Bank of New York Mellon Corp Invests $13.85 Million in Business First Bancshares, Inc. $BFST

Key Points

• Bank of New York Mellon initiated a $13.85 million stake in Business First Bancshares, buying 450,790 shares and owning approximately 1.38% of the company. Institutional investors collectively hold 47.35% of BFST.
• Business First Bancshares exceeded quarterly expectations, reporting $0.71 EPS versus a $0.70 estimate and revenue of $91.81 million. The company also pays a $0.15 quarterly dividend, equal to a 2.0% yield.
• Analysts maintain a favorable outlook, with five Buy ratings and a consensus target price of $34.75 versus the stock’s reported price of $30.68; however, company insiders sold 78,275 shares during the quarter.

Bank of New York Mellon Corp purchased a new stake in Business First Bancshares, Inc. (NASDAQ:BFST - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 450,790 shares of the company's stock, valued at approximately $13,853,000. Bank of New York Mellon Corp owned 1.38% of Business First Bancshares as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Summit Financial Wealth Advisors LLC bought a new stake in shares of Business First Bancshares during the 1st quarter valued at $1,608,000. Hsbc Holdings PLC purchased a new stake in Business First Bancshares during the 1st quarter worth about $1,636,000. MQS Management LLC bought a new position in Business First Bancshares in the 1st quarter worth about $579,000. Kestra Advisory Services LLC bought a new position in Business First Bancshares in the 1st quarter worth about $1,282,000. Finally, Dimensional Fund Advisors LP grew its holdings in Business First Bancshares by 7.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,165,720 shares of the company's stock valued at $31,520,000 after buying an additional 81,833 shares in the last quarter. 47.35% of the stock is currently owned by hedge funds and other institutional investors.

Business First Bancshares Price Performance

BFST stock opened at $30.68 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 1.01. Business First Bancshares, Inc. has a one year low of $22.56 and a one year high of $32.53. The stock has a market cap of $998.63 million, a PE ratio of 10.88 and a beta of 0.77. The firm has a 50 day simple moving average of $31.14 and a two-hundred day simple moving average of $28.98.

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 for the quarter, beating the consensus estimate of $0.70 by $0.01. The firm had revenue of $91.81 million for the quarter, compared to analysts' expectations of $91.31 million. Business First Bancshares had a net margin of 17.07% and a return on equity of 11.03%. On average, analysts predict that Business First Bancshares, Inc. will post 3.02 EPS for the current fiscal year.

Business First Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Saturday, August 15th were given a dividend of $0.15 per share. The ex-dividend date was Friday, August 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.0%. Business First Bancshares's dividend payout ratio is 21.28%.

Wall Street Analyst Weigh In

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

Insider Transactions at Business First Bancshares

In other Business First Bancshares news, Director Joseph Vernon Johnson sold 10,000 shares of Business First Bancshares stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $31.75, for a total transaction of $317,500.00. Following the transaction, the director directly owned 174,073 shares of the company's stock, valued at approximately $5,526,817.75. This trade represents a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Donald Chad Carter sold 1,875 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $31.64, for a total transaction of $59,325.00. Following the completion of the sale, the executive vice president owned 12,642 shares of the company's stock, valued at approximately $399,992.88. The trade was a 12.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 78,275 shares of company stock valued at $2,435,775. 5.67% of the stock is currently owned by corporate insiders.

Business First Bancshares 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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