Stock Yards Bancorp Declares Quarterly Cash Dividend of $0.27 Per Common Share; Extends Stock Repurchase Plan
May 18 2021 - 5:00PM
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 declared a quarterly cash dividend
of $0.27 per common share. The dividend, which has been maintained
at the prior quarter amount, will be paid on July 1, 2021, to
stockholders of record as of June 21, 2021.
Additionally, the Company announced that its
Board of Directors extended the Company’s stock repurchase plan’s
expiration date to May 2023. First implemented in May 2019, the
stock repurchase plan authorized the repurchase of one million
shares. To date, the Company has repurchased approximately 259,000
shares at an average cost of $35.41 per share. 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
further 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. The Company cannot assure
the exact number of shares to be repurchased prior to the
expiration date of the plan.
Louisville, Kentucky-based Stock Yards Bancorp,
Inc., with $4.8 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 Stock Market under the symbol
“SYBT.” For more information about Stock Yards Bancorp, visit the
Company’s website at www.syb.com.
Contact: |
T. Clay Stinnett |
|
Executive Vice President, Treasurer |
|
and Chief Financial Officer |
|
(502) 625-0890 |
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