In a recent transaction, David E. Rainbolt, an executive and director at BancFirst Corp (NASDAQ:BANF), sold a total of $146,062 worth of company stock. The shares were sold at a price of $105.0057 each, according to the latest SEC filings.
The transactions, which took place on September 11, 2024, involved the sale of 463 shares in one instance and 464 shares in two separate instances. Following these sales, Rainbolt continues to hold a significant number of shares in the company. The remaining holdings include 72,264 shares in an Employee Stock Ownership Plan (ESOP), 10,000 shares held by his spouse through the Dana Kim Rainbolt Revocable Trust, and a substantial 4,310,000 shares at BF Bank Partners, LP, where Rainbolt serves as General Partner. An additional 14,000 shares are held at RBC Brokerage.
David E. Rainbolt's position at BancFirst, along with his ongoing substantial ownership, reflects his deep involvement with the company. Despite the recent sale, his remaining equity in BancFirst Corp signifies a continued vested interest in the company's performance and future.
Investors often keep a close eye on insider transactions as they can provide insights into executives' perspectives on the company's valuation and future prospects. Transactions like these are regularly reported to the SEC and can be indicative of the company's financial health and executive confidence.
BancFirst Corp, headquartered in Oklahoma City, is a company with a strong presence in the national commercial banking sector, under the standard industrial classification code 6021. The company's business address and the address for executive David E. Rainbolt are both listed as 100 North Broadway Ave., Oklahoma City, OK 73102.
In other recent news, BancFirst Corporation has announced the declaration of a quarterly cash dividend of $0.46 per share. This payment, alongside a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures, demonstrates BancFirst's commitment to returning value to its shareholders. The corporation has also appointed Kim Ingram, CEO of Kelly Jewelers, as a new member of its Board of Directors. Ingram's addition to the board is expected to enhance its expertise as BancFirst continues to serve its community and stakeholders.
In the realm of financial analysis, BancFirst's robust profitability in the second quarter prompted Piper Sandler to revise its earnings per share estimates for 2024 and 2025 upwards. Despite this, the firm maintains an Underweight rating on BancFirst's stock, 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 BancFirst Corp (NASDAQ:BANF) continues to navigate the financial sector, recent data from InvestingPro provides a snapshot of the company's performance and market position. With a market capitalization of $3.46 billion, BancFirst Corp showcases a stable financial stature in the commercial banking landscape. The company's price-to-earnings (P/E) ratio stands at 17.07, reflecting investor sentiments and the valuation of its earnings. Additionally, the company has demonstrated a notable operating income margin of 46.93% over the last twelve months as of Q2 2024, which is indicative of its operational efficiency and profitability.
InvestingPro Tips highlight BancFirst Corp's consistent approach to shareholder value, with the company having raised its dividend for 26 consecutive years and maintaining dividend payments for 32 consecutive years. This consistent dividend history is a testament to BancFirst's financial resilience and commitment to returning value to its shareholders. Moreover, four analysts have revised their earnings upwards for the upcoming period, signaling potential optimism about the company's future performance.
Investors considering BancFirst Corp as part of their portfolio can find additional InvestingPro Tips at https://www.investing.com/pro/BANF, which currently lists 9 tips for a more comprehensive analysis. These tips provide a deeper dive into the company's financial health and future prospects, including predictions of profitability for the year and a high return over the last decade.
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