In a recent transaction, Leslie Jeannine Rainbolt, a director and significant shareholder of BancFirst Corp (NASDAQ:BANF), sold a substantial number of shares in the company. The transaction, which took place on September 13, 2024, involved the sale of 10,371 shares at a price of $105.0241 per share, resulting in a total value of $1,089,204.
The shares sold by Rainbolt were held in Main Street Banking Partners LP, as indicated in the filing. Following the sale, Rainbolt continues to hold a significant stake in the company, with 4,944,702 shares remaining in their possession. Additionally, the filing revealed that Rainbolt also has an interest in 4,000 shares held in the Leslie J. Rainbolt Revocable Trust.
This transaction comes as part of the regular financial disclosures required by company insiders, providing investors with a glimpse into the actions of BancFirst Corp's upper management. Investors often monitor such sales as they may provide insights into an insider's perspective on the company's current valuation and future prospects.
BancFirst Corp, headquartered in Oklahoma City, operates as a financial holding company and is one of the largest banks in Oklahoma. The company's stock is traded on the NASDAQ under the ticker symbol BANF.
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. The company also announced the appointment of Kim Ingram, CEO of Kelly Jewelers, to its Board of Directors. Piper Sandler has raised the stock target for BancFirst, despite maintaining an Underweight rating.
These developments include 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 notes a lack of clarity on BancFirst's plans for deploying excess capital, particularly in mergers and acquisitions.
These are recent developments for BancFirst Corporation. It's important to note that these changes are based on factual information and do not reflect any personal opinions or predictions. This article is intended to provide a clear and concise update on the latest news regarding BancFirst Corporation.
InvestingPro Insights
In light of the recent insider transaction involving Leslie Jeannine Rainbolt, investors may seek additional context to assess BancFirst Corp's (NASDAQ:BANF) financial health and market performance. According to InvestingPro data, BancFirst Corp boasts a market capitalization of approximately $3.45 billion, with a P/E ratio of 17.04, reflecting investor sentiment on the company's earnings capacity. The P/E ratio, slightly adjusted to 17.21 for the last twelve months as of Q2 2024, remains indicative of the market's valuation of the company's profitability.
InvestingPro Tips highlight that BancFirst Corp has demonstrated a commitment to shareholder returns, having raised its dividend for 26 consecutive years, and maintained dividend payments for 32 consecutive years. This track record might reassure investors looking for stable income, especially as the company's dividend yield stands at 1.77% as of the last dividend ex-date on June 28, 2024. Additionally, the company's stock has shown a strong return over the last three months, with a price total return of 24.83%, signaling robust short-term performance.
For those interested in further insights and tips on BancFirst Corp, InvestingPro offers additional information, including the fact that four analysts have revised their earnings upwards for the upcoming period, which could suggest a positive outlook on the company's financial performance. For a deeper dive into BancFirst Corp's prospects and to access the full list of tips, investors can visit the dedicated page at https://www.investing.com/pro/BANF.
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