BlackRock Inc. Makes New Investment in BancFirst Corporation $BANF

Key Points

• BlackRock acquired a major stake in BancFirst: The investment firm bought 3.2 million shares valued at approximately $356.1 million, giving it a 9.54% ownership position. Institutional investors collectively own 51.72% of BANF.
• BancFirst exceeded quarterly earnings expectations: The bank reported $1.96 in earnings per share versus the $1.80 consensus estimate, while revenue reached $187.49 million compared with forecasts of $178.53 million.
• Shares and outlook remain mixed: BANF opened at $111.09, while analysts maintain a “Moderate Buy” consensus with a $123 price target. The company also pays a quarterly dividend of $0.49, representing a 1.8% annualized yield.

BlackRock Inc. purchased a new stake in shares of BancFirst Corporation (NASDAQ:BANF - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,203,944 shares of the bank's stock, valued at approximately $356,054,000. BlackRock Inc. owned about 9.54% of BancFirst at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Quarry LP lifted its holdings in shares of BancFirst by 531.4% in the 3rd quarter. Quarry LP now owns 221 shares of the bank's stock worth $28,000 after acquiring an additional 186 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in BancFirst in the 4th quarter valued at approximately $41,000. EverSource Wealth Advisors LLC increased its holdings in BancFirst by 957.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 402 shares of the bank's stock valued at $50,000 after purchasing an additional 364 shares during the last quarter. Advisors Asset Management Inc. raised its position in BancFirst by 108.6% in the first quarter. Advisors Asset Management Inc. now owns 559 shares of the bank's stock valued at $61,000 after purchasing an additional 291 shares during the period. Finally, Torren Management LLC purchased a new stake in BancFirst in the fourth quarter valued at approximately $66,000. 51.72% of the stock is owned by hedge funds and other institutional investors.

BancFirst Price Performance

Shares of BANF opened at $111.09 on Wednesday. The company has a market cap of $3.73 billion, a P/E ratio of 14.99 and a beta of 0.61. BancFirst Corporation has a fifty-two week low of $101.48 and a fifty-two week high of $138.77. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.04. The firm's 50 day moving average price is $113.98 and its 200 day moving average price is $112.51.

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

BancFirst Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.49 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.96 dividend on an annualized basis and a yield of 1.8%. BancFirst's dividend payout ratio (DPR) is 26.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BANF shares. DA Davidson restated a "neutral" rating and set a $125.00 price target on shares of BancFirst in a research note on Friday, June 12th. Keefe, Bruyette & Woods dropped their price objective on BancFirst from $123.00 to $121.00 and set a "market perform" rating for the company in a research note on Wednesday, August 5th. Zacks Research upgraded BancFirst from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Wall Street Zen raised BancFirst from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, Weiss Ratings cut BancFirst from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $123.00.

Insider Transactions at BancFirst

In related news, Director David E. Rainbolt sold 81,492 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $116.71, for a total transaction of $9,510,931.32. Following the completion of the transaction, the director directly owned 55,551 shares of the company's stock, valued at $6,483,357.21. The trade was a 59.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 166,783 shares of company stock valued at $19,366,509 in the last ninety days. Company insiders own 31.67% of the company's stock.

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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