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Investing.com - DA Davidson lowered its price target on BancFirst (NASDAQ:BANF) to $125.00 from $136.00 on Monday, while maintaining a Neutral rating on the stock. The stock, currently trading at $113.10, has declined over 6% in the past week, though InvestingPro analysis suggests it remains slightly undervalued.
The financial services firm cited expectations that net interest income would "normalize a bit lower" in the fourth quarter as loan payoffs keep balances flat and net interest margin moderates amid continued Federal Reserve easing.
Despite the price target reduction, DA Davidson noted that BancFirst reported "a solid quarter," with stronger than projected spread income driven by net interest margin expansion and quarter-over-quarter earning asset growth.
Asset quality metrics for the bank remained stable, with only a one basis point increase to the allowance for credit losses.
The firm indicated that BancFirst management maintains a cautious economic outlook, which factored into the modest increase in loan loss provisions.
In other recent news, BancFirst Corporation reported earnings per share that met expectations but experienced a slight miss on pre-provision net revenue due to weaker fees and expenses. This led Keefe, Bruyette & Woods to lower its price target for BancFirst to $120 while maintaining a Market Perform rating. In contrast, DA Davidson raised its price target to $136, citing a strong quarter with better-than-expected spread income and net interest margin expansion. BancFirst has also received Federal Reserve approval to acquire AmeriBank Holding Company and its subsidiary, American Bank of Oklahoma, enhancing its position as the third-largest depository institution in Oklahoma. Initially, BancFirst plans to operate American Bank of Oklahoma as a separate entity before merging it with its subsidiary state member bank. Additionally, BancFirst announced a quarterly cash dividend of $0.49 per share, payable on October 15, 2025, to shareholders of record as of September 30, 2025. The company will also pay quarterly interest on its Junior Subordinated Debentures, resulting in a $0.45 per share dividend on trust preferred securities. These developments reflect BancFirst’s ongoing strategic growth and financial activities.
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