NewEdge Wealth LLC Purchases New Stake in BancFirst Corporation $BANF

Key Points

• NewEdge Wealth acquired 16,788 BancFirst shares worth approximately $1.87 million in the second quarter. Several other institutions also initiated positions, bringing institutional and hedge-fund ownership to 51.72%.
• BancFirst reported quarterly EPS of $1.96, exceeding the $1.80 consensus estimate, while revenue of $187.49 million also topped expectations. The bank maintains a 1.7% dividend yield with an annualized payout of $1.96 per share.
• Analyst sentiment is generally positive but cautious, with an average “Moderate Buy” rating and a $123 price target versus the stock’s recent price of $112.74. Meanwhile, insiders have sold 166,783 shares worth about $19.37 million over the past three months.

NewEdge Wealth LLC acquired a new position in BancFirst Corporation (NASDAQ:BANF - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 16,788 shares of the bank's stock, valued at approximately $1,866,000.

A number of other institutional investors have also recently bought and sold shares of BANF. BlackRock Inc. purchased a new position in BancFirst during the 2nd quarter valued at about $356,054,000. Deutsche Bank AG purchased a new stake in shares of BancFirst in the second quarter worth approximately $2,750,000. OneDigital Investment Advisors LLC acquired a new stake in shares of BancFirst during the second quarter worth approximately $701,000. Bank of New York Mellon Corp acquired a new stake in shares of BancFirst during the second quarter worth approximately $17,920,000. Finally, State of Wyoming purchased a new position in BancFirst during the second quarter valued at approximately $551,000. 51.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director David E. Rainbolt sold 8,506 shares of the company's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $115.00, for a total value of $978,190.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 166,783 shares of company stock valued at $19,366,509. 31.67% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BANF has been the topic of several research reports. DA Davidson reiterated a "neutral" rating and issued a $125.00 price objective on shares of BancFirst in a research note on Friday, June 12th. Weiss Ratings lowered shares of BancFirst from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods lowered their price target on shares of BancFirst from $123.00 to $121.00 and set a "market perform" rating on the stock in a report on Wednesday, August 5th. Wall Street Zen upgraded BancFirst from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. Finally, Zacks Research raised BancFirst from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, BancFirst has an average rating of "Moderate Buy" and an average target price of $123.00.

BancFirst Trading Down 0.2%

NASDAQ:BANF opened at $112.74 on Friday. The company has a market capitalization of $3.79 billion, a P/E ratio of 15.21 and a beta of 0.61. The stock's 50 day moving average price is $114.13 and its 200 day moving average price is $112.55. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.02 and a current ratio of 1.03. BancFirst Corporation has a 52 week low of $101.48 and a 52 week high of $138.77.

BancFirst (NASDAQ:BANF - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The firm 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 EPS for the current fiscal year.

BancFirst Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Tuesday, June 30th. BancFirst's payout ratio is presently 26.45%.

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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