Form 4: Enterprise Financial Services Corp: SEVP, Chief Financial Officer Reports Transactions in Company Stock
SEC Form 4
Keene S. Turner, SEVP and Chief Financial Officer of Enterprise Financial Services Corp, reports acquisition of shares through the Employee Stock Purchase Plan and various holdings of common stock, options, and restricted share units.
Summary
- Keene S. Turner, the SEVP and Chief Financial Officer of Enterprise Financial Services Corp (EFSC), filed a Form 4 detailing changes in beneficial ownership.
- On June 3, 2024, Turner acquired 604 shares of common stock at $32.4 per share through the company's Employee Stock Purchase Plan (ESPP).
- Turner's holdings include 48,738 directly owned common stock shares and 1,566 shares held indirectly through a 401(k) plan.
- He also holds 2,000 Depository Shares, each representing a 1/40th interest in a share of the Issuer's 5.00% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock.
- Turner possesses multiple non-qualified stock options with exercise prices ranging from $43.81 to $54.46, exercisable in the first quarter of 2025, 2026 and 2027.
- He also holds various Restricted Share Units (RSUs) that vest at different dates in the future, subject to continued employment.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine disclosure of stock transactions by an executive. The acquisition through the ESPP is a positive sign, but overall, the document doesn't strongly indicate positive or negative sentiment.
Positives
- The acquisition of shares through the ESPP demonstrates the executive's investment in the company's future.
- The executive holds a significant amount of company stock, aligning his interests with those of shareholders.
Future Outlook
The vesting of RSUs and exercisability of stock options are contingent upon continued employment with the company.
Industry Context
Executive stock transactions are common and closely monitored in the financial services industry as they can provide insights into management's confidence in the company's prospects.
Comparison to Industry Standards
- Comparing the ESPP participation and RSU grants to similar financial institutions would provide context on whether these compensation practices are standard or above/below average.
- Analyzing the vesting schedules and option exercise prices against industry benchmarks can reveal how Enterprise Financial Services Corp incentivizes its executives relative to its peers.
- Companies like Commerce Bancshares, UMB Financial Corporation, and First Busey Corporation could be considered peers for comparison of executive compensation and stock ownership.
Stakeholder Impact
- The executive's stock transactions may influence investor sentiment and potentially affect the company's stock price.
- The ESPP provides employees with an opportunity to invest in the company's stock, aligning their interests with those of shareholders.
Key Dates
| Date | Description |
|---|---|
| 12/01/2023 | Start date of ESPP purchase period |
| 02/06/2024 | Date Non Qualified Stock Option (Right to Buy) was granted |
| 02/24/2024 | One-third of 9,978 RSUs vest |
| 05/31/2024 | End date of ESPP purchase period |
| 06/03/2024 | Date of common stock acquisition through ESPP |
| 06/12/2024 | Date of Form 4 filing |
| 02/25/2031 | Expiration date of Non Qualified Stock Option (Right to Buy) |
| 02/24/2026 | One-third of 9,978 RSUs vest |
| 02/28/2033 | Expiration date of Non Qualified Stock Option (Right to Buy) |
| 02/28/2034 | Expiration date of Non Qualified Stock Option (Right to Buy) |
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