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Joseph Melohn, a director at Esquire Financial Holdings, Inc. (NASDAQ:ESQ), has sold shares worth $237,441, according to a recent SEC filing. The stock has shown remarkable strength, gaining over 74% in the past six months, with InvestingPro data showing an overall Financial Health rating of "GREAT." The transactions took place on December 18, with Melohn selling a total of 3,000 shares at prices ranging from $79.0063 to $80 per share, near the stock's 52-week high of $80.89. Following these transactions, Melohn holds 9,786 shares directly and additional shares indirectly through various entities. With the stock currently trading close to its Fair Value, InvestingPro subscribers can access 10 additional investment tips to make informed decisions about ESQ.
In other recent news, Esquire Financial has been under the lens of analysts at Piper Sandler and Keefe, Bruyette & Woods (KBW). Piper Sandler increased Esquire Financial's price target to $75.00, maintaining an Overweight rating. This adjustment was driven by the company's high profitability and tangible book value per share growth, with a return on assets of 2.62% in the third quarter. Esquire Financial's niche focus on the litigation vertical was recognized as a growth driver, relatively unaffected by broader economic conditions.
KBW, on the other hand, downgraded Esquire Financial from an Outperform rating to Market Perform, despite raising its price target to $72.00. This decision is part of KBW's strategy in anticipation of lower interest rates and a fuller valuation of the company's stock. However, KBW maintains a positive long-term view on Esquire Financial, acknowledging its unique operating model and strong position in a specialized market.
Esquire Financial reported second-quarter operating earnings per share of $1.25, surpassing projections by both firms. The company's management strategy, involving a shift from commercial real estate lending towards more liquid securities, was recognized as a contributor to the bank's success. These recent developments reflect the ongoing positive momentum for Esquire Financial.
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