BancFirst (NASDAQ:BANF) Corporation (NASDAQ:BANF), based in Oklahoma City, disclosed a cash dividend declaration and an interest payment on its junior subordinated debentures in a recent 8-K filing with the Securities and Exchange Commission. On Thursday, the company's Board of Directors announced a quarterly cash dividend of $0.46 per share on its common stock. The dividend is set for distribution on January 15, 2025, to shareholders who are on record as of December 31, 2024.
In addition to the common stock dividend, BancFirst Corporation will make a quarterly interest payment on $26.8 million worth of its 7.20% Junior Subordinated Debentures. These debentures are associated with the trust preferred securities issued by BFC Capital Trust II, a statutory trust subsidiary of BancFirst Corporation. Proceeds from this interest payment will be used to pay a dividend of $0.45 per share on the trust preferred securities, which is also scheduled for January 15, 2025, to shareholders recorded by the end of December 2024.
In other recent news, BancFirst Corporation's Board of Directors declared a quarterly cash dividend of $0.46 per share on its common stock, and a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures. These financial decisions underscore BancFirst's strategy for capital distribution. The company also announced the appointment of Kim Ingram, CEO of Kelly Jewelers, as a new member of its Board of Directors, a move expected to enhance the board's expertise.
In addition, BancFirst's stock target has been raised by Piper Sandler, despite maintaining an Underweight rating. The firm revised its earnings per share estimates for 2024 and 2025 upwards, following BancFirst's strong profitability in the second quarter. However, Piper Sandler cited a lack of clarity on BancFirst's plans for deploying excess capital, particularly in mergers and acquisitions. These are some of the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
BancFirst Corporation's recent dividend declaration aligns with its strong track record of shareholder returns. According to InvestingPro Tips, BANF has raised its dividend for 26 consecutive years and has maintained dividend payments for 32 consecutive years. This consistency is particularly noteworthy in the banking sector, where dividend stability can be an indicator of financial health.
The company's current dividend yield stands at 1.52%, with a dividend growth rate of 6.98% over the last twelve months. This growth rate outpaces the recently announced quarterly dividend of $0.46 per share, suggesting that BancFirst has been gradually increasing its payouts to shareholders.
BANF's financial performance also appears solid, with a P/E ratio of 19.46 and a return on assets of 1.64% for the last twelve months as of Q3 2024. The company's revenue for the same period was $608.33 million, with an impressive operating income margin of 47.3%.
Investors looking for more comprehensive analysis can find additional insights on InvestingPro, which offers 10 more tips for BANF, providing a deeper understanding of the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.