Bank of America Corp DE Purchases 49,289 Shares of Business First Bancshares, Inc. $BFST

Key Points

• Bank of America acquired 49,289 shares of Business First Bancshares during the second quarter, worth approximately $1.5 million. Institutional investors collectively own 47.35% of BFST.
• Business First Bancshares exceeded quarterly expectations, reporting $0.71 EPS versus a $0.70 estimate and $91.81 million in revenue. The company also maintains a $0.15 quarterly dividend, yielding about 2.0% annually.
• Analysts remain bullish, with all five covering the stock rating it a Buy and an average price target of $34.75, above its recent $30.46 price. However, insiders sold 63,275 shares worth roughly $2.0 million over the past 90 days.

Bank of America Corp DE purchased a new position in Business First Bancshares, Inc. (NASDAQ:BFST - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 49,289 shares of the company's stock, valued at approximately $1,515,000. Bank of America Corp DE owned about 0.15% of Business First Bancshares as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of BFST. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Business First Bancshares during the 2nd quarter valued at about $1,520,000. Hsbc Holdings PLC bought a new position in Business First Bancshares during the 2nd quarter valued at approximately $1,271,000. The Manufacturers Life Insurance Company purchased a new stake in Business First Bancshares in the 2nd quarter worth approximately $13,276,000. Summit Financial Wealth Advisors LLC purchased a new stake in Business First Bancshares in the 1st quarter worth approximately $1,608,000. Finally, Bank of New York Mellon Corp purchased a new stake in Business First Bancshares in the 2nd quarter worth approximately $13,853,000. Hedge funds and other institutional investors own 47.35% of the company's stock.

Business First Bancshares Trading Up 1.2%

NASDAQ BFST opened at $30.46 on Friday. The firm has a market capitalization of $991.47 million, a PE ratio of 10.80 and a beta of 0.78. The stock's 50 day moving average is $31.35 and its 200 day moving average is $29.49. Business First Bancshares, Inc. 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.

Business First Bancshares (NASDAQ:BFST - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.01. The business had revenue of $91.81 million during 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%. Research analysts forecast that Business First Bancshares, Inc. will post 3 earnings per share for the current fiscal year.

Business First Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Saturday, August 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, August 14th. Business First Bancshares's dividend payout ratio (DPR) is presently 21.28%.

Insider Buying and Selling

In related news, EVP Donald Chad Carter sold 1,875 shares of Business First Bancshares stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $31.64, for a total transaction of $59,325.00. Following the completion of the transaction, the executive vice president directly owned 12,642 shares of the company's stock, valued at $399,992.88. This trade represents a 12.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director George W. Cummings III sold 10,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $31.86, for a total transaction of $318,600.00. Following the sale, the director directly owned 251,180 shares in the company, valued at $8,002,594.80. The trade was a 3.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 63,275 shares of company stock worth $2,007,675 over the last 90 days. Corporate insiders own 5.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BFST. Hovde Group raised their price target on Business First Bancshares from $36.00 to $37.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Stephens boosted their price objective on shares of Business First Bancshares from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Business First Bancshares in a report on Monday, July 6th. Finally, DA Davidson raised their target price on shares of Business First Bancshares from $33.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Business First Bancshares currently has an average rating of "Buy" and an average target price of $34.75.

Business First Bancshares Company Profile

Business First Bancshares, Inc is a bank holding company headquartered in Baton Rouge, Louisiana. Through its subsidiary, b1BANK, the company provides banking and financial services to businesses, professionals, individuals and public-sector organizations.

b1BANK offers commercial and industrial lending, commercial real estate financing, residential and consumer loans, deposit accounts, treasury management and other cash-management services. The bank also provides wealth management, trust and investment-related services designed to support its business and individual customers.

Founded in 2006, Business First has expanded its banking operations across Louisiana and into neighboring markets, including Mississippi and Texas.

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