Steven Bangert, a director at BOK Financial Corp (NASDAQ:BOKF), recently sold a total of $353,410 worth of the company's stock. The transactions, which took place on November 6, involved the sale of 3,000 shares at prices ranging from $117.75 to $117.83 per share.
Following these sales, Bangert now directly owns 44,709 shares of BOK Financial Corp, with an additional 16,736 shares held indirectly through Bangert Family Investments, LLLP. These transactions were disclosed in a filing with the Securities and Exchange Commission on November 7.
In other recent news, BOK Financial Corporation reported a solid third quarter in 2024, with earnings of $140 million, or $2.18 per diluted share. The company's net interest income and margin are showing an upward trend, and total assets under management have surpassed a significant milestone of $110 billion. However, period-end loans saw a 2.3% decrease, primarily due to a decline in commercial loans.
These recent developments also include an increase in total fee income, with investment banking performing notably well. Despite a strong deposit growth, the company has experienced high expense growth, driven by personnel costs. Furthermore, BOK Financial's management projects net interest income to surpass $1.2 billion for 2024 and expresses confidence in future loan growth and economic resilience within their market regions.
On the downside, the company faced some challenges in loan payoffs in specialized sectors, such as energy, and a shift from demand deposit accounts to interest-bearing options. Despite these challenges, the company's management remains optimistic about future growth across various segments, particularly in commercial real estate. The guidance for 2025 will be provided in January, following the Q4 results.
InvestingPro Insights
The recent stock sale by BOK Financial Corp's director Steven Bangert comes at a time when the company's shares have shown significant momentum. According to InvestingPro data, BOKF has demonstrated strong returns across multiple timeframes, with a particularly impressive 74.51% total return over the past year. This performance aligns with the InvestingPro Tip highlighting the company's "high return over the last year."
Despite the director's sale, BOKF's financial metrics suggest a stable position. The company's P/E ratio of 15.75 indicates a reasonable valuation compared to industry standards. Additionally, BOKF boasts an operating income margin of 35.56% for the last twelve months as of Q3 2024, reflecting solid operational efficiency.
Investors may find comfort in BOKF's dividend history. An InvestingPro Tip notes that the company "has raised its dividend for 11 consecutive years" and "has maintained dividend payments for 20 consecutive years." This consistent dividend policy, coupled with a current dividend yield of 1.92%, may appeal to income-focused investors.
For those interested in a more comprehensive analysis, InvestingPro offers 10 additional tips for BOKF, providing deeper insights into the company's financial health and market position.
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