Squarepoint Ops LLC Boosts Stake in Business First Bancshares, Inc. $BFST

Key Points

• Squarepoint Ops LLC nearly doubled its BFST stake in the second quarter, increasing holdings by 95% to 88,239 shares valued at approximately $2.7 million. Institutional investors and hedge funds collectively own 47.35% of the company.
• Business First Bancshares exceeded quarterly expectations, reporting earnings per share of $0.71 versus the $0.70 consensus estimate and revenue of $91.81 million. The company also pays a quarterly dividend of $0.15 per share, representing a 1.9% yield.
• Analysts remain bullish, with five Buy ratings and a consensus price target of $34.75, while BFST recently traded near $31.42. However, insiders have sold 63,275 shares worth about $2.0 million over the past 90 days.

Squarepoint Ops LLC grew its position in shares of Business First Bancshares, Inc. (NASDAQ:BFST - Free Report) by 95.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,239 shares of the company's stock after acquiring an additional 42,996 shares during the quarter. Squarepoint Ops LLC owned about 0.27% of Business First Bancshares worth $2,712,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of BFST. AQR Capital Management LLC raised its holdings in Business First Bancshares by 115.4% in the first quarter. AQR Capital Management LLC now owns 38,485 shares of the company's stock valued at $937,000 after buying an additional 20,620 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Business First Bancshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,343 shares of the company's stock worth $349,000 after acquiring an additional 624 shares in the last quarter. Millennium Management LLC raised its stake in shares of Business First Bancshares by 1,532.5% in the 1st quarter. Millennium Management LLC now owns 159,481 shares of the company's stock valued at $3,883,000 after acquiring an additional 149,712 shares during the period. Empowered Funds LLC raised its stake in shares of Business First Bancshares by 8.4% in the 1st quarter. Empowered Funds LLC now owns 85,408 shares of the company's stock valued at $2,080,000 after acquiring an additional 6,596 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of Business First Bancshares during the 1st quarter valued at $1,150,000. 47.35% of the stock is owned by institutional investors and hedge funds.

Business First Bancshares Price Performance

Shares of NASDAQ BFST opened at $31.42 on Monday. The business has a 50 day simple moving average of $31.28 and a 200-day simple moving average of $29.13. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.60. Business First Bancshares, Inc. has a twelve month low of $22.56 and a twelve month high of $32.53. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 11.14 and a beta of 0.77.

Business First Bancshares (NASDAQ:BFST - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.71 earnings per share for the quarter, beating 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 net margin of 17.07% and a return on equity of 11.03%. As a group, equities research analysts expect that Business First Bancshares, Inc. will post 3.01 earnings per share for the current year.

Business First Bancshares Dividend Announcement

The firm 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 1.9%. Business First Bancshares's payout ratio is currently 21.28%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Business First Bancshares news, EVP Donald Chad Carter sold 1,875 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $31.64, for a total value of $59,325.00. Following the transaction, the executive vice president owned 12,642 shares of the company's stock, valued at approximately $399,992.88. This represents a 12.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George W. Cummings III sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $31.86, for a total transaction of $318,600.00. Following the completion of the transaction, the director directly owned 251,180 shares of the company's stock, valued at $8,002,594.80. This represents a 3.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 63,275 shares of company stock worth $2,007,675 in the last 90 days. 5.67% of the stock is currently owned by corporate insiders.

About Business First Bancshares

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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