Main Street Banking Partners LP, a significant shareholder in BancFirst Corp (NASDAQ:BANF), recently executed a sizable stock sale. On October 28, the firm sold 24,421 shares of BancFirst's common stock at an average price of $110.78 per share, amounting to a total transaction value of approximately $2.7 million. Following this sale, Main Street Banking Partners retains ownership of 4,910,000 shares in the company. This transaction reflects the ongoing portfolio adjustments by Main Street Banking Partners, a ten percent owner of BancFirst.
In other recent news, BancFirst Corporation announced key financial decisions and strategic appointments. The company's Board of Directors declared a quarterly cash dividend of $0.46 per share, scheduled for payment to shareholders on record as of September 30. Concurrently, BancFirst will make a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures. These debentures are linked to BFC Capital Trust II's trust preferred securities, enabling a dividend payment of $0.45 per share for shareholders of the trust.
In a move to strengthen its board's expertise, BancFirst appointed Kim Ingram as a new board member. Ingram, CEO of Kelly Jewelers, is expected to bring valuable community and professional experience to the role. Her compensation aligns with the company's existing fee schedule for outside directors, and she will receive restricted stock units under BancFirst Corporation's 2023 Restricted Stock Unit Plan.
In a recent analyst note, Piper Sandler maintained an Underweight rating for BancFirst, but raised the stock target following robust profitability in the second quarter. The firm revised its earnings per share estimates for 2024 and 2025 upwards, but cited a lack of clarity on BancFirst's plans for deploying excess capital as a potential limitation. These are some of the recent developments at BancFirst Corporation.
InvestingPro Insights
BancFirst Corp (NASDAQ:BANF) has been demonstrating strong financial performance, as evidenced by recent InvestingPro data. The company's stock is currently trading near its 52-week high, with a price at 96.18% of its peak. This aligns with the significant 26.56% price total return over the past six months and an impressive 40.42% return over the last year.
Despite the recent stock sale by Main Street Banking Partners, BancFirst's fundamentals appear solid. The company boasts a P/E ratio of 17.63, suggesting a reasonable valuation relative to its earnings. Moreover, BancFirst has maintained a strong dividend track record, which may be attractive to income-focused investors. According to InvestingPro Tips, the company has raised its dividend for 26 consecutive years and has maintained dividend payments for 32 consecutive years.
The banking sector's profitability is often scrutinized, and BancFirst seems to be performing well in this regard. The company's operating income margin stands at a robust 47.3% for the last twelve months as of Q3 2024, indicating efficient operations. Additionally, an InvestingPro Tip highlights that analysts predict the company will be profitable this year, which could further support investor confidence.
For readers interested in a deeper analysis, InvestingPro offers 10 additional tips for BancFirst Corp, providing a more comprehensive view of the company's financial health and market position.
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