4. BancFirst Corp.
of Oklahoma City closed at $40.73 Monday, returning 9% year-to-date, following a 6% decline last year.
Based on a quarterly payout of 27 cents, the shares have a dividend yield of 2.65%.
FIG Partners analyst John Rodis rates BankFirst "Market Perform," with a $43 price target, and says that the company's "only market is Oklahoma, which has held up relatively well, with energy exposure." The analyst also says that "banks in Texas and Oklahoma learned their lessons in the 80's during the energy depression."
Rodis ads that BancFirst has "high insider ownership, so you are running with management."
The analyst's neutral rating for BancFirst is based on valuation, and the shares trade for 1.3 times tangible book value and 13.5 times the 2012 EPS estimate of $3.02. The consensus 2013 EPS estimate is $3.13.
Rodis is slightly behind the consensus, estimating that BANF will earn $2.96 in 2012, but matches the 2013 consensus estimate. The analyst sees the company facing some pressure on its net interest margin over the next year, because of excess liquidity. "At December 31 ~ 30% of the Company's assets were in cash or interest bearing deposits with banks earning just 25 bps," he said in a recent report.
BancFirst's quarterly ROA ranged between 0.77% and 0.92% during 2011.
Despite his current neutral rating for the shares, Rodis calls BancFirst "one of the better performing regional banks in our coverage."
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