelve months as of Q4 2023, SYBT has a market capitalization of $1.39 billion and maintains a price-to-earnings (P/E) ratio of 12.86, indicating a potentially attractive valuation relative to its earnings.
An InvestingPro Tip highlights that Stock Yards Bancorp has been consistent in rewarding its shareholders, raising its dividend for 14 consecutive years and maintaining dividend payments for 35 consecutive years. This track record underscores the company's financial stability and commitment to returning value to its investors. Moreover, analysts predict that SYBT will be profitable this year, which is corroborated by the company's profitability over the last twelve months.
When it comes to growth metrics, SYBT has experienced a revenue growth of 4.31% over the last twelve months as of Q4 2023. However, investors should note the company's weak gross profit margins, as pointed out by another InvestingPro Tip.
For those looking to delve deeper into SYBT's financials and future prospects, InvestingPro offers additional tips and metrics. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights. There are currently 5 additional InvestingPro Tips available for SYBT at: https://www.investing.com/pro/SYBT, which could further inform investment decisions.
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