Business First Bancshares, Inc. (NASDAQ:BFST) reported significant stock transactions by Director Joseph Vernon Johnson, who sold a total of $303,819 worth of company stock, according to recent SEC filings. The transactions took place on two separate days, with prices ranging from $25.38 to $25.77 per share.
On July 30, 2024, Johnson sold 5,574 shares at an average price of $25.38, while the following day, he sold an additional 6,300 shares at a slightly higher average price of $25.77 per share. These sales were executed in multiple trades within the given price ranges. The specific prices for Johnson's sales on July 30 ranged from $25.23 to $25.51, and on July 31, from $25.51 to $26.12, with the reported prices reflecting the weighted average sale price.
Following these transactions, Johnson's remaining direct ownership in Business First Bancshares includes 213,357 shares, which also accounts for 1,149 restricted stock shares granted on April 25, 2024, set to vest on April 26, 2025.
This financial activity was disclosed in a Form 4 filing with the Securities and Exchange Commission, dated August 1, 2024, by Heather Roemer, acting as attorney-in-fact for Joseph Vernon Johnson. The filing provides transparency into the trades made by the company's insiders, offering investors insight into their stock transactions.
"In other recent news, Business First Bancshares announced significant changes to its board of directors and reported robust financial performance for the second quarter of 2024. The company appointed Zeenat Sidi as a new independent director for both Business First and its subsidiary b1BANK, and she will also join the audit committee of Business First's board. David R. "Jude" Melville, III has been named the Chairman of the boards of both Business First and b1BANK, with Rolfe H. McCollister, Jr. as the Lead Independent Director.
The company saw a significant rebound in its net interest margin, substantial loan growth, and improvements in the deposit base composition in the recent quarter. A highlight was the sale of a USDA guaranteed loan, which yielded a gain of $1.9 million, contributing to the quarter's core profitability of $14.3 million.
In addition to these developments, Business First Bancshares is progressing with its strategic acquisition of Oakwood Bank, expected to be completed in the fourth quarter of 2024. The bank's loan growth was primarily in the C&I portfolio, with a reduction in C&D and investment CRE portfolios. The bank also anticipates improved funding costs if interest rates are cut, according to recent analyst notes."
InvestingPro Insights
Business First Bancshares, Inc. (NASDAQ:BFST) has demonstrated a pattern of financial stability and shareholder value, as evidenced by the InvestingPro data. With a market capitalization of $614.35 million and a P/E ratio that has remained under 10, both at 9.86 and adjusted to 9.94 for the last twelve months as of Q2 2024, the company presents itself as a potentially undervalued investment. Moreover, the company has shown consistent revenue growth, with a 3.06% increase over the last twelve months and a 1.68% quarterly growth in Q2 2024.
Looking at the dividend prospects, Business First Bancshares has increased its dividend for six consecutive years, showcasing a commitment to returning value to its shareholders. This is further supported by a dividend yield of 2.2% and a significant dividend growth of 16.67% over the last twelve months as of Q2 2024. These figures, combined with a strong return over the last month of 18.18% and an even more impressive three-month return of 23.62%, highlight the company's recent performance success.
For investors seeking deeper insights, there are additional InvestingPro Tips to consider. Analysts have revised their earnings estimates upwards for the upcoming period, which may signal confidence in the company's near-term financial prospects. On the other hand, it is noted that the company suffers from weak gross profit margins and that net income is expected to drop this year. Nonetheless, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months.
For those interested in exploring further, there are more InvestingPro Tips available for Business First Bancshares at InvestingPro. These tips can provide additional guidance and a more comprehensive analysis to help investors make informed decisions.
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