Fred L. Drake, the Executive Chairman of HBT Financial, Inc. (NASDAQ:HBT), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On December 11 and 12, Drake sold a total of 5,000 shares at a price of $24.11 per share, amounting to $120,550. These transactions were conducted indirectly through the Fred L. Drake Revocable Trust. The stock, which has gained over 26% in the past six months and offers a 3.24% dividend yield, currently trades below its InvestingPro Fair Value.
Following these sales, Drake holds 68,670 shares indirectly, while directly owning 46,003 shares. Additionally, he is associated with 17,210,400 shares held by the Heartland Bancorp, Inc. Voting Trust, over which he exercises sole voting and investment control. Drake disclaims beneficial ownership of these shares beyond his pecuniary interest. The company maintains a healthy financial profile with a "GOOD" overall score on InvestingPro, which offers additional insights including 6 more key ProTips and comprehensive financial metrics.
In other recent news, HBT Financial has announced a quarterly cash dividend of $0.19 per share, as per the company's Board of Directors. The company's recent earnings report showed an operating income of $0.61 per share, surpassing analyst expectations due to robust pre-provision net revenue and a reduced provision for credit losses. Keefe, Bruyette & Woods maintained a positive outlook on HBT Financial, reaffirming its Outperform rating, while DA Davidson downgraded HBT Financial from Buy to Neutral due to concerns about the bank's sensitivity to interest rate changes.
HBT Financial's credit quality remained solid, with a 2% decrease in nonperforming assets, but loan growth showed a decline of 2%. Piper Sandler adjusted its price target for the company's stock while maintaining a Neutral rating and also increased its fourth-quarter 2024 earnings estimate for HBT Financial, citing higher core fee income expectations.
In terms of recent developments, HBT Financial's strong performance, potential to cushion future Net Interest Margin compression, and the upcoming dividend payment are of note. Analysts from firms such as Keefe, Bruyette & Woods and Piper Sandler have contributed to the ongoing financial discourse surrounding HBT Financial.
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