Main Street Banking Partners LP, a significant shareholder of BancFirst Corp (NASDAQ:BANF), disclosed a sale of 5,601 shares of common stock on October 23. The shares were sold at an average price of $110.21, totaling approximately $617,270. Following this transaction, Main Street Banking Partners holds 4,936,171 shares in the Oklahoma City-based bank. This move comes as part of the routine disclosures required for major shareholders, providing investors with insight into the trading activities of key stakeholders.
In other recent news, BancFirst Corporation has announced significant developments. The firm declared a quarterly cash dividend of $0.46 per share to be paid 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 terms of corporate governance, BancFirst has appointed Kim Ingram to its Board of Directors. Ingram, a CEO of Kelly Jewelers, is expected to contribute her community and professional experience to the company's strategic oversight. Her compensation aligns with the company's existing fee schedule for outside directors.
Piper Sandler, an independent financial services firm, has revised its earnings per share estimates for BancFirst for 2024 and 2025 upwards, despite maintaining an Underweight rating. This revision follows BancFirst's robust profitability in the second quarter. However, the firm cites a lack of clarity on BancFirst's plans for deploying excess capital as a reason for limited potential for price-to-earnings ratio expansion. These are the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
While Main Street Banking Partners LP has reduced its stake in BancFirst Corp (NASDAQ:BANF), the company's financial metrics and market performance suggest a strong underlying business. According to InvestingPro data, BancFirst's market capitalization stands at $3.65 billion, with a price-to-earnings ratio of 17.31, indicating a reasonable valuation relative to its earnings.
BancFirst has demonstrated a commitment to shareholder returns, as highlighted by two key InvestingPro Tips. The company has raised its dividend for 26 consecutive years and has maintained dividend payments for 32 consecutive years. This consistent dividend policy may provide some reassurance to investors in light of the recent share sale by a major stakeholder.
The bank's financial performance appears solid, with a revenue of $608.33 million in the last twelve months as of Q3 2023. Despite a slight year-over-year revenue decline of 0.02%, BancFirst showed strong quarterly revenue growth of 9.69% in Q3 2023. The company's profitability is underscored by its impressive operating income margin of 47.3% for the same period.
Investors considering BancFirst may find additional value in the 21 other InvestingPro Tips available, which offer deeper insights into the company's financial health and market position.
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