BancFirst (NASDAQ:BANF) Shares Gap Up After Better-Than-Expected Earnings

BancFirst Corporation (NASDAQ:BANF - Get Free Report) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $131.28, but opened at $136.85. BancFirst shares last traded at $136.74, with a volume of 19,808 shares changing hands.

The bank reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.18. BancFirst had a net margin of 24.05% and a return on equity of 14.38%. The firm had revenue of $169.30 million for the quarter, compared to analyst estimates of $163.62 million.

BancFirst Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend was Monday, June 30th. BancFirst's payout ratio is 26.47%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BANF. Wall Street Zen downgraded shares of BancFirst from a "hold" rating to a "sell" rating in a research report on Friday. Keefe, Bruyette & Woods upped their target price on shares of BancFirst from $123.00 to $132.00 and gave the stock a "market perform" rating in a research report on Friday. Finally, DA Davidson upped their target price on shares of BancFirst from $120.00 to $136.00 and gave the company a "neutral" rating in a research report on Monday.

Insider Buying and Selling

In other news, Director F Ford Drummond sold 5,000 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $124.12, for a total transaction of $620,600.00. Following the completion of the sale, the director directly owned 6,000 shares in the company, valued at approximately $744,720. This represents a 45.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Randy Foraker sold 4,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $126.61, for a total value of $506,440.00. The disclosure for this sale can be found here. 32.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BancFirst

Several hedge funds have recently made changes to their positions in the stock. SummerHaven Investment Management LLC lifted its holdings in shares of BancFirst by 1.4% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,961 shares of the bank's stock valued at $1,108,000 after buying an additional 122 shares during the period. State of Alaska Department of Revenue lifted its stake in BancFirst by 7.4% in the second quarter. State of Alaska Department of Revenue now owns 11,859 shares of the bank's stock worth $1,465,000 after purchasing an additional 815 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of BancFirst by 38.1% during the second quarter. GAMMA Investing LLC now owns 804 shares of the bank's stock valued at $99,000 after acquiring an additional 222 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in BancFirst during the second quarter valued at approximately $226,000. Finally, Wesbanco Bank Inc. grew its holdings in shares of BancFirst by 37.0% during the second quarter. Wesbanco Bank Inc. now owns 4,260 shares of the bank's stock valued at $527,000 after buying an additional 1,150 shares during the last quarter. 51.72% of the stock is currently owned by hedge funds and other institutional investors.

BancFirst Stock Down 1.6%

The business's 50-day moving average is $125.53 and its 200-day moving average is $118.54. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of 19.16 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.05.

About BancFirst

BancFirst Corporation operates as the bank holding company for BancFirst that provides a range of commercial banking services to retail customers, and small to medium-sized businesses. The company operates through BancFirst Metropolitan Banks, BancFirst Community Banks, Pegasus, Worthington, and Other Financial Services segments.