BOK Financial (NASDAQ:BOKF) Hits New 12-Month High After Analyst Upgrade

Shares of BOK Financial Corporation (NASDAQ:BOKF) reached a new 52-week high during trading on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $143.00 to $146.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. BOK Financial traded as high as $143.59 and last traded at $143.1180, with a volume of 60917 shares trading hands. The stock had previously closed at $141.22.

Other analysts also recently issued research reports about the stock. Citigroup reissued a “neutral” rating on shares of BOK Financial in a report on Thursday. Wells Fargo & Company raised their target price on shares of BOK Financial from $130.00 to $138.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Zacks Research cut BOK Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Benchmark started coverage on BOK Financial in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, Raymond James Financial downgraded BOK Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $139.00.

Insider Activity

In related news, Director Steven Bangert sold 2,100 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $134.78, for a total transaction of $283,038.00. Following the sale, the director owned 32,816 shares in the company, valued at approximately $4,422,940.48. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark B. Wade sold 1,700 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $132.62, for a total transaction of $225,454.00. Following the sale, the executive vice president owned 20,361 shares in the company, valued at $2,700,275.82. This represents a 7.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 4,300 shares of company stock worth $575,947. Insiders own 63.53% of the company’s stock.

Institutional Investors Weigh In On BOK Financial

Large investors have recently modified their holdings of the business. Cibc World Markets Corp bought a new position in shares of BOK Financial in the 4th quarter valued at $130,994,000. Freestone Grove Partners LP lifted its position in shares of BOK Financial by 407.0% during the 3rd quarter. Freestone Grove Partners LP now owns 363,610 shares of the bank’s stock worth $40,521,000 after buying an additional 291,894 shares during the last quarter. Norges Bank bought a new stake in shares of BOK Financial during the 4th quarter worth $32,755,000. Cibc World Market Inc. boosted its stake in BOK Financial by 39.0% in the fourth quarter. Cibc World Market Inc. now owns 908,800 shares of the bank’s stock valued at $107,656,000 after buying an additional 254,800 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in BOK Financial by 193.7% in the second quarter. Qube Research & Technologies Ltd now owns 226,230 shares of the bank’s stock valued at $22,087,000 after buying an additional 149,201 shares in the last quarter. Institutional investors and hedge funds own 34.44% of the company’s stock.

BOK Financial Stock Performance

The company has a debt-to-equity ratio of 1.03, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $8.64 billion, a P/E ratio of 13.41 and a beta of 0.80. The stock has a 50-day simple moving average of $134.48 and a 200-day simple moving average of $131.59.

BOK Financial (NASDAQ:BOKF) last posted its quarterly earnings results on Monday, July 20th. The bank reported $2.59 earnings per share for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.09). The company had revenue of $589.40 million during the quarter, compared to analyst estimates of $568.08 million. BOK Financial had a net margin of 18.97% and a return on equity of 10.13%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.19 earnings per share. Research analysts forecast that BOK Financial Corporation will post 10.32 earnings per share for the current year.

BOK Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Shareholders of record on Wednesday, May 13th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Wednesday, May 13th. BOK Financial’s payout ratio is presently 23.75%.

About BOK Financial

BOK Financial Corporation (NASDAQ: BOKF), headquartered in Tulsa, Oklahoma, is a diversified financial services holding company serving businesses, professionals and individuals across the central and western United States. Through its banking subsidiary, BOK Financial offers a full suite of commercial banking, treasury and payment management services, as well as consumer deposit and lending solutions. The company’s offerings also encompass wealth management, trust and asset management, investment banking, and insurance products designed to meet the needs of both retail and institutional clients.

The roots of BOK Financial date back to the founding of the Bank of Oklahoma in 1910.