Business First Bancshares (NASDAQ:BFST) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Business First Bancshares (NASDAQ:BFST) posted its quarterly earnings data on Thursday. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.72 by $0.07, FiscalAI reports. Business First Bancshares had a return on equity of 11.08% and a net margin of 15.94%.The company had revenue of $69.44 million during the quarter, compared to analyst estimates of $81.41 million.

Business First Bancshares Trading Down 0.1%

Shares of NASDAQ:BFST traded down $0.04 during trading on Thursday, reaching $28.17. The stock had a trading volume of 148,615 shares, compared to its average volume of 113,358. The business has a fifty day moving average price of $26.54 and a 200-day moving average price of $25.19. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. The stock has a market cap of $834.11 million, a P/E ratio of 10.88 and a beta of 0.86. Business First Bancshares has a fifty-two week low of $20.07 and a fifty-two week high of $28.84.

Insider Buying and Selling

In related news, Director Rick D. Day purchased 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average price of $24.21 per share, for a total transaction of $38,736.00. Following the completion of the purchase, the director owned 265,885 shares in the company, valued at approximately $6,437,075.85. This represents a 0.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Greg Robertson sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $26.41, for a total value of $36,974.00. Following the sale, the chief financial officer directly owned 67,835 shares in the company, valued at approximately $1,791,522.35. This represents a 2.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 5.68% of the company’s stock.

Institutional Trading of Business First Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in shares of Business First Bancshares by 1,532.5% in the 1st quarter. Millennium Management LLC now owns 159,481 shares of the company’s stock valued at $3,883,000 after buying an additional 149,712 shares during the last quarter. First Trust Advisors LP lifted its stake in Business First Bancshares by 467.0% in the third quarter. First Trust Advisors LP now owns 107,684 shares of the company’s stock valued at $2,542,000 after acquiring an additional 88,693 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Business First Bancshares during the 1st quarter worth about $1,150,000. Man Group plc acquired a new stake in Business First Bancshares in the 3rd quarter valued at about $877,000. Finally, Dimensional Fund Advisors LP increased its position in Business First Bancshares by 3.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,024,248 shares of the company’s stock worth $24,183,000 after buying an additional 36,973 shares during the last quarter. 47.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Business First Bancshares in a research report on Wednesday, October 8th. Raymond James Financial upped their price objective on Business First Bancshares from $30.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Finally, DA Davidson started coverage on shares of Business First Bancshares in a report on Tuesday, November 25th. They issued a “buy” rating and a $32.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.50.

Business First Bancshares announced that its Board of Directors has approved a share repurchase plan on Tuesday, October 28th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

About Business First Bancshares

Business First Bancshares, Inc is the bank holding company for Business First Bank, a regional community bank headquartered in Louisville, Kentucky. Through its wholly owned subsidiary, the company provides a full suite of commercial and retail banking services to small and medium-sized businesses, professionals and individual consumers. Business First Bancshares operates under a community-focused model, emphasizing personalized service, local decision-making and relationship banking.

The company’s primary business activities include commercial lending, treasury and cash management, and deposit services.