David E. Rainbolt, an executive and director at BancFirst Corp (NASDAQ:BANF), has recently sold shares of the company. According to a filing with the Securities and Exchange Commission, Rainbolt sold a total of 777 shares of common stock at a price of $110 per share, amounting to a total transaction value of $85,470. Following these transactions, Rainbolt still holds a significant number of shares, maintaining ownership of 210,591 shares directly, as well as additional shares through indirect ownership, including holdings in an ESOP and shares held by his spouse under the Dana Kim Rainbolt Revocable Trust.
In other recent news, BancFirst Corporation has announced significant developments. The company declared a quarterly cash dividend of $0.46 per share, scheduled for payment in October to shareholders on record as of September. 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 corporation also welcomed a new member to its Board of Directors, Kim Ingram, who brings 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 receive restricted stock units under the BancFirst Corporation 2023 Restricted Stock Unit Plan.
In analyst news, Piper Sandler has raised BancFirst's stock target following the company's robust profitability in the second quarter. The firm revised its earnings per share estimates for 2024 and 2025 upwards, while maintaining an Underweight rating due to limited potential for price-to-earnings ratio expansion. These are the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
While David E. Rainbolt's recent sale of BancFirst Corp (NASDAQ:BANF) shares may raise eyebrows, a closer look at the company's fundamentals and market performance reveals a more nuanced picture. According to InvestingPro data, BancFirst's stock has shown impressive resilience, with a one-year price total return of 33.07% as of the most recent data. This strong performance is reflected in the stock's current price of $109.19, which is 95.14% of its 52-week high.
BancFirst's financial health appears robust, with a price-to-earnings ratio of 17.45 over the last twelve months, suggesting a reasonable valuation compared to industry peers. The company's commitment to shareholder returns is evident in its dividend policy. An InvestingPro Tip highlights that BancFirst has raised its dividend for 26 consecutive years, demonstrating a long-term focus on returning value to shareholders. This is further supported by the current dividend yield of 1.69% and a dividend growth rate of 6.98% over the last twelve months.
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 prospects. This optimism is underscored by BancFirst's strong operating performance, with an operating income margin of 47.3% over the last twelve months.
For investors seeking a deeper understanding of BancFirst's potential, InvestingPro offers 5 additional tips that could provide valuable insights into the company's future trajectory. These tips, along with real-time metrics and expert analysis, are available to InvestingPro subscribers, offering a comprehensive toolkit for informed investment decisions.
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