OKLAHOMA CITY—David E. Rainbolt, an executive and director at BancFirst Corp (NASDAQ:BANF), recently sold a portion of his holdings in the company. According to a recent filing, Rainbolt disposed of 2,152 shares of BancFirst common stock on October 21, 2024, at an average price of $110.4668 per share. The total transaction value amounted to $237,724.
Following the sale, Rainbolt maintains direct ownership of 210,850 shares. Additionally, he holds 72,264 shares through an Employee Stock Ownership Plan (ESOP), 10,000 shares indirectly via the Dana Kim Rainbolt Revocable Trust, and 4,310,000 shares at BF Bank Partners, LP, where he serves as the General Partner. An additional 14,000 shares are held at RBC Brokerage.
This transaction is part of Rainbolt's ongoing management of his investment portfolio in BancFirst Corp, a national commercial bank headquartered in Oklahoma City.
In other recent news, BancFirst Corporation announced significant financial decisions, including 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 payments are scheduled for distribution in October to shareholders on record as of late September. Additionally, BancFirst has appointed Kim Ingram, CEO of Kelly Jewelers, as a new member of its Board of Directors, a development expected to enhance the board's expertise.
Piper Sandler, in its analysis, has raised BancFirst's stock target due to robust profitability in the second quarter, revising its earnings per share estimates for 2024 and 2025 upwards. Despite this, the firm maintains an Underweight rating on BancFirst, citing a lack of clarity on the bank's plans for deploying excess capital. These recent developments highlight BancFirst's commitment to its shareholders and its ongoing financial management strategies.
InvestingPro Insights
To provide context to David E. Rainbolt's recent stock sale, it's worth examining BancFirst Corp's (NASDAQ:BANF) current financial position and market performance. According to InvestingPro data, BancFirst has a market capitalization of $3.61 billion, with a price-to-earnings (P/E) ratio of 17.33, suggesting a moderate valuation relative to earnings.
One of the standout features of BancFirst is its commitment to shareholder returns. An InvestingPro Tip highlights that the company has raised its dividend for 26 consecutive years, demonstrating a strong track record of increasing shareholder value. This consistent dividend growth may explain why executives like Rainbolt maintain substantial holdings despite occasional sales.
The company's financial health appears robust, with a revenue of $608.33 million in the last twelve months as of Q3 2024. While revenue growth was slightly negative at -0.02% over this period, the quarterly revenue growth for Q3 2024 showed a significant improvement at 9.69%, indicating a potential turnaround in top-line performance.
BancFirst's stock has also shown strong momentum, with a 28.87% price total return over the past six months. This aligns with another InvestingPro Tip noting a large price uptick over the last six months, which may have influenced Rainbolt's decision to sell a small portion of his holdings.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips for BancFirst Corp, providing deeper insights into the company's financial health and market position.
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