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Fred L. Drake, the Executive Chairman of HBT Financial, Inc. (NASDAQ:HBT), has recently sold shares totaling $369,214, according to a recent SEC filing. The transactions occurred on January 29 and January 31, with shares sold at prices ranging from $24.38 to $24.81. The sales came as HBT shares trade near their 52-week high of $25.35, having delivered a strong 32.61% return over the past year. Following these sales, Drake holds 53,615 shares indirectly through the Fred L. Drake Revocable Trust. Additionally, he maintains direct ownership of 46,003 shares and indirect control over 17,210,400 shares held by the Heartland Bancorp, Inc. Voting Trust. With a market capitalization of $767 million, HBT maintains a solid 3.38% dividend yield and boasts a GREAT financial health score according to InvestingPro, which identifies multiple additional growth catalysts for the company.
In other recent news, HBT Financial has reported operating earnings of $0.62 per share, surpassing market estimates by $0.04 per share. This positive result was credited to an overall performance improvement and a slightly better-than-expected provision. Additionally, the company revealed an 11% quarter-over-quarter increase in loan growth and a 4% rise in deposit growth. In light of these recent developments, Keefe, Bruyette & Woods analysts have upgraded the price target for HBT Financial shares to $28, maintaining an Outperform rating.
The company also announced a new stock repurchase program set to commence in 2025, enabling HBT Financial to buy back up to $15 million of its common stock. Analysts at Keefe, Bruyette & Woods see this as a positive move, demonstrating the company’s ongoing commitment to capital return strategies. However, DA Davidson downgraded HBT Financial from Buy to Neutral due to concerns about the bank’s sensitivity to interest rate changes.
Piper Sandler, while maintaining a Neutral rating, adjusted its price target for HBT Financial and increased its fourth-quarter 2024 earnings estimate for the company, citing higher core fee income expectations. These recent developments should be taken into account by investors when considering their strategies.
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