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Stock Yards Bancorp (SYBT) Up 6% on Extended Buyback Program
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Shares of Stock Yards Bancorp, Inc. (SYBT - Free Report) have gained 6% following the announcement of extension of its stock-repurchase plan. The board of directors has approved the extension by around two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
The company pays quarterly dividends on a regular basis. On May 17, SYBT announced a quarterly dividend of 29 cents per share. The dividend will be paid out on Jul 3, to shareholders of record as of Jun 20.
Previously, dividends were hiked in August 2022 by 3.6% to 29 cents per share. In fact, SYBT increased dividends five times in the last five years. This resulted in an annualized dividend yield of 2.6%, considering SYBT’s last day’s closing price of $44.21. Apart from being attractive to investors, the yield also represented a steady income stream.
Stock Yards Bancorp’s past performance depicted a robust earnings picture. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with a surprise of 4.3%, on average.
As of Mar 31, 2023, SYBT’s total cash and cash equivalents were $317 million whereas the debts (comprising subordinated debentures and federal home loan bank advances) totaled $301.4 million. Times interest earned ratio for first-quarter 2023 was 32.5. SYBT’s solid balance sheet position and earnings strength indicate sustainable capital deployments .
However, the deteriorating operating backdrop is concerning.
Shares of Stock Yards Bancorp have lost 15.8% over the past year compared with the industry’s decline of 17.1%.
Enhanced Capital Deployment Activities by Other Banks
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. CIVB repurchased $7.4 million worth of shares under that plan, which expired on May 9.
Bank OZK (OZK - Free Report) announced a quarterly dividend hike. The company declared a cash dividend of 35 cents per share, marking a 2.9% increase from the prior payout. The dividend was paid out on Apr 21, to shareholders of record as of Apr 14.
This represented the 51st consecutive quarter of dividend hike by OZK. Prior to this, OZK hiked its dividend by 3% to 34 cents per share in January 2023. We believe such disbursements highlight the company’s operational strength and commitment to enhance shareholders’ wealth.
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Stock Yards Bancorp (SYBT) Up 6% on Extended Buyback Program
Shares of Stock Yards Bancorp, Inc. (SYBT - Free Report) have gained 6% following the announcement of extension of its stock-repurchase plan. The board of directors has approved the extension by around two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
The company pays quarterly dividends on a regular basis. On May 17, SYBT announced a quarterly dividend of 29 cents per share. The dividend will be paid out on Jul 3, to shareholders of record as of Jun 20.
Previously, dividends were hiked in August 2022 by 3.6% to 29 cents per share. In fact, SYBT increased dividends five times in the last five years. This resulted in an annualized dividend yield of 2.6%, considering SYBT’s last day’s closing price of $44.21. Apart from being attractive to investors, the yield also represented a steady income stream.
Stock Yards Bancorp’s past performance depicted a robust earnings picture. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with a surprise of 4.3%, on average.
As of Mar 31, 2023, SYBT’s total cash and cash equivalents were $317 million whereas the debts (comprising subordinated debentures and federal home loan bank advances) totaled $301.4 million. Times interest earned ratio for first-quarter 2023 was 32.5. SYBT’s solid balance sheet position and earnings strength indicate sustainable capital deployments .
However, the deteriorating operating backdrop is concerning.
Shares of Stock Yards Bancorp have lost 15.8% over the past year compared with the industry’s decline of 17.1%.
Image Source: Zacks Investment Research
Currently, SYBT carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enhanced Capital Deployment Activities by Other Banks
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. CIVB repurchased $7.4 million worth of shares under that plan, which expired on May 9.
Bank OZK (OZK - Free Report) announced a quarterly dividend hike. The company declared a cash dividend of 35 cents per share, marking a 2.9% increase from the prior payout. The dividend was paid out on Apr 21, to shareholders of record as of Apr 14.
This represented the 51st consecutive quarter of dividend hike by OZK. Prior to this, OZK hiked its dividend by 3% to 34 cents per share in January 2023. We believe such disbursements highlight the company’s operational strength and commitment to enhance shareholders’ wealth.