David E. Rainbolt, an executive and director at BancFirst Corp (NASDAQ:BANF), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Rainbolt disposed of 5,601 shares of common stock on October 23, 2024. The shares were sold at an average price of $110.2072 each, resulting in a total transaction value of approximately $617,270.
Following the sale, Rainbolt continues to hold a substantial number of shares directly, totaling 4,310,000 shares. Additionally, he has indirect holdings, including 72,264 shares through an Employee Stock Ownership Plan (ESOP) and 10,000 shares held by his spouse, Kim, under a revocable trust. The transactions reflect Rainbolt's ongoing management of his investment in BancFirst, a leading national commercial bank based in Oklahoma City.
In other recent news, BancFirst Corporation has announced a series of significant developments. The company's board of directors declared a quarterly cash dividend of $0.46 per share on its common stock, alongside a quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures. These debentures are linked to the trust preferred securities issued by BFC Capital Trust II, a statutory trust subsidiary of BancFirst. The interest payment will enable BFC Capital Trust II to pay a dividend of $0.45 per share on the trust preferred securities.
In addition to financial updates, BancFirst has appointed Kim Ingram as a new member of its board of directors. Ingram, a CEO of Kelly Jewelers, is expected to bring a wealth of community and professional experience to the role. Her compensation will align 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.
Lastly, Piper Sandler has raised BancFirst's stock target, despite maintaining an Underweight rating. This adjustment follows BancFirst's strong profitability in the second quarter, leading Piper Sandler to revise its earnings per share estimates for 2024 and 2025 upwards. However, the firm noted some uncertainty regarding BancFirst's plans for deploying excess capital, particularly in mergers and acquisitions. These are the latest developments in the recent news surrounding BancFirst Corporation.
InvestingPro Insights
David E. 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, with the price at 95.23% of its peak. This timing aligns with the company's strong performance, as evidenced by several key metrics from InvestingPro.
BancFirst has demonstrated consistent financial stability, with InvestingPro Tips highlighting that the company has raised its dividend for 26 consecutive years and maintained dividend payments for 32 consecutive years. This track record of reliable shareholder returns may provide context for Rainbolt's decision to realize some gains while retaining a substantial position in the company.
The company's financial health is further underscored by its profitability over the last twelve months and analysts' predictions of continued profitability this year. BancFirst's P/E ratio of 17.31 suggests a reasonable valuation relative to earnings, which could be attractive to investors looking for stability in the banking sector.
It's worth noting that BancFirst has shown impressive price performance, with a 36.35% total return over the past year. This strong performance, coupled with a dividend yield of 1.67%, may indicate why insiders like Rainbolt might consider rebalancing their portfolios while maintaining significant stakes in the company.
For investors seeking a deeper understanding of BancFirst's potential, InvestingPro offers 8 additional tips that could provide valuable insights into the company's prospects and financial position.
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