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Stock Yards Bancorp Lifts Quarterly Cash Dividend By 8%


Stock Yards Bancorp, Inc. (NASDAQ: SYBT) revealed that its Board has lifted its quarterly cash dividend to $0.18 per share. According to the company, the new dividend represented 8% growth on a split-adjusted basis and marked seventh increase in the dividend rate in the last five-year period. The dividend also represented that the company paid about 39 percent of its profit as its dividend.

Stock Yards Bancorp said the higher rate of the dividend would be payable on July 1 to all the eligible shareholders. The company has also fixed the record date as June 13. Therefore, the company indicated it would apply to new shares distributed on May 27 following the recently announced three-for-two stock split.

Commenting on the dividend announcement, the company's chairman and CEO, David Heintzman, said, "Last month, Stock Yards Bancorp reported a continuation of strong trends in its financial performance, including exceptional loan growth and solid credit quality that helped drive higher first quarter net income. In terms of lending activity, it was the best first quarter in the Bank's history."

He added, "We are pleased that these solid results again position the Company to increase its dividend payments to stockholders and enable them to participate directly in our ongoing growth. While we expect that our stockholders value the consistent, long-term track record for growth we have achieved, we likewise believe they consider the regular, reliable and growing income associated with our stock to be equally important."

On Wednesday, the stock traded up 3 percent.


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