BancFirst (NASDAQ:BANF) Shares Gap Up on Earnings Beat

BancFirst Corporation (NASDAQ:BANF)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $131.28, but opened at $136.85. BancFirst shares last traded at $136.74, with a volume of 19,808 shares traded.

The bank reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.18. BancFirst had a return on equity of 14.38% and a net margin of 24.05%. The company had revenue of $169.30 million for the quarter, compared to analyst estimates of $163.62 million.

BancFirst Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.84 annualized dividend and a yield of 1.36%. BancFirst’s payout ratio is 27.84%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of BancFirst from $123.00 to $132.00 and gave the stock a “market perform” rating in a report on Friday. Wall Street Zen downgraded BancFirst from a “hold” rating to a “sell” rating in a research note on Friday.

Insiders Place Their Bets

In related news, EVP Randy Foraker sold 4,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $126.61, for a total transaction of $506,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director F Ford Drummond sold 5,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $124.12, for a total value of $620,600.00. Following the sale, the director directly owned 6,000 shares of the company’s stock, valued at $744,720. The trade was a 45.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 32.43% of the company’s stock.

Institutional Investors Weigh In On BancFirst

Large investors have recently made changes to their positions in the business. Pinnacle Holdings LLC purchased a new stake in BancFirst in the first quarter worth $40,000. Advisors Asset Management Inc. increased its holdings in BancFirst by 108.6% in the 1st quarter. Advisors Asset Management Inc. now owns 559 shares of the bank’s stock worth $61,000 after acquiring an additional 291 shares during the last quarter. GAMMA Investing LLC increased its holdings in BancFirst by 211.2% in the 1st quarter. GAMMA Investing LLC now owns 582 shares of the bank’s stock worth $64,000 after acquiring an additional 395 shares during the last quarter. Sterling Capital Management LLC increased its holdings in BancFirst by 779.4% in the 4th quarter. Sterling Capital Management LLC now owns 554 shares of the bank’s stock worth $65,000 after acquiring an additional 491 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in BancFirst in the 4th quarter worth about $135,000. 51.72% of the stock is owned by hedge funds and other institutional investors.

BancFirst Trading Up 3.1%

The company has a market cap of $4.50 billion, a PE ratio of 19.47 and a beta of 0.77. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.05. The firm has a fifty day moving average of $125.53 and a two-hundred day moving average of $118.51.

About BancFirst

BancFirst Corporation operates as the bank holding company for BancFirst that provides a range of commercial banking services to retail customers, and small to medium-sized businesses. The company operates through BancFirst Metropolitan Banks, BancFirst Community Banks, Pegasus, Worthington, and Other Financial Services segments.