Martin William Scott, a director at BancFirst Corp (NASDAQ:BANF), recently sold 25,000 shares of the company's common stock. The shares were sold at a price of $123.0001 each, totaling approximately $3.08 million. Following this transaction, Scott's trust, The William Scott Martin Trust Dated 3/16/2000, holds 249,106 shares. This sale was disclosed in a filing with the Securities and Exchange Commission on November 15, 2024.
In other recent news, BancFirst Corporation announced a quarterly cash dividend of $0.46 per share and a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures. These financial decisions are part of the company's ongoing strategy for capital distribution. BancFirst also declared a dividend of $0.45 per share on the trust preferred securities issued by its subsidiary, BFC Capital Trust II. These payments are scheduled for October 15 to shareholders of record as of September 30.
In addition, BancFirst Corporation announced the appointment of Kim Ingram to its Board of Directors, a development expected to enhance the board's expertise. Ingram's compensation aligns with the company's existing fee schedule for outside directors and includes restricted stock units under the BancFirst Corporation 2023 Restricted Stock Unit Plan.
Furthermore, despite maintaining an Underweight rating, Piper Sandler has raised BancFirst's stock target following the company's robust profitability in the second quarter. The firm revised its earnings per share estimates for 2024 and 2025 upwards but noted a lack of clarity on BancFirst's plans for deploying excess capital, particularly in mergers and acquisitions. These are the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
The recent insider sale by Martin William Scott comes at a time when BancFirst Corp (NASDAQ:BANF) is showing strong market performance. According to InvestingPro data, the company has seen a significant price uptick over the last six months, with a 36.52% total return. This aligns with the stock's current price of $122.92, which is 94.4% of its 52-week high, indicating robust investor confidence.
BancFirst's financial health appears solid, with a market capitalization of $4.04 billion and a P/E ratio of 19.2. The company's dividend policy is particularly noteworthy, as highlighted by two key InvestingPro Tips: BancFirst 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 yield of 1.5%, may be attractive to income-focused investors.
Despite the insider sale, analysts remain optimistic about BancFirst's prospects. An InvestingPro Tip reveals that three analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for the company's financial performance. Additionally, BancFirst has been profitable over the last twelve months, with a diluted EPS of $6.22.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into BancFirst's investment potential.
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