Bank First National (NASDAQ:BFC) Shares Gap Down Following Weak Earnings

Key Points

• Bank First National shares fell sharply after the company reported quarterly EPS of $2.35, missing the $2.60 consensus estimate. The stock opened at $138.45 versus its prior close of $148.34, a decline of roughly 6.7%.
• Quarterly revenue was $75.44 million, exceeding analyst expectations of $65.80 million, while net margin was 27.70% and return on equity was 12.48%.
• The company increased its quarterly dividend to $0.65 per share from $0.60, implying an annualized dividend of $2.60 and a 1.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $163.

Shares of Bank First National Corporation (NASDAQ:BFC - Get Free Report) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $148.34, but opened at $138.45. Bank First National shares last traded at $141.9170, with a volume of 14,204 shares.

The company reported $2.35 EPS for the quarter, missing the consensus estimate of $2.60 by ($0.25). The company had revenue of $75.44 million for the quarter, compared to analysts' expectations of $65.80 million. Bank First National had a net margin of 27.70% and a return on equity of 12.48%.

Bank First National Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 23rd will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.8%. This is a positive change from Bank First National's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, December 23rd. Bank First National's dividend payout ratio is 31.21%.

Analyst Ratings Changes

Several brokerages have recently weighed in on BFC. Piper Sandler upped their target price on shares of Bank First National from $157.00 to $161.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Zacks Research lowered shares of Bank First National from a "strong-buy" rating to a "hold" rating in a report on Monday, September 14th. Finally, Weiss Ratings raised shares of Bank First National from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Bank First National currently has an average rating of "Moderate Buy" and an average target price of $163.00.

Insider Buying and Selling

In other Bank First National news, Director Sistine Peter J. Van sold 1,848 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $155.57, for a total transaction of $287,493.36. Following the transaction, the director owned 7,640 shares of the company's stock, valued at $1,188,554.80. This trade represents a 19.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BFC. Ancora Advisors LLC bought a new stake in shares of Bank First National in the 2nd quarter worth approximately $26,000. Versant Capital Management Inc boosted its position in Bank First National by 53.8% during the 3rd quarter. Versant Capital Management Inc now owns 200 shares of the company's stock valued at $30,000 after purchasing an additional 70 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in Bank First National by 406.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 370 shares of the company's stock valued at $45,000 after buying an additional 297 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Bank First National during the second quarter valued at $99,000. Finally, Ballast Advisors LLC acquired a new position in shares of Bank First National during the first quarter valued at $154,000. 29.95% of the stock is owned by institutional investors and hedge funds.

Bank First National Stock Down 4.4%

The firm's 50-day moving average price is $151.72 and its 200 day moving average price is $147.51. The firm has a market cap of $1.57 billion, a P/E ratio of 18.43 and a beta of 0.42. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.03.

About Bank First National

Bank First National, operating as Bank First Corporation NASDAQ: BFC, is the holding company for Bank First, a community bank headquartered in Manitowoc, Wisconsin. The bank provides banking services to individuals, families, businesses and municipalities through locations across Wisconsin.

Its products and services include checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial real estate and business lending, agricultural loans, treasury management and online and mobile banking.

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