Declared Dividend • 23h
First quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 15th June 2026 Payment date: 1st July 2026 Dividend yield will be 1.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 21
Stock Yards Bancorp, Inc. announces Quarterly dividend, payable on July 01, 2026 Stock Yards Bancorp, Inc. announced Quarterly dividend of USD 0.3200 per share payable on July 01, 2026, ex-date on June 15, 2026 and record date on June 15, 2026. Reported Earnings • Apr 24
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$1.25 (up from US$1.13 in 1Q 2025). Revenue: US$101.4m (up 9.4% from 1Q 2025). Net income: US$36.6m (up 10.0% from 1Q 2025). Profit margin: 36% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.1%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Announcement • Mar 13
Stock Yards Bancorp, Inc., Annual General Meeting, Apr 23, 2026 Stock Yards Bancorp, Inc., Annual General Meeting, Apr 23, 2026. Reported Earnings • Mar 03
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$4.77 (up from US$3.91 in FY 2024). Revenue: US$390.6m (up 14% from FY 2024). Net income: US$140.2m (up 22% from FY 2024). Profit margin: 36% (up from 33% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.53% (up from 3.31% in FY 2024). Cost-to-income ratio: 53.4% (down from 56.2% in FY 2024). Non-performing loans: 0.19% (down from 0.34% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • Mar 01
Fourth quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 16th March 2026 Payment date: 1st April 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (26% payout ratio) and is expected to be well covered in 3 years' time (25% forecast payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 25
Stock Yards Bancorp Declares Quarterly Cash Dividend of Common Share, Payable on April 1, 2026 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.32 per common share. The dividend will be paid on April 1, 2026, to stockholders of record as of March 16, 2026. Reported Earnings • Jan 28
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$4.77 (up from US$3.91 in FY 2024). Revenue: US$390.6m (up 14% from FY 2024). Net income: US$140.2m (up 22% from FY 2024). Profit margin: 36% (up from 33% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.53% (up from 3.31% in FY 2024). Cost-to-income ratio: 53.4% (down from 56.2% in FY 2024). Non-performing loans: 0.19% (down from 0.34% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Announcement • Dec 09
Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company Announces Executive Changes Stock Yards Bancorp, Inc. announced that William J. Otten will be promoted to Executive Vice President and Chief Credit Officer of Stock Yards Bancorp and Stock Yards Bank & Trust Company, effective April 1, 2026. This promotion follows William M. Dishman's decision to transition from his current role as Executive Vice President and Chief Credit Officer to Senior Credit Advisor on April 1, 2026, before retiring completely on October 15, 2026. Otten brings over 35 years of banking experience to his new role as Chief Credit Officer. He joined Stock Yards Bank in 2007 and has served as Director of Commercial Banking since 2014, driving commercial growth across the Company's regional footprint. Previously, he held leadership positions at Fifth Third Bank from 1987 to 2004 and Old National Bank from 2004 to 2007, including roles as Commercial Team Lead and Vice President and Senior Vice President of Commercial Banking. The Company also announced that John Hanks has been promoted to Director of Commercial Lending at Stock Yards Bank & Trust Company, bringing more than 35 years of banking experience to the role. He began his career in the management training program at Liberty National Bank and continued with its successor, Chase Bank, for nearly 15 years before joining Stock Yards Bank in 2004 as a Commercial Loan Officer. In 2017, Hanks was promoted to Division Manager in the Commercial Lending Department. A graduate of the University of Louisville, Hanks earned both a Bachelor of Science in Business Administration in 1989 and an MBA in 1994. William M. Dishman will transition from his role as Executive Vice President and Chief Credit Officer to Senior Credit Advisor on April 1, 2026, and retire on October 15, 2026. The Company also announced that John Hanks has been promoted to Director of Commercial Lending at Stock Yards Bank & Trust Company, bringing more than 35 years of banking experience to the role. He began his career in the management training program at Liberty National Bank and continued with its successor, Chase Bank, for nearly 15 years before joining Stock Yards Bank in 2004 as a Commercial Loan Officer. In 2017, Hanks was promoted to Division Manager in the Commercial Lending Department. A graduate of the University of Louisville, Hanks earned both a Bachelor of Science in Business Administration (1989) and an MBA (1994). Upcoming Dividend • Dec 08
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 31 December 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.4%). Announcement • Dec 02
Stock Yards Bancorp, Inc. Appoints Rick Seadler as Bowling Green Market President Stock Yards Bancorp, Inc. has appointed Rick Seadler as Bowling Green Market President for company. With more than 35 years of banking experience, he has also held leadership roles in Louisville, Ky. and Nashville, Tenn. at Commerce Bank and National City Bank (PNC). Committed to the Bowling Green community, he has held leadership positions with the Bowling Green Area Chamber of Commerce, the WKU Foundation, the Hilltopper Athletic Foundation, Leadership Bowling Green 2000 class and the Capital Arts Alliance. A native of Louisville, Seadler holds a Bachelor of Science in Business Administration from Bellarmine University. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. Director David Hardy was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Nov 21
Third quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 15th December 2025 Payment date: 31st December 2025 Dividend yield will be 1.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (26% forecast payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.8% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 19
Stock Yards Bancorp Declares Quarterly Cash Dividend of Common Share, Payable on December 31, 2025 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.32 per common share. The dividend will be paid on December 31, 2025, to stockholders of record as of December 15, 2025. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$1.23 (up from US$1.00 in 3Q 2024). Revenue: US$99.5m (up 17% from 3Q 2024). Net income: US$36.2m (up 23% from 3Q 2024). Profit margin: 36% (up from 34% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 6.0%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 01 October 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.5%). Announcement • Sep 03
Stock Yards Bancorp, Inc. Appoints Michael W. Woods as Principal Accounting Officer, Effective September 3, 2025 Stock Yards Bancorp, Inc. announced that Michael W. Woods has joined the Company as Principal Accounting Officer effective September 3, 2025. Michael Woods is a Certified Public Accountant with over 25 years of experience in financial reporting, internal control, and strategic planning. Before joining the Company, Mr. Woods served as SVP and Corporate Controller at Old National Bancorp starting in 2017, and held the role of Principal Accounting Officer of Old National Bancorp from 2017 to 2022. Before joining Old National Bancorp, Mr. Woods served in various financial and accounting roles at FirstMerit Corporation, KeyCorp, and other financial institutions, including as Co-Acting Corporate Controller of FirstMerit. Mr. Woods holds a bachelor’s degree in business administration from The Ohio State University, and earned his CPA in 1993. Buy Or Sell Opportunity • Sep 02
Now 20% undervalued Over the last 90 days, the stock has risen 9.0% to US$80.15. The fair value is estimated to be US$101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 8.3%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 6.7% in the next year. Recent Insider Transactions Derivative • Aug 28
CEO & Chairman of the Board exercised options and sold US$326k worth of stock On the 27th of August, James Hillebrand exercised 8k options at a strike price of around US$40.00 and sold these shares for an average price of US$83.02 per share. This trade did not impact their existing holding. For the year to December 2018, James' total compensation was 31% salary and 69% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, James' direct individual holding has increased from 130.38k shares to 132.74k. Company insiders have collectively sold US$6.6m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 22
Second quarter dividend increased to US$0.32 Dividend of US$0.32 is 3.2% higher than last year. Ex-date: 15th September 2025 Payment date: 1st October 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.8% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 22
Stock Yards Bancorp, Inc. and Stock Yards Bank & Trust Company Appoint David L. Hardy to its Boards of Directors, Effective October 21, 2025 Stock Yards Bancorp, Inc., parent company of Stock Yards Bank & Trust Company on August 22, 2025 announced that David L. Hardy has been appointed to the Boards of Directors for both the Company and the Bank, effective October 21, 2025. Mr. Hardy has been the Managing Director for CBRE’s Kentucky operations since 2005 while also serving as a producer and team leader for the office properties division. Mr. Hardy has been brokering office properties and advising clients in the Louisville market since 1988. He has handled the sale and leasing of several office buildings in the region and has represented many of Louisville’s prominent companies in real estate transactions. Mr. Hardy currently serves as Vice Chairman of the Board of Trustees for St. Xavier High School and is a member of the Board of Governors for Louisville Country Club. In addition, he previously served as Chairman of the Board of Trustees of the Leadership Louisville Center, was former Vice Chairman of the Board of Trustees of Sacred Heart Schools and previously served as a member of the Board of Trustees of Greater Louisville, Inc. (GLI). He formerly served as President of the Kentucky CCIM (Certified Commercial Investment Member) Chapter and as President of the Greater Louisville Association of Realtors Commercial Division. Announcement • Aug 20
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on October 1, 2025 Stock Yards Bancorp, Inc. announced that its board of directors increased its quarterly cash dividend to $0.32 per common share. The dividend will be paid on October 1, 2025, to stockholders of record as of September 15, 2025. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$1.16 (up from US$0.94 in 2Q 2024). Revenue: US$95.6m (up 13% from 2Q 2024). Net income: US$34.0m (up 23% from 2Q 2024). Profit margin: 36% (up from 33% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Buy Or Sell Opportunity • Jul 09
Now 21% undervalued Over the last 90 days, the stock has risen 26% to US$80.47. The fair value is estimated to be US$101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 6.0% in the next year. Recent Insider Transactions Derivative • Jun 26
Executive VP exercised options and sold US$226k worth of stock On the 24th of June, T. Stinnett exercised 6.87k options at around US$25.76, then sold 4k of the shares acquired at an average of US$77.35 per share and kept the remainder. Since September 2024, Stinnett's direct individual holding has increased from 74.07k shares to 75.33k. Company insiders have collectively sold US$8.8m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Jun 13
Stock Yards Bancorp, Inc. Announces Intent to Retire of David P. Heintzman as an Independent Member of the Board of Directors Stock Yards Bancorp, Inc. announced that On June 10, 2025, David P. Heintzman, an independent member of the Board of Directors, notified the Board of his intent to retire as a director of the Company, effective upon the conclusion of the Board’s next regularly scheduled meeting on July 15, 2025. Mr. Heintzman joined Stock Yards Bank & Trust Company in 1985 and held a series of executive positions, including Chief Financial Officer, Executive Vice President and President. Mr. Heintzman served as Chief Executive Officer from 2005 until his retirement from that role in 2018. Mr. Heintzman has served as a director of the Company since 1992, including service as Chairman of the Board. The Company and the Board express their gratitude and appreciation for Mr. Heintzman’s 40 years of dedicated service and invaluable contributions. Recent Insider Transactions • Jun 12
Insider recently sold US$316k worth of stock On the 10th of June, Michael Croce sold around 4k shares on-market at roughly US$77.06 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$372k. Insiders have been net sellers, collectively disposing of US$4.2m more than they bought in the last 12 months. Upcoming Dividend • Jun 09
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (2.7%). Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. Independent Director Allison Donovan was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • May 23
First quarter dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 16th June 2025 Payment date: 1st July 2025 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 21
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on July 1, 2025 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend will be paid on July 1, 2025, to stockholders of record as of June 16, 2025. Recent Insider Transactions Derivative • May 13
Independent Director notifies of intention to sell stock Laura Wells intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 13th of May. If the sale is conducted around the recent share price of US$78.00, it would amount to US$390k. Since September 2024, Laura's direct individual holding has increased from 18.23k shares to 19.19k. Company insiders have collectively sold US$7.7m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Apr 30
Independent Director recently sold US$372k worth of stock On the 28th of April, David Heintzman sold around 5k shares on-market at roughly US$74.48 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$4.0m more than they bought in the last 12 months. Reported Earnings • Apr 23
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$1.13 (up from US$0.89 in 1Q 2024). Revenue: US$92.6m (up 13% from 1Q 2024). Net income: US$33.3m (up 28% from 1Q 2024). Profit margin: 36% (up from 32% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Announcement • Mar 20
Stock Yards Bancorp, Inc. Announces Executive Changes On March 14, 2025, Stock Yards Bancorp, Inc., the holding company for Stock Yards Bank & Trust Company, appointed T. Clay Stinnett as the Company’s principal accounting officer, effective as of March 14, 2025. Mr. Stinnett, age 51, has served as the Executive Vice President, Treasurer and Chief Financial Officer of the Company and the Bank since 2019. Mr. Stinnett will continue to be responsible for overseeing a range of areas, including general accounting; SEC, regulatory and internal management reporting; the Bank’s treasury function; and budgeting. Mr. Stinnett previously served as Executive Vice President and Chief Strategic Officer of the Company and the Bank from 2011 to 2019, and Senior Vice President and Chief Strategic Officer of the Bank from 2005 to 2011. Mr. Stinnett joined the Bank in 2000 as Vice President-Finance. The appointment of Mr. Stinnett was made in connection with the departure of Michael B. Newton, who notified the Company of his resignation as Senior Vice President and Principal Accounting Officer, effective March 14, 2025. Mr. Newton’s departure is not due to any disagreement on any matter relating to the Company’s financial statements, internal control over financial reporting, operations, policies, or practices. Upcoming Dividend • Mar 10
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 17 March 2025. Payment date: 01 April 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (2.8%). Reported Earnings • Mar 03
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.91 (up from US$3.69 in FY 2023). Revenue: US$342.5m (up 5.6% from FY 2023). Net income: US$114.5m (up 6.3% from FY 2023). Profit margin: 33% (in line with FY 2023). Net interest margin (NIM): 3.31% (down from 3.39% in FY 2023). Cost-to-income ratio: 56.2% (up from 54.8% in FY 2023). Non-performing loans: 0.34% (up from 0.33% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.1%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • Mar 01
Stock Yards Bancorp, Inc., Annual General Meeting, Apr 24, 2025 Stock Yards Bancorp, Inc., Annual General Meeting, Apr 24, 2025. Declared Dividend • Feb 21
Fourth quarter dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 17th March 2025 Payment date: 1st April 2025 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 14% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 19
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on April 1, 2025 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend will be paid on April 1, 2025, to stockholders of record as of March 17, 2025. Recent Insider Transactions Derivative • Feb 07
Independent Director notifies of intention to sell stock Laura Wells intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 31st of January. If the sale is conducted around the recent share price of US$78.00, it would amount to US$312k. Since September 2024, Laura's direct individual holding has increased from 18.23k shares to 19.19k. Company insiders have collectively sold US$7.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jan 29
Executive VP & Chief Credit Officer exercised options and sold US$232k worth of stock On the 24th of January, William Dishman exercised 7.17k options at around US$25.76, then sold 5k of the shares acquired at an average of US$75.00 per share and kept the remainder. Since March 2024, William's direct individual holding has decreased from 45.32k shares to 42.32k. Company insiders have collectively sold US$7.6m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 23
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$3.91 (up from US$3.69 in FY 2023). Revenue: US$342.5m (up 5.6% from FY 2023). Net income: US$114.5m (up 6.3% from FY 2023). Profit margin: 33% (in line with FY 2023). Net interest margin (NIM): 3.31% (down from 3.39% in FY 2023). Cost-to-income ratio: 56.2% (up from 54.8% in FY 2023). Non-performing loans: 0.34% (up from 0.33% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.1%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Recent Insider Transactions Derivative • Dec 22
Independent Director notifies of intention to sell stock Laura Wells intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of December. If the sale is conducted around the recent share price of US$78.00, it would amount to US$312k. Since December 2023, Laura's direct individual holding has increased from 16.24k shares to 18.23k. Company insiders have collectively sold US$7.4m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Dec 17
Price target increased by 11% to US$78.80 Up from US$71.20, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$76.17. Stock is up 49% over the past year. The company is forecast to post earnings per share of US$3.81 for next year compared to US$3.69 last year. Upcoming Dividend • Dec 09
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 16 December 2024. Payment date: 31 December 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.5%). Price Target Changed • Dec 04
Price target increased by 8.5% to US$74.40 Up from US$68.60, the current price target is an average from 5 analysts. New target price is 5.4% below last closing price of US$78.62. Stock is up 67% over the past year. The company is forecast to post earnings per share of US$3.81 for next year compared to US$3.69 last year. Recent Insider Transactions Derivative • Nov 27
Independent Director exercised options and sold US$526k worth of stock On the 25th of November, David Heintzman exercised 12.88k options at around US$35.90, then sold 13k of the shares acquired at an average of US$77.61 per share and kept the remainder. Since December 2023, David's direct individual holding has decreased from 149.40k shares to 108.22k. Company insiders have collectively sold US$8.1m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Nov 22
Third quarter dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 16th December 2024 Payment date: 31st December 2024 Dividend yield will be 1.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (33% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 20
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on December 31, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend will be paid on December 31, 2024, to stockholders of record as of December 16, 2024. Price Target Changed • Nov 15
Price target increased by 7.2% to US$69.80 Up from US$65.10, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$73.25. Stock is up 57% over the past year. The company is forecast to post earnings per share of US$3.81 for next year compared to US$3.69 last year. Recent Insider Transactions • Nov 14
Independent Director recently sold US$614k worth of stock On the 12th of November, David Heintzman sold around 8k shares on-market at roughly US$76.75 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$660k. Insiders have been net sellers, collectively disposing of US$3.2m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$76.87, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$103 per share. Recent Insider Transactions Derivative • Nov 08
Independent Director exercised options and sold US$449k worth of stock On the 6th of November, David Heintzman exercised 13.27k options at around US$40.00, then sold 13k of the shares acquired at an average of US$74.79 per share and kept the remainder. Since December 2023, David's direct individual holding has decreased from 149.40k shares to 125.90k. Company insiders have collectively sold US$5.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Oct 30
Independent Director recently sold US$660k worth of stock On the 28th of October, David Heintzman sold around 10k shares on-market at roughly US$66.00 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.5m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Oct 28
Independent Director notifies of intention to sell stock David Heintzman intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 25th of October. If the sale is conducted around the recent share price of US$65.00, it would amount to US$650k. Since December 2023, David's direct individual holding has decreased from 149.40k shares to 135.90k. Company insiders have collectively sold US$4.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 23
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$1.00 (up from US$0.93 in 3Q 2023). Revenue: US$85.5m (up 5.3% from 3Q 2023). Net income: US$29.4m (up 8.4% from 3Q 2023). Profit margin: 34% (in line with 3Q 2023). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.2%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Sep 25
Independent Director exercised options and sold US$329k worth of stock On the 19th of September, David Heintzman exercised 8.80k options at around US$25.76, then sold 9k of the shares acquired at an average of US$64.19 per share and kept the remainder. Since December 2023, David's direct individual holding has decreased from 149.40k shares to 136.67k. Company insiders have collectively sold US$4.5m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Sep 09
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.9%). Recent Insider Transactions Derivative • Aug 28
Independent Director exercised options and sold US$336k worth of stock On the 23rd of August, David Heintzman exercised 10.00k options at around US$25.76, then sold 10k of the shares acquired at an average of US$59.93 per share and kept the remainder. Since December 2023, David's direct individual holding has decreased from 149.40k shares to 136.49k. Company insiders have collectively sold US$4.1m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 23
Second quarter dividend increased to US$0.31 Dividend of US$0.31 is 3.3% higher than last year. Ex-date: 16th September 2024 Payment date: 1st October 2024 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.1% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
Stock Yards Bancorp, Inc. Announces Dividend, Payable on October 1, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors increased its cash dividend to $0.31 per common share. The dividend will be paid on October 1, 2024, to stockholders of record as of September 16, 2024. New Risk • Aug 01
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$515k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Aug 01
Independent Director recently sold US$374k worth of stock On the 26th of July, David Heintzman sold around 6k shares on-market at roughly US$62.28 per share. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.5m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jul 29
Independent Director notifies of intention to sell stock David Heintzman intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 26th of July. If the sale is conducted around the recent share price of US$63.60, it would amount to US$636k. Since December 2023, David's direct individual holding has decreased from 149.40k shares to 143.19k. Company insiders have collectively sold US$1.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jul 25
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.94 (down from US$0.95 in 2Q 2023). Revenue: US$84.4m (up 4.0% from 2Q 2023). Net income: US$27.6m (flat on 2Q 2023). Profit margin: 33% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Price Target Changed • Jul 24
Price target increased by 9.2% to US$58.75 Up from US$53.80, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$61.38. Stock is up 22% over the past year. The company is forecast to post earnings per share of US$3.72 for next year compared to US$3.69 last year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$57.24, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$80.56 per share. Announcement • Jul 03
Stock Yards Bancorp, Inc.(NasdaqGS:SYBT) dropped from Russell 2000 Growth-Defensive Index Stock Yards Bancorp, Inc.(NasdaqGS:SYBT) dropped from Russell 2000 Growth-Defensive Index Upcoming Dividend • Jun 10
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.0%). Declared Dividend • May 24
First quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 17th June 2024 Payment date: 1st July 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
Stock Yards Bancorp Declares Quarterly Cash Dividend, Payable on July 1, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend, which has been maintained at the prior quarter amount, will be paid on July 1, 2024, to stockholders of record as of June 17, 2024. Reported Earnings • Apr 24
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.89 (down from US$1.00 in 1Q 2023). Revenue: US$81.9m (flat on 1Q 2023). Net income: US$25.9m (down 11% from 1Q 2023). Profit margin: 32% (down from 35% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Mar 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Allison Donovan was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 15
Stock Yards Bancorp, Inc., Annual General Meeting, Apr 25, 2024 Stock Yards Bancorp, Inc., Annual General Meeting, Apr 25, 2024, at 10:00 US Eastern Standard Time. Agenda: To elect directors to serve until the next annual meeting of shareholders and until their respective successors are duly elected and qualified; to ratify the selection of FORVIS, LLP as the independent registered public accounting firm for Stock Yards Bancorp, Inc. for the year ending December 31, 2024; to approve a non-binding resolution to approve the compensation of Stock Yards Bancorp’s named executive officers; to approve the amendment and restatement of the 2015 Omnibus Equity Compensation Plan, including an increase in the number of shares of Common Stock reserved and available for issuance thereunder; and to consider other business matters. Upcoming Dividend • Mar 08
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 01 April 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.0%). Reported Earnings • Feb 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$3.69 (up from US$3.24 in FY 2022). Revenue: US$324.5m (up 4.3% from FY 2022). Net income: US$107.7m (up 16% from FY 2022). Profit margin: 33% (up from 30% in FY 2022). Net interest margin (NIM): 3.39% (up from 3.35% in FY 2022). Cost-to-income ratio: 54.8% (up from 53.6% in FY 2022). Non-performing loans: 0.33% (up from 0.29% in FY 2022). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 23
Fourth quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 15th March 2024 Payment date: 1st April 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (35% forecast payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 4.3% over the next 2 years. However, it would need to fall by 64% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 21
Stock Yards Bancorp Declares Quarterly Cash Dividend, Payable on April 1, 2024 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend will be paid on April 1, 2024, to stockholders of record as of March 18, 2024. Price Target Changed • Jan 25
Price target increased by 9.0% to US$56.33 Up from US$51.67, the current price target is an average from 3 analysts. New target price is 9.6% above last closing price of US$51.40. Stock is down 12% over the past year. The company is forecast to post earnings per share of US$3.28 for next year compared to US$3.69 last year. Announcement • Jan 24
Stock Yards Bancorp, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2023 Stock Yards Bancorp, Inc. reported net charge-offs for the fourth quarter ended December 31, 2023. For the quarter, the company reported net loan charge-offs of $4,472,000 compared to $152,000 a year ago. Recent Insider Transactions • Dec 27
Senior Executive VP & Director recently sold US$202k worth of stock On the 21st of December, Kathy Thompson sold around 4k shares on-market at roughly US$50.59 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$284k. Insiders have been net sellers, collectively disposing of US$964k more than they bought in the last 12 months. Recent Insider Transactions • Dec 19
CEO & Chairman of the Board recently sold US$284k worth of stock On the 15th of December, James Hillebrand sold around 6k shares on-market at roughly US$51.14 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Dec 18
CEO & Chairman of the Board exercised options and sold US$342k worth of stock On the 13th of December, James Hillebrand exercised 16.43k options at around US$19.37, then sold 11k of the shares acquired at an average of US$50.87 per share and kept the remainder. For the year to December 2016, James' total compensation was 36% salary and 64% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, James' direct individual holding has increased from 111.38k shares to 121.62k. Company insiders have collectively sold US$795k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.30 per share at 2.5% yield Eligible shareholders must have bought the stock before 15 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.5%). Announcement • Nov 23
Stock Yards Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on December 29, 2023 Stock Yards Bancorp, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend will be paid on December 29, 2023, to stockholders of record as of December 18, 2023. Recent Insider Transactions • Nov 17
Senior Executive VP & Director recently sold US$227k worth of stock On the 15th of November, Kathy Thompson sold around 5k shares on-market at roughly US$47.40 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$425k more than they bought in the last 12 months. Price Target Changed • Oct 29
Price target decreased by 8.1% to US$48.25 Down from US$52.50, the current price target is an average from 4 analysts. New target price is 25% above last closing price of US$38.64. Stock is down 51% over the past year. The company is forecast to post earnings per share of US$3.72 for next year compared to US$3.24 last year. New Risk • Oct 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.