Business First Bancshares, Inc. (NASDAQ:BFST) announced that its Chief Financial Officer, Greg Robertson, sold 1,400 shares of the company’s stock on December 1, 2023. The shares were sold at an average price of $26.41, resulting in a total transaction value of $36,974. Following this sale, Robertson retains ownership of 67,835 shares, amounting to a total value of approximately $1,791,522.35. This transaction represents a 2.02% decrease in his ownership stake.
The details of this transaction were disclosed in a legal filing with the Securities and Exchange Commission (SEC), accessible to the public for transparency.
Market Reaction and Stock Performance
On December 2, 2023, shares of Business First Bancshares traded down 0.1%, falling by $0.03 to reach $26.26. The trading volume for the day was 59,462 shares, significantly lower than the average daily volume of 114,898 shares. Over the past weeks, the company has seen a 50-day moving average price of $24.42 and a 200-day moving average price of $24.47.
Over the past year, Business First Bancshares has experienced a low of $20.07 and a high of $29.03. The company currently holds a market capitalization of approximately $777.56 million, with a price-to-earnings ratio of 10.14 and a beta of 0.87. Both the quick ratio and the current ratio stand at 1.00, while the debt-to-equity ratio is 0.58.
Recent Financial Performance and Analyst Outlook
In its latest quarterly earnings report, released on October 23, 2023, Business First Bancshares reported earnings per share (EPS) of $0.72, surpassing analysts’ consensus estimate of $0.69 by $0.03. The firm recorded a revenue of $80.95 million for the quarter, slightly exceeding analyst projections of $80.50 million. The company reported a return on equity of 11.08% and a net margin of 15.94%. Analysts predict that Business First Bancshares will achieve an EPS of $2.72 for the current fiscal year.
In addition to its financial performance, the company’s board recently announced a $30 million share repurchase plan, allowing Business First Bancshares to buy back up to 4.2% of its outstanding shares. This buyback authorization typically indicates management’s belief that the stock is undervalued.
Institutional investors have been actively trading shares of Business First Bancshares. Notably, Millennium Management LLC increased its holdings by an impressive 1,532.5% during the first quarter, now owning 159,481 shares valued at approximately $3.88 million. Meanwhile, Royce & Associates LP raised its holdings by 17.5% in the third quarter, owning 648,080 shares valued at about $15.3 million.
Several analysts have recently evaluated the stock, with DA Davidson initiating coverage and assigning a “buy” rating with a target price of $32.00. Weiss Ratings reaffirmed a “hold (c+)” rating, while four analysts currently rate the stock as a buy and one as a hold. According to data from MarketBeat, the average rating for Business First Bancshares is “Moderate Buy” with an average price target of $30.75.
Business First Bancshares operates as a bank holding company for b1BANK, providing a range of banking products and services primarily in Louisiana and Texas. Its offerings include various deposit products and services, such as checking accounts, money market accounts, savings accounts, and certificates of deposit.
As the financial landscape continues to evolve, stakeholders in Business First Bancshares will be keenly watching the company’s strategic decisions and market performance in the coming months.
