Connor Clark & Lunn Investment Management Ltd. Invests $1.53 Million in BancFirst Corporation $BANF

Key Points

• Connor Clark & Lunn Investment Management purchased 13,789 BancFirst shares worth approximately $1.53 million. Institutional investors collectively own 51.72% of the company.
• BancFirst exceeded quarterly expectations, reporting $1.96 in EPS versus the $1.80 consensus estimate and revenue of $187.49 million versus $178.53 million expected.
• Analyst sentiment remains cautious, with the stock carrying an average “Hold” rating and a $123 price target. Meanwhile, insiders sold 166,783 shares worth about $19.37 million over the past 90 days.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of BancFirst Corporation (NASDAQ:BANF - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 13,789 shares of the bank's stock, valued at approximately $1,532,000.

Several other institutional investors have also recently added to or reduced their stakes in BANF. Quarry LP raised its stake in BancFirst by 531.4% during the 3rd quarter. Quarry LP now owns 221 shares of the bank's stock valued at $28,000 after acquiring an additional 186 shares during the last quarter. Allworth Financial LP purchased a new position in shares of BancFirst in the 2nd quarter valued at approximately $33,000. Pinnacle Holdings LLC purchased a new position in shares of BancFirst in the 2nd quarter valued at approximately $40,000. Kestra Advisory Services LLC acquired a new position in shares of BancFirst in the fourth quarter valued at approximately $41,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of BancFirst by 957.9% in the second 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 period. Institutional investors and hedge funds own 51.72% of the company's stock.

Insider Buying and Selling at BancFirst

In related news, Director David E. Rainbolt sold 8,506 shares of BancFirst stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $115.00, for a total transaction of $978,190.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 166,783 shares of company stock valued at $19,366,509. Corporate insiders own 31.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of BancFirst from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Weiss Ratings downgraded shares of BancFirst from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 16th. 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 reiterated a "neutral" rating and set a $125.00 price target on shares of BancFirst in a research note on Friday, June 12th. Finally, Keefe, Bruyette & Woods cut their price target on shares of BancFirst from $123.00 to $121.00 and set a "market perform" rating for the company in a report on Wednesday, August 5th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $123.00.

BancFirst Stock Performance

NASDAQ:BANF opened at $110.55 on Friday. The firm's fifty day simple moving average is $113.97 and its 200-day simple moving average is $112.40. 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 stock has a market cap of $3.71 billion, a PE ratio of 14.92 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.

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

BancFirst Profile

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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