Stock Yards Bancorp Declares Quarterly Cash Dividend of $0.29 per Common Share; Extends Stock Repurchase Plan
17 Mayo 2023 - 6:30AM
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock
Yards Bank & Trust Company, with offices in the Louisville,
central, eastern and northern Kentucky, as well as the
Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets,
today announced that its Board of Directors has declared a
quarterly cash dividend of $0.29 per common share. The dividend,
which has been maintained at the prior quarter amount, will be paid
on July 3, 2023, to stockholders of record as of June 20, 2023.
Additionally, the Company announced that its
Board of Directors has approved an extension of the Company’s Stock
Repurchase Plan’s (the Plan’s) expiration date to May 22, 2025.
First implemented on May 22, 2019, the 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 with approximately 741,000 shares remaining
eligible to be repurchased. Stock repurchases are expected to be
made from time to time on the open market, through block trades, in
privately negotiated transactions, or pursuant to Rule 10b5-1
subject to applicable securities law. The number of shares
repurchased and the timing, manner, process and amount of any
repurchases will be determined by the Company in its discretion.
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 Plan may be modified,
suspended or terminated at any time for any reason and without
prior notice. The Company cannot assure the exact number of shares
to be repurchased prior to the expiration date of the Plan.
Rule 10b5-1 allows a company to repurchase its
shares at times when it otherwise might be prevented from doing so
under insider trading laws or because of self-imposed trading
blackout periods. A broker selected by the Company will have the
authority under the terms and limitations specified in the Plan to
repurchase shares on the Company’s behalf in accordance with the
terms of the Plan. The Company does not retain or exercise any
discretion over purchases of common stock under the Plan.
Louisville, Kentucky-based Stock Yards Bancorp,
Inc., with $7.67 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 |
Stock Yards Bancorp (NASDAQ:SYBT)
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