Stock Yards Bancorp Increases Its Quarterly Cash Dividend 4% to $0.26 Per Common Share & Approves Stock Repurchase Plan of On...
May 22 2019 - 7:00AM
Business Wire
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of
Stock Yards Bank & Trust Company, with offices in the
Louisville, Indianapolis and Cincinnati metropolitan markets, today
announced that its Board of Directors has increased the Company's
quarterly cash dividend $0.01 or 4% to $0.26 per common share and
approved a share repurchase plan. The new dividend rate will be
paid on July 1, 2019, to stockholders of record as of June 17,
2019.
Separately, the Company also announced that the Board has
approved a share repurchase plan authorizing the repurchase of one
million shares or approximately 4% of the Company's total common
shares outstanding. Stock repurchases are expected to be made from
time to time on the open market or in privately negotiated
transactions, subject to applicable securities law. The plan, which
will expire in two years unless otherwise extended or completed at
an earlier date, does not obligate the Company to repurchase any
specific dollar amount or number of shares prior to the plan's
expiration.
Commenting on the announcement, James A. (Ja) Hillebrand, Chief
Executive Officer, said, "We are pleased to announce another
increase in our dividend rate and this new share repurchase plan,
continuing our efforts to drive shareholder value for our
investors. With today's dividend increase, Stock Yards Bancorp has
now raised its quarterly dividend rate a total of 11 times since
the beginning of 2014, with two increases in each of the previous
five years, resulting in a cumulative increase of 86% over that
time. The increased cash dividend highlights our company's strong
performance, its solid capital position and the attractive growth
opportunities we see ahead. Further, this new share repurchase plan
continues our longstanding efforts to enhance returns for our
investors."
Louisville, Kentucky-based Stock Yards Bancorp,
Inc., with $3.3 billion in assets, was incorporated in 1988 as a
bank holding company. It is the parent company of Stock Yards Bank
& Trust Company, which was established in 1904. The Company's
common shares trade on the NASDAQ Global Select Market under the
symbol SYBT. For more information about Stock Yards Bancorp, visit
the Company's website at www.syb.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190522005106/en/
T. Clay StinnettExecutive Vice President,Treasurer and Chief
Financial Officer(502) 625-0890
Stock Yards Bancorp (NASDAQ:SYBT)
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