BLOOMINGTON, Ill. - HBT Financial, Inc. (NASDAQ: NASDAQ:HBT), currently trading at $23.06, the parent company of Heartland Bank and Trust Company, has declared the initiation of a new stock repurchase program set to commence following the conclusion of its current program on January 1, 2025. This new authorization will enable the company to buy back up to $15 million of its common stock. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
The repurchase program is slated to run until January 1, 2026, and will allow stock repurchases to be conducted on the open market, through privately negotiated transactions, or by other means in compliance with applicable securities laws. The management of HBT Financial will have discretion over when and how many shares to repurchase, taking into account factors such as stock price, trading volume, corporate and regulatory requirements, and overall market conditions.
However, HBT Financial is under no obligation to repurchase any specific number of shares and may suspend or discontinue the program at any time without prior notice.
HBT Financial, with a history dating back to 1920, operates out of Bloomington, Illinois, and offers a broad range of banking services including business, commercial, wealth management, and retail banking. The company serves customers across Illinois and Eastern Iowa through its network of 66 full-service branches.
As per the latest financial data available as of September 30, 2024, HBT Financial reported total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 billion.
The announcement of the stock repurchase program reflects the company's ongoing commitment to returning value to its shareholders and managing its capital efficiently. This news is based on a press release statement from HBT Financial, Inc.
In other recent news, HBT Financial has announced a quarterly cash dividend of $0.19 per share to be paid to shareholders of record as of November 4, 2024. The company's earnings report revealed an operating income of $0.61 per share, surpassing analyst expectations due to robust pre-provision net revenue and a reduced provision for credit losses. Keefe, Bruyette & Woods maintained a positive outlook on HBT Financial, reaffirming its Outperform rating, while DA Davidson downgraded the company from Buy to Neutral due to concerns about sensitivity to interest rate changes.
In addition, HBT Financial's credit quality remained solid, with a 2% decrease in nonperforming assets, though loan growth showed a decline of 2%. Piper Sandler, while maintaining a Neutral rating, adjusted its price target for the company's stock and increased its fourth-quarter 2024 earnings estimate for HBT Financial, citing higher core fee income expectations. These are recent developments that investors should take into account when considering their investment strategies.
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