BancFirst corp director Leslie Rainbolt sells over $146,000 in stock By Investing.com

BancFirst (NASDAQ:) Corporation (NASDAQ:BANF) director Leslie Jeannine Rainbolt has sold 1,391 shares of the company’s common stock on September 11, 2024, for a total value of approximately $146,062, at an average price of $105.0057 per share. Following this transaction, Rainbolt maintains a substantial holding of 4,955,073 shares in the company.

The recent sale by Rainbolt, who is also a ten percent owner of the company, was executed directly and is part of her personal financial transactions. The shares sold were held in Main Street Banking Partners LP, as indicated by the footnotes in the SEC filing.

In addition to the sold shares, Rainbolt also holds 4,000 shares of BancFirst Corporation’s common stock in the Leslie J. Rainbolt Revocable Trust, ensuring her continued investment in the company’s future.

Investors often monitor the buying and selling activity of company insiders as it can provide insights into the executive’s view of the company’s current valuation and future prospects. The transactions are publicly reported to the SEC to ensure transparency and fair dealing in the market.

BancFirst Corporation, headquartered in Oklahoma City, operates as the holding company for BancFirst, a regional bank offering commercial banking services to retail customers and small to medium-sized businesses.

In other recent news, BancFirst Corporation has announced significant financial and governance developments. The company’s Board of Directors declared a quarterly cash dividend of $0.46 per share on its common stock, along with a quarterly interest payment on its $26.8 million 7.20% Junior Subordinated Debentures. These payments are scheduled for October 15 to shareholders of record as of September 30.

Furthermore, BancFirst has appointed Kim Ingram as a new member of its Board of Directors. Ingram, a CEO of Kelly Jewelers and a Western Oklahoma native, will bring a wealth of community and professional experience to the role. Her compensation aligns 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.

In terms of analyst coverage, Piper Sandler has raised its stock target for BancFirst, while maintaining an Underweight rating. This adjustment follows BancFirst’s robust profitability in the second quarter, leading Piper Sandler to revise its earnings per share estimates for 2024 and 2025 upwards. However, the firm cites a lack of clarity on the bank’s plans for deploying excess capital, particularly in mergers and acquisitions, as a potential limitation.

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