BancFirst (NASDAQ:BANF) Corporation (NASDAQ:BANF) executive David E. Rainbolt has sold a substantial amount of company stock, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on August 30, 2024, involved the sale of 18,376.5 shares at a price of $106.223 per share, totaling over $1.95 million.
Rainbolt, who serves as both an executive and a director at BancFirst, continues to hold a significant number of shares after the sale. The filing indicated that following the transactions, Rainbolt retained direct ownership of 223,874.5 shares of common stock. Additionally, the executive has indirect ownership through various entities, including the ESOP and the Dana Kim Rainbolt Revocable Trust, as well as shares held at BF Bank Partners, LP, where Rainbolt is a General Partner, and at RBC Brokerage.
The sold shares were held in a trust controlled by David E. Rainbolt, as noted in the remarks section of the filing. This move by a high-ranking insider at BancFirst may be of interest to investors and market watchers, as insider transactions can provide insights into an executive's perspective on the company's future prospects.
BancFirst Corporation, headquartered in Oklahoma City, is a company with a strong presence in the commercial banking sector. As of the date of the report, the company's stock is traded under the ticker symbol BANF on the NASDAQ exchange.
Investors often monitor insider transactions as part of their analysis, and such filings are regularly disclosed in compliance with SEC regulations. It's worth noting that the information provided in these filings is factual and does not necessarily indicate any specific strategy or forward-looking sentiment from the reporting owner.
In other recent news, BancFirst Corporation has announced a quarterly cash dividend of $0.46 per share and a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures. The company is also set to pay a dividend of $0.45 per share on the trust preferred securities. These financial decisions highlight BancFirst's strategy for capital distribution and commitment to its shareholders.
In addition, BancFirst Corporation has appointed Kim Ingram to its Board of Directors. Ingram, the CEO of Kelly Jewelers, is expected to bring a wealth of community and professional experience to the role. Her compensation aligns with the company's existing fee schedule for outside directors, and she will receive restricted stock units under the BancFirst Corporation 2023 Restricted Stock Unit Plan.
On another note, Piper Sandler has raised BancFirst's stock target, despite maintaining an Underweight rating. This adjustment follows BancFirst's strong profitability in the second quarter, leading Piper Sandler to revise its earnings per share estimates for 2024 and 2025 upwards. However, the firm cites a lack of clarity on BancFirst's plans for deploying excess capital as a reason for limited potential for price-to-earnings ratio expansion. These are the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
BancFirst Corporation's (NASDAQ:BANF) recent insider activity coincides with some noteworthy financial metrics and analyst sentiments. According to InvestingPro data, BancFirst has a market capitalization of approximately $3.51 billion and sports a Price/Earnings (P/E) ratio of 17.38, which is slightly higher than the adjusted P/E ratio for the last twelve months as of Q2 2024 at 17.49. Despite a modest decline in revenue growth of -2.5% over the last twelve months, the company has maintained a robust operating income margin of 46.93%, underlining its operational efficiency.
InvestingPro Tips highlight BancFirst's commendable track record of raising its dividend for 26 consecutive years and maintaining dividend payments for 32 consecutive years, a testament to its financial stability and commitment to shareholder returns. Furthermore, analysts have revised their earnings upwards for the upcoming period, signaling confidence in BancFirst's financial performance. For investors interested in exploring further, there are additional InvestingPro Tips available at InvestingPro, providing deeper insights into BancFirst's investment profile.
The company's share price performance has been strong, with a 23.57% total return over the last three months and a 13.36% total return over the past year, indicating a positive trend for shareholders. This aligns with the executive's stock sale, suggesting that the market values BancFirst's consistent financial approach and growth potential. As investors consider the implications of insider transactions, these financial metrics and analyst updates can offer a more comprehensive view of BancFirst's market position.
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