First Guaranty Bancshares, Inc. (NASDAQ:FGBI) Sees Large Growth in Short Interest

Key Points

• First Guaranty Bancshares experienced a 57.6% increase in short interest in August, with total short interest reaching 27,100 shares.
• Director Marshall T. Reynolds increased his ownership by 1.64%, purchasing 30,865 shares at $8.10 each, bringing his total to 1,916,468 shares.
• The company's stock has seen a significant drop in ratings, with Wall Street analysts downgrading it from "hold" to a "strong sell," reflecting a generally negative outlook.

First Guaranty Bancshares, Inc. (NASDAQ:FGBI - Get Free Report) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 27,100 shares, a growth of 57.6% from the August 15th total of 17,200 shares. Currently, 0.7% of the company's stock are short sold. Based on an average daily trading volume, of 8,700 shares, the short-interest ratio is currently 3.1 days. Based on an average daily trading volume, of 8,700 shares, the short-interest ratio is currently 3.1 days. Currently, 0.7% of the company's stock are short sold.

First Guaranty Bancshares Stock Performance

NASDAQ:FGBI traded up $0.07 during mid-day trading on Friday, hitting $8.25. 6,704 shares of the company's stock traded hands, compared to its average volume of 7,423. The firm has a 50 day moving average of $8.29 and a two-hundred day moving average of $8.46. First Guaranty Bancshares has a 12 month low of $6.55 and a 12 month high of $15.25. The firm has a market capitalization of $124.74 million, a price-to-earnings ratio of -8.17 and a beta of 0.40. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.81.

First Guaranty Bancshares (NASDAQ:FGBI - Get Free Report) last announced its earnings results on Monday, August 18th. The bank reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.41). First Guaranty Bancshares had a negative net margin of 4.49% and a negative return on equity of 4.73%. The business had revenue of $54.32 million for the quarter, compared to the consensus estimate of $29.20 million. On average, equities analysts forecast that First Guaranty Bancshares will post 0.89 earnings per share for the current fiscal year.

First Guaranty Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 23rd will be paid a dividend of $0.01 per share. The ex-dividend date is Tuesday, September 23rd. This represents a $0.04 annualized dividend and a yield of 0.5%. First Guaranty Bancshares's dividend payout ratio is presently -3.96%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FGBI shares. Zacks Research lowered First Guaranty Bancshares from a "hold" rating to a "strong sell" rating in a research report on Wednesday, September 10th. Wall Street Zen lowered First Guaranty Bancshares from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of "Sell".

Insiders Place Their Bets

In other First Guaranty Bancshares news, Director Marshall T. Reynolds purchased 30,865 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were purchased at an average cost of $8.10 per share, with a total value of $250,006.50. Following the completion of the transaction, the director owned 1,916,468 shares of the company's stock, valued at approximately $15,523,390.80. This represents a 1.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 47.20% of the company's stock.

Institutional Trading of First Guaranty Bancshares

Several hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC boosted its stake in First Guaranty Bancshares by 11.1% during the 1st quarter. Acadian Asset Management LLC now owns 49,565 shares of the bank's stock valued at $379,000 after purchasing an additional 4,956 shares during the period. Empowered Funds LLC lifted its position in shares of First Guaranty Bancshares by 8.8% in the 1st quarter. Empowered Funds LLC now owns 46,048 shares of the bank's stock worth $355,000 after acquiring an additional 3,742 shares during the period. Northern Trust Corp lifted its position in shares of First Guaranty Bancshares by 48.8% in the 4th quarter. Northern Trust Corp now owns 26,780 shares of the bank's stock worth $304,000 after acquiring an additional 8,780 shares during the period. Millennium Management LLC bought a new stake in shares of First Guaranty Bancshares in the 4th quarter worth approximately $172,000. Finally, Citadel Advisors LLC lifted its position in shares of First Guaranty Bancshares by 26.9% in the 4th quarter. Citadel Advisors LLC now owns 13,661 shares of the bank's stock worth $155,000 after acquiring an additional 2,894 shares during the period. Institutional investors own 39.52% of the company's stock.

About First Guaranty Bancshares

First Guaranty Bancshares, Inc operates as the holding company for First Guaranty Bank that provides commercial banking services in Louisiana and Texas. It offers various deposit products, including personal and business checking, savings, money market, and demand accounts, as well as time deposits to consumers, small businesses, and municipalities.