In a recent transaction filed with the Securities and Exchange Commission, Martin William Scott, a director BANK FIRST CORPORATION (NASDAQ: ), sold 24,607 shares of the company’s common stock. The shares were sold at an average price of $124.6995, resulting in a total transaction value of approximately $3.07 million. Following this sale, Scott holds 224,499 shares indirectly through the William Scott Martin Trust. The transaction was executed on November 21, 2024 as part of ongoing management of its investment portfolio.
In other recent news, BankFirst Corporation announced a quarterly cash dividend of $0.46 per share on its common stock. Notably, the company also disclosed plans to make quarterly interest payments on $26.8 million of its 7.20% junior subordinated debentures, a trust preferred issued by BFC Capital Trust II, a subsidiary of BankFirst Corporation. are linked to securities. Funds from this interest payment will be used to pay a dividend of $0.45 per share on the trust preferred securities.
In a move to strengthen its board expertise, BankFirst Corporation has welcomed Kelly Jewelers CEO Kim Ingram as a new member of its board of directors. On the analyst front, Piper Sandler has raised BankFirst’s earnings per share estimates for 2024 and 2025, despite maintaining an underweight rating on the company. The adjustment follows BankFirst’s strong profits in recent quarters. However, Piper Sandler expressed uncertainty about BankFirst’s plans to deploy additional capital, particularly in the context of mergers and acquisitions. These are some of the recent developments surrounding BankFirst Corporation.
InvestingPro Insights
BancFirst Corp (NASDAQ:BANF) is demonstrating strong financial performance and shareholder value, as indicated by recent data from InvestingPro. The company’s stock has shown impressive returns, with a total price return of 21.04% over the past three months and a substantial 36.75% return over the past six months. This positive momentum is consistent with director Martin William Scott’s recent insider selling.
Investing Pro Tips highlighted that BankFirst has increased its dividend for 26 consecutive years, demonstrating its commitment to returning value to shareholders. This consistent dividend growth, along with a current dividend yield of 1.5%, may be attractive to income-focused investors. Additionally, the company’s profitability has been reduced by its operating income margin of 47.3% in the trailing twelve months as of Q3 2024.
It is worth noting that BankFirst has a P/E ratio of 19.46, which investors may want to consider in light of the valuation of the banking sector. The company’s market capitalization of $4.09 billion reflects its prominent presence in the regional banking landscape.
For those interested in deeper analysis, InvestingPro offers 11 additional recommendations for BankFirst, providing a more comprehensive view of the company’s financial health and market position.
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