Main Street Banking Partners LP, a significant stakeholder in BancFirst Corp (NASDAQ:BANF), recently sold shares of the company's stock. According to a recent SEC filing, the firm sold 2,152 shares at an average price of $110.4668 per share, amounting to a total transaction value of approximately $237,724.
Following this transaction, Main Street Banking Partners LP retains ownership of 4,942,550 shares of BancFirst Corp. The transaction was executed on October 21, 2024, and reflects the firm's ongoing management of its investment portfolio in the national commercial bank sector.
In other recent news, BancFirst Corporation has announced a series of significant financial developments. The company's Board of Directors declared a quarterly cash dividend of $0.46 per share, scheduled for payment in mid-October. Additionally, BancFirst will make a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures, enabling BFC Capital Trust II to pay a dividend of $0.45 per share.
In terms of corporate governance, BancFirst has appointed Kim Ingram as a new member of its Board of Directors. Ingram, a CEO of Kelly Jewelers, is expected to bring a wealth of community and professional experience to the role. Her compensation will align with the company's existing fee schedule for outside directors, and she will also receive restricted stock units under the BancFirst Corporation 2023 Restricted Stock Unit Plan.
From an analyst perspective, Piper Sandler has raised BancFirst's stock target while maintaining an Underweight rating. This adjustment follows BancFirst's robust profitability in the second quarter, prompting Piper Sandler to revise its earnings per share estimates for 2024 and 2025 upwards. However, the firm anticipates limited potential for price-to-earnings ratio expansion above peers for BancFirst, citing a lack of clarity on the bank's plans for deploying excess capital, particularly in mergers and acquisitions. These are some of the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
While Main Street Banking Partners LP has reduced its stake in BancFirst Corp (NASDAQ:BANF), the company continues to demonstrate strong financial performance and shareholder value. According to InvestingPro data, BancFirst's market capitalization stands at $3.61 billion, with a price-to-earnings ratio of 17.33, indicating a reasonable valuation relative to its earnings.
BancFirst has shown a commitment to rewarding shareholders, as evidenced by two key InvestingPro Tips. The company has raised its dividend for 26 consecutive years and has maintained dividend payments for 32 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 1.61%, underscores BancFirst's financial stability and shareholder-friendly policies.
The bank's stock has also performed well recently, with a 28.87% price total return over the past six months. This aligns with another InvestingPro Tip highlighting the large price uptick over the last six months, suggesting investor confidence in BancFirst's prospects.
For investors seeking a deeper understanding of BancFirst's potential, InvestingPro offers additional insights, with 9 more tips available for subscribers looking to make informed investment decisions in the banking sector.
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