Stock Yards Bancorp authorizes new stock repurchase program of up to 1 million shares

Stock Yards Bancorp, Inc. (NASDAQ:SYBT) announced that its Board of Directors authorized a new stock repurchase program of up to one million shares of the company’s common stock, representing approximately 3.4% of its outstanding shares. The announcement was made Tuesday.

The new program replaces a previous repurchase plan that expired in May 2025, under which the company last repurchased shares in 2019. According to the company’s statement, the timing and amount of any repurchases will be determined by management, following parameters set by the Board of Directors, and will depend on factors such as the stock price, market conditions, and other corporate considerations. The company noted that any repurchases will comply with Rule 10b5-1 trading arrangements under the Securities Exchange Act of 1934, as applicable.

The repurchase plan is set to expire in two years unless it is extended or completed earlier. Stock Yards Bancorp stated that the plan does not obligate the company to repurchase any specific dollar amount or number of shares before its expiration. The company also said the plan may be modified, suspended, or terminated at any time and for any reason without prior notice, and that there can be no assurance as to the exact number of shares that will be repurchased before the plan’s expiration.

This information is based on a press release statement included in the company’s recent filing with the Securities and Exchange Commission.

In other recent news, Stock Yards Bancorp reported financial results that exceeded expectations, with earnings per share and pre-provision net revenue surpassing analyst projections for the first quarter of 2025. The company’s performance was bolstered by interest recoveries, which improved the net interest margin, and saw annualized growth in loans and deposits. Additionally, nonperforming assets decreased by 27% from the previous quarter. Stephens analysts have responded by raising the stock’s price target to $80, reflecting confidence in the company’s financial health and potential for growth. In corporate governance developments, Stock Yards Bancorp held its 2025 Annual Meeting of Shareholders, where all nominated directors were elected, and executive compensation was approved. The company also announced the upcoming retirement of board member David P. Heintzman, effective July 15, 2025, after 40 years of service. Furthermore, the Audit Committee has appointed BDO USA as the new independent auditor for the fiscal year ending December 31, 2025. These recent developments highlight Stock Yards Bancorp’s strategic initiatives and strong financial performance.

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