Main Street Banking Partners LP, a significant shareholder in BancFirst Corp (NASDAQ:BANF), reported the sale of 778 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a price of $110 each, amounting to a total transaction value of $85,580.
Following this transaction, Main Street Banking Partners LP holds 4,941,772 shares in BancFirst Corp. The sale was executed on October 22, 2024, and reflects a direct ownership stake in the company.
This activity highlights ongoing portfolio management by Main Street Banking Partners, which maintains a significant position in the Oklahoma City-based national commercial bank.
In other recent news, BancFirst Corporation announced key financial decisions and corporate governance developments. The firm declared a quarterly cash dividend of $0.46 per share on its common stock, with payment due to shareholders of record as of September 30. 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 on the trust preferred securities.
In corporate governance news, BancFirst has appointed Kim Ingram, 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 she will also receive restricted stock units under the BancFirst Corporation 2023 Restricted Stock Unit Plan.
Financial analyst firm Piper Sandler recently adjusted its earnings per share estimates for BancFirst upwards for 2024 and 2025, following the bank's robust profitability in the second quarter. However, the firm maintains an Underweight rating on 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
As Main Street Banking Partners LP adjusts its position in BancFirst Corp (NASDAQ:BANF), investors may find value in examining the company's financial health and market performance. According to InvestingPro data, BancFirst boasts a market capitalization of $3.64 billion and a P/E ratio of 17.3, suggesting a reasonable valuation relative to earnings.
BancFirst's commitment to shareholder returns is evident in its dividend history. An InvestingPro Tip reveals that the company has raised its dividend for 26 consecutive years, demonstrating a strong track record of increasing shareholder value. This is particularly noteworthy given the recent share sale by Main Street Banking Partners LP, as it indicates the company's ability to maintain and grow its dividend payments even as large shareholders adjust their positions.
The bank's financial performance appears solid, with a revenue of $608.33 million in the last twelve months as of Q3 2024. While revenue growth was slightly negative at -0.02% over this period, quarterly revenue growth showed a more promising 9.69% increase in Q3 2024. This suggests that BancFirst may be navigating challenges in the banking sector effectively.
Investors considering BancFirst might also be interested to know that, according to another InvestingPro Tip, three analysts have revised their earnings upwards for the upcoming period. This positive sentiment from analysts could indicate confidence in the bank's near-term prospects.
For those seeking a more comprehensive analysis, InvestingPro offers additional insights, with 5 more tips available for BancFirst Corp. These tips could provide further context to Main Street Banking Partners' recent stock sale and help investors make more informed decisions about their own positions in BANF.
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