Hannah Dennis Jay, Executive Vice President at BancFirst Corp (NASDAQ:BANF), recently sold a significant portion of her holdings in the company. According to a recent filing, Jay sold a total of 10,543 shares of BancFirst common stock on November 6. The sale was executed at prices ranging from $126.5001 to $126.6767 per share, totaling approximately $1,334,573.
Following these transactions, Jay no longer holds any shares directly from these sales, although she retains ownership of 1,564 shares of BancFirst stock. The transactions were reported in compliance with SEC regulations, providing transparency to investors regarding insider activities.
In other recent news, BancFirst Corporation announced a quarterly cash dividend of $0.46 per share, payable on October 15 to shareholders of record as of September 30. The corporation will also 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. These financial decisions underscore BancFirst's strategy for capital distribution.
Furthermore, BancFirst has welcomed Kim Ingram as a new member of its Board of Directors, a development expected to enhance the board's expertise. Ingram's compensation aligns with the existing fee schedule for outside directors and includes restricted stock units under the BancFirst Corporation 2023 Restricted Stock Unit Plan.
In terms of analyst interaction, Piper Sandler has increased BancFirst's stock target while maintaining an Underweight rating. The firm revised its earnings per share estimates for 2024 and 2025 upwards, following BancFirst's strong profitability in the second quarter. However, Piper Sandler cites a lack of clarity on BancFirst's plans for deploying excess capital, particularly in mergers and acquisitions. These are some of the recent developments surrounding BancFirst Corporation.
InvestingPro Insights
While Hannah Dennis Jay's recent sale of BancFirst Corp (NASDAQ:BANF) shares might raise eyebrows, it's essential to consider the broader financial picture of the company. According to InvestingPro data, BancFirst boasts a market capitalization of $4.04 billion, indicating a substantial presence in the banking sector. The company's P/E ratio stands at 19.29, suggesting a moderate valuation relative to earnings.
Notably, BancFirst has demonstrated strong financial performance and shareholder value. An InvestingPro Tip highlights that the company has raised its dividend for 26 consecutive years, showcasing a commitment to returning value to shareholders. This is further reinforced by the fact that BancFirst has maintained dividend payments for 32 consecutive years, as per another InvestingPro Tip.
The stock's recent performance has been particularly impressive, with a one-year price total return of 50.03% as of the latest data. This aligns with the InvestingPro Tip indicating a high return over the last year. Additionally, the company has shown strong returns over various timeframes, including a 22.14% return over the past three months.
For investors seeking more comprehensive insights, InvestingPro offers 12 additional tips for BancFirst Corp, providing a deeper understanding of the company's financial health and market position.
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