Stock Yards Bancorp, Inc. (SYBT), the parent company of Stock Yards Bank & Trust Company, has recently made two significant announcements regarding its financial operations. The company's Board of Directors has approved an extension of the Stock Repurchase Plan's expiration date, providing further opportunities for share repurchases. Additionally, the company has declared a quarterly cash dividend, maintaining its prior quarter amount. This article will delve into the details of these announcements and their implications.

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Quarterly Cash Dividend Declaration

Stock Yards Bancorp has declared a quarterly cash dividend of $0.29 per common share, which remains consistent with the previous quarter's amount. The dividend is scheduled to be paid on July 3, 2023, to stockholders of record as of June 20, 2023. This dividend highlights the company's commitment to providing returns to its shareholders and underscores its strong financial position.

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Stock Repurchase Plan Extension

In an effort to enhance shareholder value, the company's Board of Directors has approved an extension of the Stock Repurchase Plan's expiration date to May 22, 2025. The Plan, initially implemented on May 22, 2019, authorized the repurchase of one million shares. To date, Stock Yards Bancorp has successfully repurchased approximately 259,000 shares, with around 741,000 shares remaining eligible for repurchase.

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Flexible Repurchase Methods

Stock Yards Bancorp's stock repurchases may be executed through various channels, including the open market, block trades, privately negotiated transactions, or pursuant to Rule 10b5-1, subject to applicable securities law. This flexibility allows the company to adapt its repurchase strategy based on market conditions and regulatory requirements.

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Company's Discretion and Plan Modifications

The decision-making authority for the stock repurchases lies with Stock Yards Bancorp. The number of shares to be repurchased, as well as the timing, manner, process, and amount of the repurchases, will be determined at the company's discretion. It's important to note that the Plan does not impose any obligation on the company to repurchase a specific dollar amount or number of shares before its expiration date. Moreover, the Plan can be modified, suspended, or terminated at any time without prior notice, providing the company with flexibility in adapting its strategic approach.

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Members of LevelFields received the alert of this event on May 17, 7:55 AM ET

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