In a recent transaction filed with the Securities and Exchange Commission, Martin William Scott, a director at BancFirst Corp (NASDAQ:BANF), sold 24,607 shares of the company's common stock. The shares were sold at an average price of $124.6995, resulting in a total transaction value of approximately $3.07 million. Following this sale, Scott holds 224,499 shares indirectly through The William Scott Martin Trust. This transaction was executed on November 21, 2024, as part of his ongoing management of his investment portfolio.
In other recent news, BancFirst Corporation announced a quarterly cash dividend of $0.46 per share on its common stock. Notably, the company also disclosed plans for a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures, which are tied to the trust preferred securities issued by BFC Capital Trust II, a subsidiary of BancFirst Corporation. The funds from this interest payment will be used to pay a dividend of $0.45 per share on the trust preferred securities.
In a move to strengthen its board's expertise, BancFirst Corporation has welcomed Kim Ingram, CEO of Kelly Jewelers, as a new member of its Board of Directors. On the analyst front, Piper Sandler has raised BancFirst's earnings per share estimates for 2024 and 2025, despite maintaining an Underweight rating on the company. This adjustment followed BancFirst's strong profitability in recent quarters. However, Piper Sandler expressed uncertainty regarding BancFirst's plans for deploying excess capital, particularly in the context of mergers and acquisitions. These are some of the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
BancFirst Corp (NASDAQ:BANF) has been demonstrating strong financial performance and shareholder value, as evidenced by recent data from InvestingPro. The company's stock has shown impressive returns, with a 21.04% price total return over the past three months and a substantial 36.75% return over the last six months. This positive momentum aligns with the recent insider sale by director Martin William Scott.
InvestingPro Tips highlight that BancFirst has raised its dividend for 26 consecutive years, showcasing a commitment to returning value to shareholders. This consistent dividend growth, coupled with a current dividend yield of 1.5%, may be attractive to income-focused investors. Additionally, the company's profitability is underscored by its operating income margin of 47.3% for the last twelve months as of Q3 2024.
It's worth noting that BancFirst's P/E ratio stands at 19.46, which investors may want to consider in the context of the banking sector's valuations. The company's market capitalization of $4.09 billion reflects its significant presence in the regional banking landscape.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for BancFirst, providing a more comprehensive view of the company's financial health and market position.
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