Synovus Financial Corp Reduces Stake in Bank First Co. (NASDAQ:BFC)

Synovus Financial Corp cut its stake in Bank First Co. (NASDAQ:BFC) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 59,445 shares of the company’s stock after selling 670 shares during the quarter. Synovus Financial Corp owned about 0.59% of Bank First worth $5,392,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BFC. F M Investments LLC acquired a new stake in Bank First during the second quarter worth about $2,560,000. American Century Companies Inc. grew its stake in shares of Bank First by 167.3% in the 2nd quarter. American Century Companies Inc. now owns 37,873 shares of the company’s stock valued at $3,128,000 after buying an additional 23,705 shares during the period. Barclays PLC increased its holdings in shares of Bank First by 339.9% during the 3rd quarter. Barclays PLC now owns 15,635 shares of the company’s stock worth $1,417,000 after buying an additional 12,081 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Bank First by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 222,204 shares of the company’s stock valued at $20,158,000 after buying an additional 7,922 shares during the period. Finally, State Street Corp raised its position in shares of Bank First by 3.4% during the 3rd quarter. State Street Corp now owns 238,225 shares of the company’s stock valued at $21,701,000 after buying an additional 7,822 shares during the period. Hedge funds and other institutional investors own 29.95% of the company’s stock.

Bank First Trading Down 0.4 %

NASDAQ BFC opened at $106.79 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $1.07 billion, a P/E ratio of 13.12 and a beta of 0.34. The firm’s 50-day moving average is $99.51 and its two-hundred day moving average is $90.96. Bank First Co. has a 12 month low of $74.90 and a 12 month high of $110.49.

Bank First (NASDAQ:BFC) last released its quarterly earnings results on Tuesday, October 15th. The company reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.11. The business had revenue of $58.93 million for the quarter, compared to the consensus estimate of $39.60 million. Bank First had a net margin of 32.02% and a return on equity of 10.10%. On average, sell-side analysts anticipate that Bank First Co. will post 6.35 earnings per share for the current year.

Bank First Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 23rd will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.69%. This is a boost from Bank First’s previous quarterly dividend of $0.40. The ex-dividend date is Monday, December 23rd. Bank First’s dividend payout ratio is 22.11%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler raised their target price on Bank First from $99.00 to $104.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th.

About Bank First

Bank First Corporation operates as a holding company for Bank First, N.A. that provides consumer and commercial financial services to businesses, professionals, consumers, associations, individuals, and governmental authorities in Wisconsin. It offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products.