Man Group plc Takes $2.83 Million Position in Business First Bancshares, Inc. $BFST

Key Points

• Man Group plc purchased 92,056 shares of Business First Bancshares worth approximately $2.83 million, giving it a 0.28% stake. Institutional investors collectively own 47.35% of the company.
• Business First Bancshares exceeded quarterly expectations, reporting $0.71 EPS versus the $0.70 consensus and revenue of $91.81 million. Analysts maintain a consensus “Buy” rating with an average price target of $34.75.
• The company paid a quarterly dividend of $0.15 per share, equivalent to a $0.60 annualized dividend and a 1.9% yield; insiders sold 78,275 shares worth approximately $2.44 million during the quarter.

Man Group plc purchased a new stake in shares of Business First Bancshares, Inc. (NASDAQ:BFST - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 92,056 shares of the company's stock, valued at approximately $2,829,000. Man Group plc owned 0.28% of Business First Bancshares at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Summit Financial Wealth Advisors LLC purchased a new position in shares of Business First Bancshares during the 1st quarter worth approximately $1,608,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Business First Bancshares during the second quarter valued at approximately $1,520,000. The Manufacturers Life Insurance Company purchased a new stake in Business First Bancshares in the second quarter worth $13,276,000. Ranger Investment Management L.P. purchased a new stake in Business First Bancshares in the second quarter worth $8,743,000. Finally, Womack Financial LLC bought a new position in Business First Bancshares in the second quarter worth $1,348,000. 47.35% of the stock is owned by institutional investors.

Business First Bancshares Price Performance

Shares of NASDAQ:BFST opened at $31.02 on Tuesday. Business First Bancshares, Inc. has a 1-year low of $22.56 and a 1-year high of $32.53. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 1.01. The business has a fifty day moving average price of $31.12 and a 200-day moving average price of $28.97. The company has a market capitalization of $1.01 billion, a PE ratio of 11.00 and a beta of 0.78.

Business First Bancshares (NASDAQ:BFST - Get Free Report) last announced its quarterly earnings results 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. Business First Bancshares had a net margin of 17.07% and a return on equity of 11.03%. The company had revenue of $91.81 million for the quarter, compared to analysts' expectations of $91.31 million. As a group, equities analysts expect that Business First Bancshares, Inc. will post 3.02 EPS for the current fiscal year.

Business First Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Saturday, August 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, August 14th. Business First Bancshares's dividend payout ratio is currently 21.28%.

Insider Activity

In related news, Director Joseph Vernon Johnson sold 2,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director owned 172,073 shares of the company's stock, valued at $5,360,073.95. This trade represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Saundra Strong sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $31.98, for a total transaction of $31,980.00. Following the completion of the transaction, the executive vice president owned 4,878 shares of the company's stock, valued at approximately $155,998.44. The trade was a 17.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 78,275 shares of company stock valued at $2,435,775. Company insiders own 5.67% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Hovde Group raised their price objective on Business First Bancshares from $36.00 to $37.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. DA Davidson increased their price target on shares of Business First Bancshares from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Weiss Ratings reissued a "buy (b)" rating on shares of Business First Bancshares in a research report on Monday, July 6th. Finally, Stephens boosted their price objective on shares of Business First Bancshares from $34.00 to $36.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $34.75.

About Business First Bancshares

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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