FBMS stock touches 52-week high at $32.9 amid market fluctuations

Published 30/07/2024, 14:34
FBMS stock touches 52-week high at $32.9 amid market fluctuations

In a market that has seen its fair share of volatility, The First Bancshares , Inc. (NYSE:FBMS) stock has managed to reach a 52-week high, hitting a price level of $32.9. This peak comes as a notable point of interest for investors who have been tracking the company's performance amidst economic headwinds. Despite the recent achievement, The First Bancshares has experienced a slight downturn over the past year, with a 1-year change showing a modest decline of -2.17%. This juxtaposition of a new 52-week high against a yearly dip reflects the complex dynamics at play in the current financial landscape, where investor sentiment and market forces can often diverge.

In other recent news, The First Bancshares has been making significant strides. The company announced a solid performance in its Second Quarter 2024 Financial Results, with net earnings of $19.7 million, or $0.62 per diluted share, despite a slight downturn in net income due to a $1.7 million provision for loan growth. The company reported loan growth of $111 million, a 8.6% increase on an annualized basis, and expects mid single-digit loan growth and stable deposit costs and margins for the second half of the year.

In a major development, Renasant (NYSE:RNST) Corp has agreed to acquire The First Bancshares in an all-stock transaction valued at $1.2 billion. This merger will form a six-state Southeastern regional bank with approximately $25 billion in combined total assets. The acquisition is expected to complete in the first half of 2025, with Stephens serving as the financial adviser to Renasant and Keefe, Bruyette & Woods advising First Bancshares on the transaction.

These are just a few of the recent developments involving The First Bancshares. It's clear that the company is making moves, both in terms of its financial performance and its strategic decisions, to position itself for the future.

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