Bank of America Corp DE Purchases 98,907 Shares of BancFirst Corporation $BANF

Key Points

• Bank of America acquired 98,907 BancFirst shares worth approximately $10.99 million, giving it a 0.29% stake. Institutional investors collectively own 51.72% of the company.
• BancFirst exceeded quarterly earnings expectations, reporting $1.96 EPS versus the $1.80 consensus and revenue of $187.49 million versus $178.53 million expected.
• The bank raised its quarterly dividend to $0.52 per share, equivalent to a $2.08 annualized payout and a 1.9% yield. Analysts maintain a consensus “Hold” rating with a $123 price target, while insiders sold significant shares during the quarter.

Bank of America Corp DE acquired a new position in BancFirst Corporation (NASDAQ:BANF - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 98,907 shares of the bank's stock, valued at approximately $10,992,000. Bank of America Corp DE owned 0.29% of BancFirst at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. ProShare Advisors LLC lifted its holdings in BancFirst by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 4,058 shares of the bank's stock worth $430,000 after buying an additional 127 shares during the period. Parallel Advisors LLC lifted its stake in shares of BancFirst by 17.7% in the 1st quarter. Parallel Advisors LLC now owns 1,082 shares of the bank's stock valued at $117,000 after purchasing an additional 163 shares during the period. Lazard Asset Management LLC grew its position in shares of BancFirst by 1.8% in the 1st quarter. Lazard Asset Management LLC now owns 11,643 shares of the bank's stock worth $1,263,000 after buying an additional 201 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of BancFirst by 12.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,996 shares of the bank's stock worth $212,000 after buying an additional 223 shares during the period. Finally, Inspire Investing LLC grew its position in shares of BancFirst by 6.6% in the 1st quarter. Inspire Investing LLC now owns 4,698 shares of the bank's stock worth $510,000 after buying an additional 291 shares during the period. Institutional investors own 51.72% of the company's stock.

BancFirst Price Performance

Shares of BANF opened at $108.71 on Friday. The firm has a fifty day simple moving average of $112.28 and a two-hundred day simple moving average of $111.74. The firm has a market cap of $3.65 billion, a PE ratio of 14.67 and a beta of 0.60. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.04. BancFirst Corporation has a 1-year low of $101.48 and a 1-year high of $132.29.

BancFirst (NASDAQ:BANF - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.80 by $0.16. The firm had revenue of $187.49 million for the quarter, compared to the consensus estimate of $178.53 million. BancFirst had a return on equity of 13.44% and a net margin of 25.61%. On average, equities analysts anticipate that BancFirst Corporation will post 7.67 EPS for the current year.

BancFirst Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.52 dividend. This is a boost from BancFirst's previous quarterly dividend of $0.49. The ex-dividend date is Wednesday, September 30th. This represents a $2.08 annualized dividend and a dividend yield of 1.9%. BancFirst's dividend payout ratio (DPR) is currently 26.45%.

Insider Buying and Selling at BancFirst

In related news, Director David Rainbolt sold 81,492 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $116.71, for a total value of $9,510,931.32. Following the transaction, the director owned 55,551 shares of the company's stock, valued at approximately $6,483,357.21. This trade represents a 59.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 166,783 shares of company stock valued at $19,366,509. 31.67% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BANF has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of BancFirst from $123.00 to $121.00 and set a "market perform" rating for the company in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of BancFirst from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. DA Davidson restated a "neutral" rating and issued a $125.00 price objective on shares of BancFirst in a report on Friday, June 12th. Weiss Ratings cut BancFirst from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 16th. Finally, Zacks Research cut BancFirst from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, BancFirst currently has a consensus rating of "Hold" and a consensus price target of $123.00.

BancFirst Profile

BancFirst Corporation is a bank holding company headquartered in Oklahoma City, Oklahoma. Its principal subsidiary, BancFirst, provides commercial and consumer banking services to individuals, businesses, agricultural customers and governmental entities.

The company offers deposit accounts, residential and commercial real estate loans, commercial and industrial lending, agricultural financing, consumer loans, treasury management and other traditional banking services. BancFirst also provides trust, investment and wealth management services, along with insurance-related products through affiliated operations.

Founded in 1989, BancFirst has expanded through organic growth and acquisitions and serves communities across Oklahoma through a statewide branch network.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.