David E. Rainbolt, an executive and director at BancFirst Corp (NASDAQ:BANF), recently sold shares worth approximately $192,700. The transactions, reported on October 24, involved a total of 1,750 shares of common stock, sold at an average price of $110.11 per share.
Following these transactions, Rainbolt directly owns 208,141 shares. Additionally, he holds 72,264 shares indirectly through an Employee Stock Ownership Plan (ESOP) and 10,000 shares through the Dana Kim Rainbolt Revocable Trust. Rainbolt is also a general partner at BF Bank Partners, LP, which holds 4,310,000 shares, and he has 14,000 shares in RBC Brokerage.
In other recent news, BancFirst Corporation reported significant developments including financial decisions and board appointments. The company's Board of Directors has declared a quarterly cash dividend of $0.46 per share on its common stock, scheduled for payment in October. Additionally, BancFirst will make a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures, enabling BFC Capital Trust II to pay a dividend of $0.45 per share on the trust preferred securities.
In governance news, the company announced the appointment of Kim Ingram to its Board of Directors. Ingram, 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 also receive restricted stock units under the BancFirst Corporation 2023 Restricted Stock Unit Plan.
In analyst news, Piper Sandler maintained an Underweight rating on BancFirst but raised the company's stock target, revising its earnings per share estimates for 2024 and 2025 upwards following BancFirst's robust profitability in the second quarter. These are some of the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
BancFirst Corp's recent insider selling activity by David E. Rainbolt comes at a time when the company's stock is trading near its 52-week high, with the price at 94.39% of its peak. This selling decision aligns with some of the financial metrics and insights provided by InvestingPro.
According to InvestingPro data, BancFirst Corp has a market capitalization of $3.62 billion and a P/E ratio of 17.24, suggesting a moderate valuation compared to industry peers. The company's revenue for the last twelve months as of Q3 2024 stood at $608.33 million, with an impressive operating income margin of 47.3%.
InvestingPro Tips highlight that BancFirst Corp has raised its dividend for 26 consecutive years, demonstrating a strong commitment to shareholder returns. This is further supported by the company's dividend yield of 1.69% and a dividend growth rate of 6.98% over the last twelve months. The consistent dividend payments, maintained for 32 consecutive years, underscore the company's financial stability and shareholder-friendly policies.
Another InvestingPro Tip notes that three analysts have revised their earnings upwards for the upcoming period, indicating positive sentiment about the company's near-term financial performance. This optimism is reflected in the stock's performance, with a 37.03% total return over the past year.
It's worth noting that while BancFirst Corp shows strengths in dividend consistency and analyst optimism, it also faces challenges. An InvestingPro Tip points out that the company suffers from weak gross profit margins, which investors should consider when evaluating the stock.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of BancFirst Corp's financial health and market position.
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