Peter Joseph Johnson, a director at Eagle Bancorp (NASDAQ:EGBN) Montana, Inc. (NASDAQ:EBMT), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Johnson sold a total of 5,000 shares of common stock on November 22, 2024. The shares were sold at prices ranging from $16.90 to $17.015, amounting to a total transaction value of $84,853.
Following these transactions, Johnson now holds 57,838 shares directly. The sales were part of a diversification strategy for his retirement assets, as noted in the filing. Eagle Bancorp Montana, based in Helena, Montana, operates as a state commercial bank and is publicly traded on the NASDAQ under the ticker EBMT.
In other recent news, Eagle Bancorp Montana reported an increase in third-quarter earnings for 2024, with a net income of $2.7 million, or $0.34 per diluted share, marking an improvement from the preceding quarter. Despite a year-over-year decline in net income for the first nine months of 2024, the company's board declared a quarterly cash dividend of $0.1425 per share. In addition, there have been discussions about potential merger and acquisition opportunities, indicating the bank's interest in strategic growth initiatives.
DA Davidson updated its price target for Eagle Bancorp Montana, now set at $18.00, maintaining a Neutral rating on the stock. This adjustment follows the bank's third-quarter results, which were largely in line with expectations, despite a lack of growth in fee income. The analyst also noted that the bank's net interest margin forecast has been slightly revised downward, leading to a more cautious outlook on net interest income and a revised earnings per share estimate for 2025.
Furthermore, Eagle Bancorp Montana disclosed amendments to the compensation agreements for three of its top executives. Laura F. Clark, the President and CEO, will see her annual benefit increase from $26,500 to $46,000. Miranda J. Spaulding, the Senior Vice President and CFO, will have her annual benefit raised from $95,000 to $99,500, while Dale F. Field, the Senior Vice President and Chief Credit Officer, will receive an increase in his annual benefit from $70,000 to $89,000. These changes, approved by the Boards of Directors, will take effect from November 1, 2024. These are the recent developments for Eagle Bancorp Montana.
InvestingPro Insights
Peter Joseph Johnson's recent sale of Eagle Bancorp Montana (NASDAQ:EBMT) shares comes at an interesting time for the company. According to InvestingPro data, EBMT is currently trading near its 52-week high, with the stock price at 99.26% of its peak. This aligns with the strong performance observed over the past six months, during which the stock has seen a substantial 32.01% price total return.
Despite the recent insider sale, EBMT has shown resilience in its dividend policy. An InvestingPro Tip highlights that the company has maintained dividend payments for 25 consecutive years, demonstrating a commitment to shareholder returns. Currently, EBMT offers a dividend yield of 3.34%, which may be attractive to income-focused investors.
However, it's worth noting that EBMT faces some challenges. Another InvestingPro Tip indicates that analysts anticipate a sales decline in the current year, which could impact the company's financial performance. This is reflected in the revenue growth data, showing a -6.46% decline in the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for EBMT, providing a deeper understanding of the company's financial health and market position.
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