Main Street Banking Partners LP, a significant stakeholder in BancFirst Corp (NASDAQ:BANF), has recently sold shares in the company. According to a filing with the Securities and Exchange Commission, the firm disposed of 1,750 shares of BancFirst common stock at an average price of $110.11 per share, totaling approximately $192,700.
Following this transaction, Main Street Banking Partners LP holds 4,934,421 shares in the company. The sale was executed on October 24, 2024, and was conducted as a direct ownership transaction.
In other recent news, BancFirst Corporation has made significant announcements regarding its financial plans and board composition. The company declared a quarterly cash dividend of $0.46 per share on its common stock, scheduled for payment on October 15 to shareholders of record as of September 30. In addition, 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.
The company also announced the appointment of Kim Ingram as a new member of its Board of Directors. Ingram, a CEO of Kelly Jewelers and a Western Oklahoma native, 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 notes, despite maintaining an Underweight rating, Piper Sandler raised BancFirst's stock target after the company's robust profitability in the second quarter. The firm revised its earnings per share estimates for 2024 and 2025 upwards. These are the latest developments surrounding BancFirst Corporation.
InvestingPro Insights
While Main Street Banking Partners LP has reduced its stake in BancFirst Corp (NASDAQ:BANF), the company's financial metrics and recent performance suggest a solid foundation. According to InvestingPro data, BancFirst boasts a market capitalization of $3.62 billion and a P/E ratio of 17.24, indicating a reasonable valuation relative to its earnings.
BancFirst's commitment to shareholder returns is noteworthy. An InvestingPro Tip reveals that the company has raised its dividend for 26 consecutive years, demonstrating a strong track record of increasing shareholder value. This is further supported by a current dividend yield of 1.69% and a dividend growth rate of 6.98% over the last twelve months.
The company's financial health appears robust, with an operating income margin of 47.3% for the last twelve months as of Q3 2024. This high margin suggests efficient operations and strong profitability. Additionally, BancFirst's stock has shown impressive performance, with a one-year price total return of 37.03% as of the latest data.
It's worth noting that InvestingPro has identified 8 additional tips for BancFirst, which could provide further insights into the company's prospects. Investors interested in a more comprehensive analysis may find value in exploring these additional tips on the InvestingPro platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.