Upcoming Dividend • May 05
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 02 June 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (2.8%). Reported Earnings • Apr 20
First quarter 2025 earnings released: EPS: US$0.84 (vs US$0.69 in 1Q 2024) First quarter 2025 results: EPS: US$0.84 (up from US$0.69 in 1Q 2024). Revenue: US$43.5m (up 8.7% from 1Q 2024). Net income: US$10.4m (up 23% from 1Q 2024). Profit margin: 24% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Declared Dividend • Apr 19
First quarter dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 12th May 2025 Payment date: 2nd June 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Apr 16
Enterprise Bancorp, Inc. Announces Quarterly Dividend, to Be Paid on June 2, 2025 On April 15, 2025, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.25 per share to be paid on June 2, 2025, to shareholders of record as of May 12, 2025. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: US$3.13 (vs US$3.11 in FY 2023) Full year 2024 results: EPS: US$3.13 (up from US$3.11 in FY 2023). Revenue: US$168.8m (up 4.5% from FY 2023). Net income: US$38.7m (up 1.8% from FY 2023). Profit margin: 23% (in line with FY 2023). Net interest margin (NIM): 3.23% (down from 3.51% in FY 2023). Non-performing loans: 0.67% (up from 0.32% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Jan 29
Full year 2024 earnings released: EPS: US$3.13 (vs US$3.11 in FY 2023) Full year 2024 results: EPS: US$3.13 (up from US$3.11 in FY 2023). Revenue: US$168.8m (up 4.5% from FY 2023). Net income: US$38.7m (up 1.8% from FY 2023). Profit margin: 23% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annonce • Jan 29
Enterprise Bancorp, Inc., Annual General Meeting, May 06, 2025 Enterprise Bancorp, Inc., Annual General Meeting, May 06, 2025. Declared Dividend • Jan 24
Third quarter dividend increased to US$0.25 Dividend of US$0.25 is 4.2% higher than last year. Ex-date: 10th February 2025 Payment date: 3rd March 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jan 22
Enterprise Bancorp, Inc. Announces Quarterly Dividend, Payable on March 3, 2025 On January 21, 2025, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.25 per share to be paid on March 3, 2025, to shareholders of record as of February 10, 2025. Annonce • Dec 11
Independent Bank Corp. (NasdaqGS:INDB) entered into an agreement to acquire Enterprise Bancorp, Inc. (NasdaqGS:EBTC) for $560 million. Independent Bank Corp. (NasdaqGS:INDB) entered into an agreement to acquire Enterprise Bancorp, Inc. (NasdaqGS:EBTC) for $560 million on December 8, 2024. The merger agreement provides that Enterprise shareholders will receive 0.60 shares of Independent common stock and $2.00 in cash for each share of Enterprise common stock they hold. Independent anticipates issuing approximately 7.5 million shares of its common stock and paying an aggregate amount of $27.1 million in cash in the merger. Post close, Board Chair and Enterprise Bank founding member, George Duncan, will become an advisor to the Independent Board and Larochelle will serve as a consultant for Rockland Trust for one year. Additionally, Independent will appoint two Enterprise directors to its board following the merger. The agreement further provides that a termination fee of $22.5 million will be payable by Enterprise in connection with the termination of the agreement under certain circumstances.
The boards of directors of each company have unanimously approved the transaction. The merger is subject to customary closing conditions, including regulatory approvals, the effectiveness of the registration statement on Form S-4 to be filed with the U.S. Securities, the listing of the shares of Independent Common Stock issuable pursuant to the Merger on Nasdaq and Exchange Commission and approval of Enterprise shareholders. No vote of Independent shareholders is required. The merger is expected to close in the second half of 2025. The merger is expected to be approximately 16% accretive to Independent’s earnings per share in 2026, the first full year of combined operations, assuming full phase-in of cost savings.
Keefe, Bruyette & Woods, Inc., A Stifel Company acted as financial advisor and Lee Meyerson, Louis Argentieri, Amanda Allexon, Jeannine McSweeney, and Jonathan Goldstein of Simpson Thacher & Bartlett LLP acted as legal counsel to Independent Bank. Piper Sandler acted as financial advisor and Peter G. Weinstock and Beth A. Whitaker of Hunton Andrews Kurth LLP acted as legal counsel to Enterprise Bancrop. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$42.80, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 13x in the Banks industry in the US. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$37.97, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 12x in the Banks industry in the US. Negligible returns to shareholders over past three years. Upcoming Dividend • Nov 01
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 08 November 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.5%). In line with average of industry peers (2.8%). Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: US$0.80 (vs US$0.79 in 3Q 2023) Third quarter 2024 results: EPS: US$0.80 (up from US$0.79 in 3Q 2023). Revenue: US$42.8m (up 3.9% from 3Q 2023). Net income: US$9.99m (up 3.0% from 3Q 2023). Profit margin: 23% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. Declared Dividend • Oct 18
Second quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 8th November 2024 Payment date: 2nd December 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Oct 16
Enterprise Bancorp, Inc. Announces Quarterly Dividend, Payable on December 2, 2024 On October 15, 2024, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.24 per share to be paid on December 2, 2024, to shareholders of record as of November 11, 2024. Upcoming Dividend • Aug 06
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 13 August 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (3.2%). Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: US$0.77 (vs US$0.79 in 2Q 2023) Second quarter 2024 results: EPS: US$0.77 (down from US$0.79 in 2Q 2023). Revenue: US$41.7m (up 7.8% from 2Q 2023). Net income: US$9.51m (down 1.8% from 2Q 2023). Profit margin: 23% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 5% per year. Declared Dividend • Jul 19
First quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 13th August 2024 Payment date: 3rd September 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jul 17
Enterprise Bancorp, Inc. Announces Quarterly Dividend, Payable on September 3, 2024 On July 16, 2024, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.24 per share to be paid on September 3, 2024, to shareholders of record as of August 13, 2024. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$28.28, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 11x in the Banks industry in the US. Total loss to shareholders of 5.6% over the past three years. Annonce • Jun 09
Enterprise Bancorp, Inc. and Enterprise Bank and Trust Company Announces Chief Executive Officer Changes Enterprise Bancorp, Inc. announced that on June 5, 2024, Mr. John P. Clancy, Jr., a director and the Chief Executive Officer of the Company and its wholly owned subsidiary, Enterprise Bank & Trust Company, notified the Boards of Directors of the Company and the Bank of his decision to retire from as Chief Executive Officer of the Company and the Bank and transition to an executive advisor role. On June 5, 2024, the Boards of Directors of the Company and the Bank voted to accept the voluntary resignation of Mr. Clancy, effective June 5, 2024. On June 5, 2024, the Boards of Directors of the Company and the Bank appointed Mr. Steven R. Larochelle to serve as the Chief Executive Officer of both the Company and the Bank, effective immediately. Mr. Larochelle, age 60, has been serving as the Chief Banking Officer of the Bank since March 2009. Prior to that time, Mr. Larochelle also served as Chief Commercial Real Estate Lender of the Company and the Bank since 2003. Mr. Larochelle began his career in the banking industry and specialized in commercial lending for various community banks from 1985 until joining the Bank in 1996. Mr. Larochelle has a Bachelor of Science in Marketing from the University of Massachusetts Lowell and a Masters of Business Administration from Rivier University. Annonce • Jun 08
Enterprise Bancorp, Inc. and Enterprise Bank and Trust Company Announces Directorate Changes Enterprise Bancorp, Inc. announced that on June 5, 2024, Mr. John P. Clancy, Jr., a director and the Chief Executive Officer of Enterprise Bancorp, Inc. and its wholly owned subsidiary, Enterprise Bank & Trust Company, notified the Boards of Directors of the Company and the Bank of his decision to retire from the Boards of Directors of the Company and the Bank and transition to an executive advisor role. On June 5, 2024, the Boards of Directors of the Company and the Bank voted to accept the voluntary resignation of Mr. Clancy, effective immediately. On June 5, 2024, the Boards of Directors of the Company and the Bank also appointed Mr. Steven R. Larochelle to serve as a director of both the Company and the Bank, effective immediately. Mr. Larochelle will fill the vacancy on the Boards of Directors resulting from the resignation of Mr. Clancy and will serve for the remainder of the full term of the class of directors in which Mr. Clancy was elected, which is due to expire at the Company’s 2027 annual meeting of shareholders. Mr. Larochelle was also appointed to the Executive and Strategic Planning Committees of the Company’s Board of Directors and the Enterprise Wealth Management, Loan, and Technology and Information Security Committees of the Bank’s Board of Directors. Mr. Larochelle, age 60, has been serving as the Chief Banking Officer of the Bank since March 2009. Prior to that time, Mr. Larochelle also served as Chief Commercial Real Estate Lender of the Company and the Bank since 2003. Mr. Larochelle began his career in the banking industry and specialized in commercial lending for various community banks from 1985 until joining the Bank in 1996. Mr. Larochelle has a Bachelor of Science in Marketing from the University of Massachusetts Lowell and a Masters of Business Administration from Rivier University. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: US$0.69 (vs US$0.89 in 1Q 2023) First quarter 2024 results: EPS: US$0.69 (down from US$0.89 in 1Q 2023). Revenue: US$40.1m (down 4.6% from 1Q 2023). Net income: US$8.51m (down 21% from 1Q 2023). Profit margin: 21% (down from 26% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Annonce • Apr 24
Enterprise Bancorp, Inc. Announces Net Charge-Offs for the First Quarter Ended March 31, 2024 Enterprise Bancorp, Inc. announced net charge-offs for the first quarter ended March 31, 2024. For the quarter, the company announced net charge-offs of $122,000. Declared Dividend • Apr 19
Fourth quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 10th May 2024 Payment date: 3rd June 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Apr 17
Enterprise Bancorp, Inc. Announces Quarterly Dividend, Payable on June 3, 2024 On April 16, 2024, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.24 per share to be paid on June 3, 2024, to shareholders of record as of May 13, 2024. Annonce • Apr 04
Enterprise Bancorp, Inc., Annual General Meeting, May 07, 2024 Enterprise Bancorp, Inc., Annual General Meeting, May 07, 2024, at 09:00 Eastern Daylight. Location: the Enterprise Bank “Community Room,” 18 Palmer Street, Second Floor Lowell Massachusetts United States Agenda: To elect the five Directors of the Company named in the accompanying Proxy Statement of the Company for the Annual Meeting, each to serve for a three-year term expiring at the 2027 annual meeting of shareholders or until their respective successors are duly elected and qualified, or until their earlier resignation, death or removal from office; to conduct a non-binding advisory vote to approve the compensation of the Company's named executive officers; and to consider other matters. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: US$3.11 (vs US$3.53 in FY 2022) Full year 2023 results: EPS: US$3.11 (down from US$3.53 in FY 2022). Revenue: US$161.4m (down 1.8% from FY 2022). Net income: US$38.1m (down 11% from FY 2022). Profit margin: 24% (down from 26% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 3.51% (down from 3.54% in FY 2022). Non-performing loans: 0.32% (up from 0.19% in FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 04
Independent Director recently sold US$3.0m worth of stock On the 27th of February, Kenneth Ansin sold around 120k shares on-market at roughly US$25.25 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.8m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Feb 29
Independent Director notifies of intention to sell stock Kenneth Ansin intends to sell 123k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of February. If the sale is conducted around the recent share price of US$26.50, it would amount to US$3.2m. Since June 2023, Kenneth has owned 1.19m shares directly. Company insiders have collectively bought US$180k more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Feb 01
Upcoming dividend of US$0.24 per share at 3.4% yield Eligible shareholders must have bought the stock before 08 February 2024. Payment date: 01 March 2024. Trailing yield: 3.4%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (3.2%). Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$3.11 (vs US$3.53 in FY 2022) Full year 2023 results: EPS: US$3.11 (down from US$3.53 in FY 2022). Revenue: US$161.4m (down 1.8% from FY 2022). Net income: US$38.1m (down 11% from FY 2022). Profit margin: 24% (down from 26% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Declared Dividend • Jan 19
Third quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 8th February 2024 Payment date: 1st March 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jan 17
Enterprise Bancorp, Inc. Declares Quarterly Dividend, Payable on March 1, 2024 On January 16, 2024, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.24 per share to be paid on March 1, 2024, to shareholders of record as of February 9, 2024. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.23 per share at 3.5% yield Eligible shareholders must have bought the stock before 09 November 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of American dividend payers (5.3%). Lower than average of industry peers (4.0%). Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: US$0.79 (vs US$0.99 in 3Q 2022) Third quarter 2023 results: EPS: US$0.79 (down from US$0.99 in 3Q 2022). Revenue: US$41.2m (down 4.8% from 3Q 2022). Net income: US$9.70m (down 19% from 3Q 2022). Profit margin: 24% (down from 28% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Annonce • Oct 18
Enterprise Bancorp, Inc. Declares Quarterly Dividend, Payable on December 1, 2023 The Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.23 per share to be paid on December 1, 2023, to shareholders of record as of November 10, 2023. The 2023 dividend rate represents a 12.2% increase over the 2022 dividend rate. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.23 per share at 2.9% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.4%). Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: US$0.79 (vs US$0.67 in 2Q 2022) Second quarter 2023 results: EPS: US$0.79 (up from US$0.67 in 2Q 2022). Revenue: US$38.6m (up 2.9% from 2Q 2022). Net income: US$9.68m (up 19% from 2Q 2022). Profit margin: 25% (up from 22% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year and the company’s share price has also increased by 11% per year. Annonce • Jul 21
Enterprise Bancorp, Inc. Declares Quarterly Dividend, Payable on September 1, 2023 Enterprise Bancorp, Inc. announced that on July 18, 2023, the Board of Directors declared a quarterly dividend of $0.23 per share to be paid on September 1, 2023, to shareholders of record as of August 11, 2023. The 2023 dividend rate represents a 12.2% increase over the 2022 dividend rate. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$31.97, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 8x in the Banks industry in the US. Total returns to shareholders of 46% over the past three years. Recent Insider Transactions • May 10
Independent Director recently bought US$53k worth of stock On the 4th of May, Kenneth Ansin bought around 2k shares on-market at roughly US$26.37 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$89k more in shares than they have sold in the last 12 months. Upcoming Dividend • May 03
Upcoming dividend of US$0.23 per share at 3.3% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 01 June 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (5.0%). In line with average of industry peers (3.6%). Recent Insider Transactions Derivative • Feb 07
CEO & Director exercised options and sold US$120k worth of stock On the 2nd of February, John Clancy exercised 10.00k options at around US$16.43, then sold 6k of the shares acquired at an average of US$35.45 per share and kept the remainder. For the year to December 2016, John's total compensation was 41% salary and 59% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, John's direct individual holding has decreased from 173.91k shares to 172.53k. Company insiders have collectively sold US$31k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Jan 31
Upcoming dividend of US$0.23 per share at 2.6% yield Eligible shareholders must have bought the stock before 07 February 2023. Payment date: 01 March 2023. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (3.0%). Annonce • Jan 28
Enterprise Bancorp, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2022 Enterprise Bancorp, Inc. reported net charge-offs for the fourth quarter ended December 31, 2022. Net charge-offs for the three months ended December 31, 2022, amounted to $166,000, compared to net recoveries of $108,000 for the three months ended December 31, 2021. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$3.53 (vs US$3.51 in FY 2021) Full year 2022 results: EPS: US$3.53 (up from US$3.51 in FY 2021). Revenue: US$164.5m (up 3.0% from FY 2021). Net income: US$42.7m (up 1.3% from FY 2021). Profit margin: 26% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • Jan 18
Enterprise Bancorp, Inc. Announces Quarterly Dividend, Payable on March 1, 2023 On January 17, 2023, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.23 per share to be paid on March 1, 2023, to shareholders of record as of February 8, 2023. The 2023 dividend rate represents a 12.2% increase over the 2022 dividend rate. Recent Insider Transactions • Nov 25
Key Executive recently sold US$137k worth of stock On the 22nd of November, George Duncan sold around 4k shares on-market at roughly US$34.23 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was George's only on-market trade for the last 12 months. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 09 November 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (3.0%). Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: US$0.99 (vs US$0.82 in 3Q 2021) Third quarter 2022 results: EPS: US$0.99 (up from US$0.82 in 3Q 2021). Revenue: US$43.3m (up 11% from 3Q 2021). Net income: US$12.0m (up 22% from 3Q 2021). Profit margin: 28% (up from 25% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annonce • Oct 19
Enterprise Bancorp, Inc. Declares Quarterly Dividend, Payable on December 1, 2022 On October 18, 2022, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.205 per share to be paid on December 1, 2022, to shareholders of record as of November 10, 2022. The 2022 dividend rate represents a 10.8% increase over the 2021 dividend rate. Annonce • Oct 16
Enterprise Bancorp, Inc. and Enterprise Bank and Trust Company Announces Resignation of Luis M. Pedroso as Director On October 11, 2022, Mr. Luis M. Pedroso, a director of Enterprise Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Enterprise Bank & Trust Company (the “Bank”), notified the Boards of Directors of the Company and the Bank of his decision to retire from the Boards of Directors of the Company and the Bank due to health issues. On October 13, 2022, the Boards of Directors of the Company and the Bank voted to accept the voluntary resignation of Mr. Pedroso, effective immediately. Mr. Pedroso served as a member of the Boards of Directors of the Company and the Bank since 2014 and was a member of the class of directors whose term expires at the 2025 annual shareholder meeting. During his tenure, Mr. Pedroso served as the Assistant Secretary of the Company and the Bank and most recently served as a member of the Audit Committee of the Company and the Bank, and the Enterprise Wealth Management and Technology and Information Security Committees of the Bank.Mr. Pedroso’s resignation did not relate to any disagreement on matters related to the Company’s operations, policies or practices or any other matter, and Mr. Pedroso was not aware of any deficiencies in financial or operating controls at the time of his resignation. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 10 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.1%). Lower than average of industry peers (3.1%). Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: US$0.67 (vs US$0.93 in 2Q 2021) Second quarter 2022 results: EPS: US$0.67 (down from US$0.93 in 2Q 2021). Revenue: US$37.5m (down 6.1% from 2Q 2021). Net income: US$8.16m (down 27% from 2Q 2021). Profit margin: 22% (down from 28% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annonce • Jul 20
Enterprise Bancorp, Inc. Announces Quarterly Dividend, Payable on September 1, 2022 On July 19, 2022, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.205 per share to be paid on September 1, 2022, to shareholders of record as of August 11, 2022. The 2022 dividend rate represents a 10.8% increase over the 2021 dividend rate. Upcoming Dividend • May 03
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (3.9%). Lower than average of industry peers (2.9%). Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: US$0.85 (vs US$0.87 in 1Q 2021) First quarter 2022 results: EPS: US$0.85 (down from US$0.87 in 1Q 2021). Revenue: US$39.1m (up 1.9% from 1Q 2021). Net income: US$10.3m (flat on 1Q 2021). Profit margin: 26% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annonce • Apr 20
Enterprise Bancorp, Inc. Announces Quarterly Dividend, Payable on June 1, 2022 On April 19, 2022, the Board of Directors of Enterprise Bancorp, Inc. declared a quarterly dividend of $0.205 per share to be paid on June 1, 2022, to shareholders of record as of May 11, 2022. The 2022 dividend rate represents a 10.8% increase over the 2021 dividend rate. Annonce • Apr 02
Enterprise Bancorp, Inc., Annual General Meeting, May 03, 2022 Enterprise Bancorp, Inc., Annual General Meeting, May 03, 2022, at 09:00 Eastern Daylight. Location: https://investor.digitalistgroup.com/fi/investor/governance/annual-general-meeting 18 Palmer Street, Second Floor Lowell Massachusetts United States Agenda: To elect seven Directors of the Company, each to serve for a three-year term expiring at the 2025 annual meeting of shareholders or until their respective successors are duly elected and qualified, or until their earlier resignation, death or removal from office; to conduct a non-binding advisory vote to approve the compensation of the Company's named executive officers; to ratify the Audit Committee’s appointment of RSM US LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2022; and to consider any other matters. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.51 (up from US$2.64 in FY 2020). Revenue: US$157.9m (up 17% from FY 2020). Net income: US$42.2m (up 34% from FY 2020). Profit margin: 27% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.44% (down from 3.59% in FY 2020). Non-performing loans: 0.91% (down from 1.24% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Recent Insider Transactions Derivative • Feb 05
Insider notifies of intention to sell stock Jamie Gabriel intends to sell 1k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of February. If the sale is conducted around the recent share price of US$41.73, it would amount to US$59k. Since March 2021, Jamie's direct individual holding has decreased from 10.97k shares to 10.75k. Company insiders have collectively sold US$677k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Jan 31
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 07 February 2022. Payment date: 01 March 2022. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (3.6%). Lower than average of industry peers (2.3%). Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.51 (up from US$2.64 in FY 2020). Revenue: US$157.9m (up 17% from FY 2020). Net income: US$42.2m (up 34% from FY 2020). Profit margin: 27% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Annonce • Jan 29
Enterprise Bancorp, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2021 Enterprise Bancorp, Inc. reported net charge-offs for the fourth quarter ended December 31, 2021. For the quarter, the company reported Charge-offs and recoveries for the quarter and year ended December 31, 2021, amounted to net recoveries of $108,000 and net charge-offs of $4.0 million, compared to net charge-offs of $1.4 million and $1.5 million for the respective prior year periods. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 19% share price gain to US$44.39, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 11x in the Banks industry in the US. Total returns to shareholders of 55% over the past three years. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 09 November 2021. Payment date: 01 December 2021. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (3.5%). In line with average of industry peers (2.2%). Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS US$0.82 (vs US$0.87 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$38.9m (up 7.3% from 3Q 2020). Net income: US$9.83m (down 4.8% from 3Q 2020). Profit margin: 25% (down from 28% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 01 September 2021. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (3.6%). In line with average of industry peers (2.4%). Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS US$0.93 (vs US$0.61 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$40.0m (up 18% from 2Q 2020). Net income: US$11.1m (up 54% from 2Q 2020). Profit margin: 28% (up from 21% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2021 earnings released: EPS US$0.87 (vs US$0.34 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$38.4m (up 37% from 1Q 2020). Net income: US$10.4m (up 158% from 1Q 2020). Profit margin: 27% (up from 14% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 09
Director recently sold US$197k worth of stock On the 7th of May, Kenneth Ansin sold around 5k shares on-market at roughly US$35.75 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$238k more than they bought in the last 12 months. Upcoming Dividend • May 03
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 01 June 2021. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (3.5%). In line with average of industry peers (2.2%). Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS US$0.87 (vs US$0.34 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$38.4m (up 37% from 1Q 2020). Net income: US$10.4m (up 158% from 1Q 2020). Profit margin: 27% (up from 14% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 24
Director recently sold US$145k worth of stock On the 19th of March, Kenneth Ansin sold around 5k shares on-market at roughly US$32.04 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$42k more than they bought in the last 12 months. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS US$2.64 (vs US$2.90 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$134.9m (up 3.0% from FY 2019). Net income: US$31.5m (down 8.0% from FY 2019). Profit margin: 23% (down from 26% in FY 2019). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.59% (down from 3.95% in FY 2019). Non-performing loans: 1.23% (up from 0.58% in FY 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.