David E. Rainbolt, an executive and director at BancFirst Corp (NASDAQ:BANF), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Rainbolt sold a total of 24,421 shares of BancFirst common stock on October 28. The shares were sold at an average price of $110.78, totaling approximately $2.7 million.
Following these transactions, Rainbolt retains direct ownership of 200,000 shares. Additionally, he holds various indirect ownerships, including 72,264 shares through an Employee Stock Ownership Plan (ESOP), 10,000 shares held by his spouse under the Dana Kim Rainbolt Revocable Trust, and 4,310,000 shares through BF Bank Partners, LP, where Rainbolt is a general partner. An additional 14,000 shares are held at RBC Brokerage.
These transactions highlight Rainbolt's ongoing management of his investment portfolio in BancFirst Corp, a national commercial bank headquartered in Oklahoma City.
In other recent news, BancFirst Corporation announced a quarterly cash dividend of $0.46 per share on its common stock. In parallel, a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures is also planned. These debentures are linked to the trust preferred securities issued by BFC Capital Trust II, enabling it to pay a dividend of $0.45 per share on these securities.
On the corporate governance front, BancFirst has appointed Kim Ingram, CEO of Kelly Jewelers, as a new member of its Board of Directors. Her expertise is expected to enhance the board's strategic oversight. In terms of analyst projections, Piper Sandler has raised BancFirst's stock target, despite maintaining an Underweight rating, following robust profitability in the second quarter.
These are the latest developments in BancFirst Corporation's financial management, capital distribution, and corporate governance strategies.
InvestingPro Insights
David E. Rainbolt's recent sale of BancFirst Corp (NASDAQ:BANF) shares comes at a time when the company's stock is trading near its 52-week high, with a price that is 96.18% of its peak. This timing aligns with an InvestingPro Tip indicating that BANF has seen a large price uptick over the last six months, reflected in the impressive 26.56% total return over that period.
Despite the insider sale, BancFirst Corp maintains a strong financial position. The company boasts a market capitalization of $3.69 billion and a P/E ratio of 17.63, suggesting a reasonable valuation relative to its earnings. An InvestingPro Tip highlights that BANF has raised its dividend for 26 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by a current dividend yield of 1.65% and a dividend growth rate of 6.98% over the last twelve months.
The company's financial health is also evident in its operating income margin of 47.3%, indicating efficient operations. However, investors should note that BANF suffers from weak gross profit margins, according to another InvestingPro Tip.
For those interested in a deeper analysis, InvestingPro offers 7 additional tips that could provide valuable insights into BancFirst Corp's investment potential. These tips, along with real-time financial metrics, are available to InvestingPro subscribers, offering a comprehensive view of the company's financial landscape and future prospects.
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