OKLAHOMA CITY—Leslie Jeannine Rainbolt, a director and ten percent owner at BancFirst Corp (NASDAQ:BANF), recently sold a significant portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Rainbolt sold 24,421 shares of common stock on October 28 at an average price of $110.78 per share. The transaction was valued at approximately $2.71 million.
Following this sale, Rainbolt retains ownership of 4,910,000 shares directly, with additional holdings of 4,000 shares in the Leslie J. Rainbolt Revocable Trust. The shares sold were part of her direct ownership in Main Street Banking Partners LP.
Investors will be watching closely to see how this transaction impacts BancFirst's stock performance in the coming weeks.
In other recent news, BancFirst Corporation has announced significant developments. The company declared a quarterly cash dividend of $0.46 per share on its common stock, scheduled for payment to shareholders of record as of September 30. 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 corporate governance news, BancFirst has appointed Kim Ingram as a new member of its Board of Directors. Ingram's 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 the realm of analyst notes, Piper Sandler has raised BancFirst's stock target despite maintaining an Underweight rating. This follows BancFirst's robust profitability in the second quarter, leading Piper Sandler to revise its earnings per share estimates for 2024 and 2025 upwards. However, the firm anticipates limited potential for price-to-earnings ratio expansion above peers for BancFirst, citing a lack of clarity on the bank's plans for deploying excess capital. These are the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
Leslie Jeannine Rainbolt's recent sale of BancFirst Corp (NASDAQ:BANF) shares comes at a time when the company's stock is trading near its 52-week high, according to InvestingPro data. This timing could be significant for investors considering the stock's current valuation.
Despite the insider sale, BancFirst has shown strong performance metrics that may interest long-term investors. An InvestingPro Tip highlights that the company has raised its dividend for 26 consecutive years, demonstrating a commitment to shareholder returns. Additionally, BancFirst's dividend yield stands at 1.65%, with a dividend growth rate of 6.98% over the last twelve months as of Q3 2024.
The company's financial health appears robust, with a P/E ratio of 17.66 and a price-to-book ratio of 2.44 for the last twelve months as of Q3 2024. These figures suggest that while the stock may not be undervalued, it's not excessively priced relative to its earnings and book value.
It's worth noting that BancFirst has delivered impressive returns, with a one-year price total return of 40.42% as of the latest data. This performance aligns with another InvestingPro Tip indicating a large price uptick over the last six months.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide deeper insights into BancFirst's financial outlook and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.