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In a recent move within the banking sector, Main Street Banking Partners LP, a significant shareholder in BancFirst Corp (NASDAQ:BANF), has sold shares in the company. The transaction involved the sale of 1,414 shares at a price of $105.5849 each, amounting to a total of over $149,297.
The sale took place on September 3, 2024, as reported in the latest filings. Following the transaction, Main Street Banking Partners LP still holds a substantial number of shares in BancFirst Corp, with their ownership standing at 4,980,209.5 shares.
The transaction indicates a notable change in the investment firm's holdings and could be of interest to investors following BancFirst Corp's stock. It is important to note that Main Street Banking Partners LP is a ten percent owner of the company, which underscores the significance of their investment decisions.
BancFirst Corp, based in Oklahoma City, operates within the national commercial banks industry and has a history that dates back to its former name, United Community Corp, which changed in 1989. The company's stock is traded on the NASDAQ under the ticker symbol BANF.
The share sale by Main Street Banking Partners LP is part of the regular financial disclosures that companies and significant shareholders are required to make. These transactions provide transparency and can be used by investors to gauge market sentiment and potential shifts in a company's ownership structure.
In other recent news, BancFirst Corporation announced a quarterly cash dividend of $0.46 per share, along with a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures. These financial decisions underline BancFirst's ongoing commitment to its shareholders. The company also announced the appointment of Kim Ingram, a CEO of Kelly Jewelers, as a new member of its Board of Directors. Her compensation aligns with the company's existing fee schedule for outside directors and is expected to contribute to the board's expertise.
In terms of analyst activity, Piper Sandler revised its earnings per share estimates for BancFirst for 2024 and 2025 upwards, following robust profitability in the second quarter. However, the firm maintains an Underweight rating on the bank, citing a lack of clarity on plans for deploying excess capital, particularly in mergers and acquisitions. These are among the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
Amidst the share sale by Main Street Banking Partners LP, BancFirst Corp (NASDAQ:BANF) presents a mix of financial stability and potential concerns for investors. A notable highlight is the company's impressive track record of raising its dividend for 26 consecutive years, showcasing a commitment to shareholder returns. Additionally, the fact that 4 analysts have revised their earnings upwards for the upcoming period signals a positive sentiment around the company's future performance.
Examining the recent financial data from InvestingPro, BancFirst Corp has a market capitalization of $3.45 billion and maintains a Price/Earnings (P/E) ratio of 17.17, which aligns with industry standards. The company's revenue for the last twelve months as of Q2 2024 stood at $594.14 million, although it experienced a slight decline in revenue growth of -2.5% during the same period. Despite this, BancFirst's operating income margin remains strong at 46.93%, indicating efficient management and profitability.
Investors should also be aware that the company has been profitable over the last twelve months and analysts predict it will remain profitable this year. This is further supported by a robust 24.32% return over the last three months, suggesting a strong short-term performance. For those interested in additional insights and metrics, InvestingPro offers further guidance and analysis, with more InvestingPro Tips available at https://www.investing.com/pro/BANF.
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