Joseph Vernon Johnson, a director at Business First Bancshares, Inc. (NASDAQ:BFST), recently sold a significant portion of the company's stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on November 1 and November 4, involved the sale of 8,500 shares of common stock.
The sales were executed at weighted average prices of $26.36 and $26.33 per share, totaling approximately $223,985. The shares were sold in multiple trades with price ranges from $26.24 to $26.45 on November 1 and from $26.06 to $26.40 on November 4. Following these transactions, Johnson holds 183,057 shares of the company, including 1,149 shares of restricted stock granted earlier this year, which are set to vest in April 2025.
In other recent news, Business First Bancshares reported a positive third quarter in 2024, with GAAP net income reaching $16.5 million and core net income at $17.2 million. The company's growth was attributed to commercial real estate and construction loans, and an expansion in Dallas and Houston. The acquisition of Oakwood is expected to contribute to net loan growth and the company aims for a core margin around 3.50% by the second quarter of 2025.
Total (EPA:TTEF) loans and deposits increased by $57.3 million and $77.3 million, respectively. The Oakwood transaction is projected to add approximately $690 million in net loans. Despite a slight increase in non-performing loans, non-interest income showed strength, particularly from swap fees.
The company anticipates continued net interest margin (NIM) growth and expects the Oakwood integration to provide a quarterly accretion of $700,000 to $800,000. Expense growth is expected to align with loan growth, with cost savings from the Oakwood merger materializing towards the end of 2025. These are the latest developments in the company's ongoing growth strategy.
InvestingPro Insights
The recent stock sale by director Joseph Vernon Johnson comes at a time when Business First Bancshares (NASDAQ:BFST) is showing some positive financial indicators. According to InvestingPro data, the company's stock has demonstrated strong performance, with a 19.82% price total return over the last three months and an impressive 25.5% return over the past six months. This upward trend aligns with one of the InvestingPro Tips, which highlights the "Strong return over the last three months."
Additionally, Business First Bancshares boasts a P/E ratio of 11.07, suggesting that the stock may be undervalued compared to its earnings. This could be of interest to value investors considering the company's position. The company also maintains a dividend yield of 2.15%, with an InvestingPro Tip noting that it "Has raised its dividend for 7 consecutive years," indicating a commitment to shareholder returns.
It's worth noting that while Johnson has reduced his stake, the company's fundamentals appear solid. Business First Bancshares has been profitable over the last twelve months, with a revenue of $249.88 million USD. Moreover, analysts are optimistic about the company's prospects, as another InvestingPro Tip reveals that "5 analysts have revised their earnings upwards for the upcoming period."
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 8 more tips available for Business First Bancshares. These tips could provide valuable context for understanding the director's stock sale and the company's overall financial health.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.