Business First Bancshares (NASDAQ:BFST) Given New $37.00 Price Target at Hovde Group

Key Points

• Hovde Group raised Business First Bancshares’ price target to $37 from $36 and maintained an “outperform” rating, implying 18.86% potential upside. Analysts overall have a “Buy” consensus and an average target of $34.75.
• Business First Bancshares exceeded quarterly expectations, reporting $0.71 in EPS versus a $0.70 estimate and revenue of $91.81 million versus $91.31 million expected.
• The stock opened at $31.13, while institutional ownership increased significantly, including new stakes from BlackRock and other major investors. Insiders, however, sold 78,275 shares worth approximately $2.44 million over the past 90 days.

Business First Bancshares (NASDAQ:BFST - Get Free Report) had its price target lifted by equities researchers at Hovde Group from $36.00 to $37.00 in a report issued on Thursday. The brokerage currently has an "outperform" rating on the stock. Hovde Group's target price indicates a potential upside of 18.86% from the stock's previous close.

BFST has been the topic of several other reports. DA Davidson upped their price objective on Business First Bancshares from $33.00 to $35.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Stephens raised their target price on shares of Business First Bancshares from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Business First Bancshares in a research report on Monday, July 6th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $34.75.

Business First Bancshares Trading Down 0.1%

Shares of Business First Bancshares stock opened at $31.13 on Thursday. Business First Bancshares has a twelve month low of $22.56 and a twelve month high of $32.53. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average price of $30.98 and a 200-day moving average price of $28.94. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 11.04 and a beta of 0.78.

Business First Bancshares (NASDAQ:BFST - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.01. The company had revenue of $91.81 million for the quarter, compared to the consensus estimate of $91.31 million. Business First Bancshares had a return on equity of 11.03% and a net margin of 17.07%. Equities research analysts anticipate that Business First Bancshares will post 3.02 EPS for the current fiscal year.

Insider Activity at Business First Bancshares

In related news, EVP Saundra Strong sold 1,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $31.98, for a total value of $31,980.00. Following the completion of the sale, the executive vice president directly owned 4,878 shares in the company, valued at $155,998.44. This trade represents a 17.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Vernon Johnson sold 2,000 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $31.15, for a total transaction of $62,300.00. Following the transaction, the director owned 172,073 shares in the company, valued at $5,360,073.95. This trade represents a 1.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 78,275 shares of company stock worth $2,435,775 in the last ninety days. Corporate insiders own 5.67% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Business First Bancshares during the second quarter valued at $83,985,000. California State Teachers Retirement System increased its stake in Business First Bancshares by 4,036.9% in the 2nd quarter. California State Teachers Retirement System now owns 1,140,790 shares of the company's stock worth $37,123,000 after buying an additional 1,113,214 shares during the period. Jupiter Topco LLC bought a new stake in Business First Bancshares during the 2nd quarter valued at about $33,491,000. Bank of New York Mellon Corp purchased a new stake in Business First Bancshares in the 2nd quarter valued at about $13,853,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Business First Bancshares in the 2nd quarter valued at about $13,276,000. Hedge funds and other institutional investors own 47.35% of the company's stock.

Business First Bancshares Company Profile

Business First Bancshares, Inc is the bank holding company for Business First Bank, a regional community bank headquartered in Louisville, Kentucky. Through its wholly owned subsidiary, the company provides a full suite of commercial and retail banking services to small and medium-sized businesses, professionals and individual consumers. Business First Bancshares operates under a community-focused model, emphasizing personalized service, local decision-making and relationship banking.

The company’s primary business activities include commercial lending, treasury and cash management, and deposit services.

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