First Guaranty Bancshares (NASDAQ:FGBI) Downgraded by Zacks Research to Strong Sell

Key Points

• First Guaranty Bancshares has been downgraded by Zacks Research from a "hold" rating to a "strong sell" rating, reflecting a negative outlook for the company's stock.
• The bank reported negative earnings of $0.61 per share for the most recent quarter, significantly missing analysts' expectations and indicating financial struggles.
• Insider transactions show Director Marshall T. Reynolds purchased 30,865 shares of the company at $8.10 per share, increasing his ownership stake amidst the declining stock ratings.

First Guaranty Bancshares (NASDAQ:FGBI - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Wednesday,Zacks.com reports.

Separately, Wall Street Zen downgraded First Guaranty Bancshares from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of "Sell".

First Guaranty Bancshares Price Performance

FGBI traded down $0.07 during trading on Wednesday, reaching $8.15. The stock had a trading volume of 2,288 shares, compared to its average volume of 7,673. First Guaranty Bancshares has a 1-year low of $6.55 and a 1-year high of $15.25. The stock has a 50 day moving average of $8.38 and a two-hundred day moving average of $8.46. The firm has a market capitalization of $123.23 million, a price-to-earnings ratio of -8.07 and a beta of 0.40. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.81.

First Guaranty Bancshares (NASDAQ:FGBI - Get Free Report) last announced its quarterly earnings data on Monday, August 18th. The bank reported ($0.61) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $54.32 million for the quarter, compared to analyst estimates of $29.20 million. As a group, equities analysts anticipate that First Guaranty Bancshares will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling at First Guaranty Bancshares

In related news, Director Marshall T. Reynolds purchased 30,865 shares of the company's stock in a transaction dated Monday, June 30th. The shares were acquired at an average cost of $8.10 per share, with a total value of $250,006.50. Following the completion of the purchase, the director owned 1,916,468 shares of the company's stock, valued at $15,523,390.80. The trade was a 1.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 47.20% of the company's stock.

Hedge Funds Weigh In On First Guaranty Bancshares

Hedge funds have recently modified their holdings of the stock. Millennium Management LLC acquired a new position in First Guaranty Bancshares during the fourth quarter worth $172,000. Ameriprise Financial Inc. acquired a new position in First Guaranty Bancshares during the fourth quarter worth $149,000. Northern Trust Corp increased its position in First Guaranty Bancshares by 48.8% during the fourth quarter. Northern Trust Corp now owns 26,780 shares of the bank's stock worth $304,000 after buying an additional 8,780 shares during the last quarter. Acadian Asset Management LLC increased its position in First Guaranty Bancshares by 11.1% during the first quarter. Acadian Asset Management LLC now owns 49,565 shares of the bank's stock worth $379,000 after buying an additional 4,956 shares during the last quarter. Finally, Empowered Funds LLC increased its position in First Guaranty Bancshares by 8.8% during the first quarter. Empowered Funds LLC now owns 46,048 shares of the bank's stock worth $355,000 after buying an additional 3,742 shares during the last quarter. 39.52% of the stock is owned by institutional investors and hedge funds.

First Guaranty Bancshares Company Profile

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.