Enterprise Financial Services Corp (NASDAQ:EFSC), a state commercial bank headquartered in Clayton, Missouri, announced today that it has made available materials for upcoming meetings with investors and analysts. These materials are now attached to its recent SEC Form 8-K filing, dated today, October 29, 2024.
The bank, which operates under the IRS number 431706259 and is incorporated in Delaware, will use these materials to provide updates and facilitate discussions during its investor and analyst meetings. The content of the materials, as per the filing, will not be considered filed for purposes of the Securities Exchange Act of 1934 and will not be incorporated by reference into any filing under the Securities Act of 1933, unless explicitly referenced in such filings.
The materials, presented as Exhibit 99.1 in the SEC filing, are intended to comply with Regulation FD (Fair Disclosure), which aims to promote full and fair disclosure of information by publicly traded companies.
Enterprise Financial Services Corp's common stock, with a par value of $0.01 per share, and its depositary shares, each representing a 1/40th interest in a share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, are both listed on the Nasdaq Global Select Market under the symbols EFSC and EFSCP, respectively.
The bank's business address, as well as the address for its principal executive offices, is located at 150 N. Meramec Avenue, St. Louis, Missouri, 63105. The company was formerly known as Enterbank Holdings Inc. until a name change on October 24, 1996.
The disclosure of these materials follows standard regulatory practices and provides investors with the latest information regarding the company's performance and strategic direction. The announcement is based on a press release statement and the information has been presented in accordance with SEC guidelines.
In other recent news, Enterprise Financial Services Corporation (EFSC) reported a strong third quarter for 2024, with a net income of $50.6 million, or $1.32 per diluted share. This represents an increase from $1.19 in the previous quarter and $1.17 year-over-year. The company also announced a dividend increase to $0.28 per share and plans to repurchase $9.7 million in common stock, reflecting its robust financial health.
Despite challenges in the agricultural sector, EFSC expects mid-single-digit loan growth and is strategically positioning itself in higher-growth markets. The company's net interest margin remained stable at 4.7%, with a 25% annualized increase in tangible book value per share to $37.26. Deposits grew by nearly $200 million for the second consecutive quarter, while loan growth was modest at 3% annualized.
Looking forward, the company anticipates five additional rate cuts through 2025, which could impact future margins and net interest income. However, EFSC plans to maintain a reserve level between 115 and 120 basis points, indicating confidence in credit quality. These are among the recent developments shaping the trajectory of Enterprise Financial Services Corporation.
InvestingPro Insights
Enterprise Financial Services Corp (NASDAQ:EFSC) has demonstrated strong financial performance and shareholder value, as evidenced by recent InvestingPro data. The company's P/E ratio of 11.24 suggests it may be undervalued compared to industry peers. This is further supported by its price-to-book ratio of 1.12, indicating that the stock is trading close to its book value.
EFSC has shown impressive market performance, with a remarkable 57.83% price total return over the past year and a 41.46% return in the last six months. The stock is currently trading near its 52-week high, with its price at 96.45% of the highest point reached in the past year.
InvestingPro Tips highlight EFSC's commitment to shareholder returns. The company has raised its dividend for 10 consecutive years and has maintained dividend payments for 20 years straight. This consistent dividend growth, coupled with a current dividend yield of 2.1%, makes EFSC an attractive option for income-focused investors.
It's worth noting that EFSC has 9 additional InvestingPro Tips available, which could provide further insights into the company's financial health and market position. Investors interested in a more comprehensive analysis may find value in exploring these additional tips on the InvestingPro platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.