Bank of New York Mellon Corp Acquires Shares of 161,253 BancFirst Corporation $BANF

Key Points

• Bank of New York Mellon acquired 161,253 BancFirst shares worth approximately $17.9 million, while institutional investors collectively own 51.72% of the bank.
• Analysts maintain a cautious outlook: BancFirst has a consensus “Hold” rating and an average price target of $123, with several firms recently downgrading or lowering their targets.
• BancFirst exceeded quarterly expectations, reporting $1.96 EPS versus the $1.80 consensus estimate and revenue of $187.49 million versus forecasts of $178.53 million; however, insiders sold 166,783 shares worth about $19.4 million during the quarter.

Bank of New York Mellon Corp bought a new position in BancFirst Corporation (NASDAQ:BANF - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 161,253 shares of the bank's stock, valued at approximately $17,920,000. Bank of New York Mellon Corp owned about 0.48% of BancFirst at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of BancFirst by 7.6% in the fourth quarter. State Street Corp now owns 1,375,873 shares of the bank's stock valued at $146,537,000 after purchasing an additional 96,957 shares in the last quarter. Norges Bank bought a new stake in BancFirst in the fourth quarter worth $27,723,000. Verition Fund Management LLC raised its stake in BancFirst by 30.8% during the fourth quarter. Verition Fund Management LLC now owns 168,591 shares of the bank's stock valued at $17,874,000 after purchasing an additional 39,672 shares in the last quarter. Invesco Ltd. raised its stake in BancFirst by 73.4% during the third quarter. Invesco Ltd. now owns 163,512 shares of the bank's stock valued at $20,676,000 after purchasing an additional 69,192 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in BancFirst by 33.5% during the third quarter. Raymond James Financial Inc. now owns 134,175 shares of the bank's stock valued at $16,966,000 after purchasing an additional 33,636 shares during the last quarter. 51.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, Director David E. Rainbolt sold 81,492 shares of the firm's stock in a transaction dated 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 $6,483,357.21. This trade represents a 59.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 166,783 shares of company stock valued at $19,366,509. Company insiders own 31.67% of the company's stock.

BancFirst Stock Performance

BancFirst stock opened at $109.22 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.03 and a quick ratio of 1.02. The firm has a market capitalization of $3.67 billion, a P/E ratio of 14.74 and a beta of 0.61. BancFirst Corporation has a 1-year low of $101.48 and a 1-year high of $138.77. The company's 50-day moving average is $113.93 and its 200 day moving average is $112.27.

BancFirst (NASDAQ:BANF - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.16. BancFirst had a return on equity of 13.44% and a net margin of 25.61%.The business had revenue of $187.49 million during the quarter, compared to analyst estimates of $178.53 million. Research analysts forecast that BancFirst Corporation will post 7.67 EPS for the current year.

About BancFirst

BancFirst Corporation is a regional banking holding company based in Oklahoma City, Oklahoma. As the largest state‐chartered bank in Oklahoma, BancFirst offers a comprehensive suite of financial services to individuals, businesses and government entities. Its core business activities include commercial and consumer banking, mortgage lending, treasury management, equipment financing and electronic banking solutions.

The bank operates a network of more than 60 branches across Oklahoma, serving urban centers such as Oklahoma City and Tulsa, as well as rural communities throughout the state.

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