Nigam Rena, a director at Esquire Financial Holdings, Inc. (NASDAQ:ESQ), recently acquired 640 shares of the company's common stock. The purchase, executed on December 9, was made at a price of $77.50 per share, totaling $49,600. The stock has since climbed to $80.89, representing a quick paper gain for the insider purchase. According to InvestingPro data, ESQ is trading near its 52-week high of $80.79, with an impressive 65% return over the past six months. Following this transaction, Rena now holds 1,867 shares, which includes shares of restricted stock set to vest in three equal annual installments starting December 3, 2027. This transaction reflects Rena's continued investment in Esquire Financial, a company operating in the commercial banking sector. The $624 million market cap bank trades at a P/E ratio of 14.8 and currently appears fairly valued based on InvestingPro Fair Value analysis. InvestingPro subscribers have access to 12 additional investment tips for ESQ, including insights on earnings revisions and profitability metrics.
In other recent news, Esquire Financial Holdings has been in the spotlight due to its strong financial performance. The company reported a return on assets (ROA) of 2.62% in the third quarter, marking an improvement from previous quarters and contributing to a 26% annualized growth in tangible book value per share (TBVPS). Piper Sandler has recognized this performance, adjusting the company's stock price target to $75.00 from $72.00 while maintaining an Overweight rating.
Esquire Financial's recent earnings report revealed a second-quarter operating earnings per share (EPS) of $1.25, surpassing projections by Keefe, Bruyette & Woods by $0.06. Despite the strong performance, KBW adjusted its stance on Esquire Financial, downgrading from an Outperform rating to Market Perform, but raising its price target to $72.00.
Esquire Financial's total deposit costs decreased by 9 basis points quarter-over-quarter, and escrow deposits from litigation customers rose by 9% on a last-quarter annualized basis. The company's strategic shift from commercial real estate lending towards more liquid securities has been recognized for contributing to the bank's success. These recent developments reflect the ongoing positive momentum for Esquire Financial.
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