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First Guaranty's Stock Downgraded: Sluggish Profitability And TCE Ratio Decline Raise Alarms

Piper Sandler analyst Graham Dick downgraded First Guaranty Bancshares Inc (NASDAQ: FGBI) to Underweight from Neutral at a lowered price target of $9.50 (from $12.00).

The analyst attributed the price target revision to continued pressure on the company's fundamentals.

Last month, the company reported Q3 FY23 revenue of $22.934 million, beating the consensus of $20.689 million and EPS of $0.10, missing the consensus of $0.16.

The analyst notes that FGBI's profitability profile has ...

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