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On Thursday, Piper Sandler adjusted its price target for Bank First National Corp. (NASDAQ:BFC), increasing it slightly to $111 from $110, while maintaining a neutral stance on the stock. The firm’s analyst cited the company’s continued strong performance and potential for long-term value as reasons for the adjustment. According to InvestingPro data, BFC has demonstrated impressive market performance with a 42% total return over the past year, while maintaining dividend payments for 16 consecutive years.
Bank First National Corp. reported robust financial results for the first quarter, showcasing a return on assets (ROA) of 1.6% and a return on tangible common equity (ROTCE) of 16%. The performance was further bolstered by a 5% positive pre-provision net revenue (PPNR) surprise, driven by substantial balance sheet growth and an uptick in core fee income. InvestingPro analysis indicates the company maintains a strong financial health score of 2.85 (rated as "GOOD"), with particularly high marks in profit and price momentum metrics.
The analyst at Piper Sandler expressed a belief that Bank First National Corp. remains an attractive long-term holding, given its likelihood of maintaining profitability that outpaces its peers. Furthermore, the company’s strong position to enhance its scale and earnings per share (EPS) growth through mergers and acquisitions (M&A) was highlighted. This advantage is attributed to its premium currency, a 2.3 times tangible book value, and a successful M&A track record coupled with management’s proactive approach to potential partnerships.
Despite the positive outlook, the neutral rating was reiterated due to the stock’s current premium valuation, trading at 14.7x and 14.4x the firm’s estimated earnings per share for 2025 and 2026, respectively. This aligns with InvestingPro’s Fair Value assessment, which suggests the stock is currently overvalued. The analyst suggested that a more constructive stance could be considered if there was a pull-back in Bank First National Corp.’s valuation. The company currently trades at a P/E ratio of 15.5x with a dividend yield of 1.69%.
The earnings per share estimates for 2025 and 2026 were revised upward by 5% and 1% to $7.25 and $7.40, respectively, following the first-quarter performance and anticipating higher buyback activity. The new price target of $111 reflects a 15.0x multiple of the firm’s 2026 earnings estimate, rolling forward the price target methodology and recognizing the company’s relatively stable credit quality prospects and superior profitability outlook.
In other recent news, Bank First Corporation announced the resignation of Kristeen Pelot, Senior Vice President of Operations. Pelot’s departure was disclosed in an SEC filing, with her official exit scheduled for April 30, 2025. The company has not provided details regarding the reasons for her resignation or identified her successor. This leadership change is being closely watched by investors and industry analysts, given the potential impact on Bank First’s operations. The SEC filing, signed by Chief Financial Officer Kevin M. LeMahieu, confirms the accuracy of this corporate change. Bank First has yet to release further information on the transition or the search for Pelot’s replacement. The company, formerly known as Bank First National Corp, has been listed on The Nasdaq Stock Market under the symbol BFC since its name change in 2018.
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