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Bok Financial Corp. (BOKF)
NASDAQ:BOKF
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Bok Financial
(NASDAQ:BOKF)
68Neutral
Positive Factors
Analyst Recommendation
Analyst upgrades BOKF from Neutral to BUY, assuming a more positive revenue outlook due to expected further rate cuts.
Credit Conditions
Credit conditions remain positive, with non-performing loans declining to 0.35% of loans, which is better than expected.
Negative Factors
Loan Growth
Loan growth is expected to slow down, which may weigh on near-term net interest income.
Bok Financial (BOKF) vs. S&P 500 (SPY)
Market Cap
$6.37B
Dividend Yield2.19%
Average Volume (3M)125.66K
Price to Earnings (P/E)12.6
Beta (1Y)1.14
Revenue Growth11.17%
EPS Growth1.47%
CountryUS
Employees5,056
SectorFinancial
Sector Strength77
IndustryBanking
Share Statistics
EPS (TTM)8.14
Shares Outstanding64,226,060
10 Day Avg. Volume140,525
30 Day Avg. Volume125,662
Financial Highlights & Ratios
PEG Ratio8.55
Price to Book (P/B)N/A
Price to Sales (P/S)3.24
Price to Cash Flow (P/CF)3.00
P/FCF Ratio2.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$124.50Price Target Upside25.95% Upside
Rating ConsensusHold
Number of Analyst Covering6
Bok Financial Business Overview & Revenue Model
Company DescriptionBOK Financial Corporation (BOKF) is a diversified financial services company headquartered in Tulsa, Oklahoma. It operates through various segments including Commercial Banking, Consumer Banking, and Wealth Management. The company offers a wide range of products and services, such as commercial and industrial loans, personal loans, mortgages, treasury and cash management services, and investment management. BOK Financial serves a diverse clientele including individuals, businesses, and institutions across several states in the United States.
How the Company Makes MoneyBOK Financial generates revenue primarily through interest income from its lending activities, including commercial loans, consumer loans, and residential mortgages. Additionally, it earns non-interest income from fees and services such as wealth management, brokerage services, and transaction fees from treasury and cash management solutions. The company also benefits from its investment portfolio and gains from securities sales. Strategic partnerships with other financial institutions and a strong focus on cross-selling within its diverse business segments further enhance BOK Financial's earnings potential.
Bok Financial Financial Statement Overview
Summary
Bok Financial shows strong financial health with significant revenue growth, excellent profitability margins, and a robust balance sheet with minimal debt. However, potential underinvestment is a concern due to high free cash flow without corresponding capital expenditures.Income Statement
Bok Financial demonstrated strong revenue growth from $1.97 billion in 2023 to $2.64 billion in 2024, marking a significant growth trajectory. Gross profit margin is very high at approximately 99%, indicating efficient operations relative to revenue. The net profit margin is solid, although slightly decreased, due to a dip in net income from 2023 to 2024. EBIT and EBITDA margins are robust, reflecting strong operational performance.75
Positive
Balance Sheet
The company exhibits a strong equity position with a high equity ratio of 97.56% in 2024, reflecting financial stability and low reliance on debt financing. The debt-to-equity ratio is 0, indicating no debt burden, which greatly reduces financial risk. ROE decreased slightly to 9.44% in 2024, but remains healthy, showing effective utilization of shareholder equity.80
Positive
Cash Flow
Free cash flow in 2024 saw a significant increase compared to 2023, indicating improved cash management. The operating cash flow to net income ratio is strong at 0.59, reflecting good cash generation relative to net income. However, the free cash flow to net income ratio is unusually high due to no capital expenditures, which could indicate underinvestment in future growth.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 2.64B | 1.97B | 1.82B | 1.83B | 1.89B | Gross Profit |
| 2.62B | 1.05B | 1.04B | 948.44M | 910.89M | EBIT |
| 2.57B | 844.29M | 840.86M | 797.90M | 563.82M | EBITDA |
| 2.57B | 765.83M | 559.94M | 246.35M | 238.45M | Net Income Common Stockholders |
| 523.57M | 530.75M | 520.27M | 618.12M | 435.03M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 276.05M | 203.81M | 12.90B | 16.00B | 14.23B | Total Assets |
| 49.69B | 49.82B | 47.79B | 50.25B | 46.67B | Total Debt |
| 3.14B | 7.82B | 4.87B | 167.98M | 2.16B | Net Debt |
| 1.71B | 6.47B | 3.47B | -2.67B | 978.40M | Total Liabilities |
| 44.13B | 44.68B | 43.10B | 44.88B | 41.38B | Stockholders Equity |
| 5.55B | 5.14B | 4.68B | 5.36B | 5.27B |
| Cash Flow | Free Cash Flow | |||
| 311.39M | 66.18M | 4.91B | -3.90B | -557.39M | Operating Cash Flow |
| 311.39M | 66.18M | 5.12B | -3.69B | -416.26M | Investing Cash Flow |
| -2.55M | -1.79B | -4.60B | 2.60B | -2.46B | Financing Cash Flow |
| -236.60M | 1.67B | -1.95B | 2.75B | 2.80B |
Bok Financial Technical Analysis
Negative
98.85
Price Trends
108.33
Negative
110.48
Negative
103.64
Negative
Market Momentum
-2.38
Positive
27.23
Positive
9.54
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BOKF, the sentiment is Negative. The current price of 98.85 is below the 20-day moving average (MA) of 107.11, below the 50-day MA of 108.33, and below the 200-day MA of 103.64, indicating a bearish trend. The MACD of -2.38 indicates Positive momentum. The RSI at 27.23 is Positive, neither overbought nor oversold. The STOCH value of 9.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BOKF.
Bok Financial Risk Analysis
Bok Financial disclosed 24 risk factors in its most recent earnings report. Bok Financial reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bok Financial Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $8.15B | 16.07 | 16.67% | 1.69% | -2.75% | 11.75% | |
71 Outperform | $19.49B | 11.42 | 10.72% | 4.44% | 2.70% | -8.16% | |
69 Neutral | $7.69B | 17.88 | 7.62% | 0.91% | 14.99% | -16.42% | |
69 Neutral | $6.98B | 10.13 | 13.15% | 3.35% | 7.91% | 13.79% | |
68 Neutral | $6.37B | 12.59 | 9.70% | 2.19% | 11.17% | 1.47% | |
64 Neutral | $13.80B | 10.64 | 9.23% | 4.22% | 17.66% | -7.66% | |
61 Neutral | $9.24B | 13.92 | 8.70% | 3.18% | 4.56% | -13.90% |
* Financial Sector Average
Performance Comparison
BOKF
Bok Financial
98.85
14.57
17.29%
CBSH
Commerce Bancshares
59.57
10.76
22.04%
FHN
First Horizon
18.19
3.99
28.10%
PNFP
Pinnacle Financial Partners
99.58
18.11
22.23%
RF
Regions Financial
20.99
2.45
13.21%
ZION
Zions Bancorporation National Association
47.33
7.77
19.64%
Bok Financial Earnings Call Summary
Earnings Call Date: Jan 17, 2025 | % Change Since: -12.07% | Next Earnings Date: Apr 23, 2025
Earnings Call Sentiment Positive
The earnings call conveyed a positive outlook for BOKF, highlighting strong financial performance, exceptional credit quality, and strategic growth initiatives. Despite some declines in specific segments like commercial real estate and healthcare loans, the company demonstrated robust earnings, impressive loan growth, and a significant increase in fee income, maintaining stable capital ratios and a competitive shareholder return.Highlights
Record Earnings and EPS
Reported earnings of $136.2 million, or EPS of $2.12 per diluted share, for Q4, resulting in full-year earnings of $523.6 million or EPS of $8.14, the second highest in history.
Strong Loan Growth
Core C&I portfolio increased by 8.1% year-over-year, with C&I loan growth in Texas reaching 9.8%.
Exceptional Credit Performance
Annualized net charge-off rate of just 5 basis points, with nonperforming assets at their lowest levels in 20 years.
Impressive Total Shareholder Return
Total shareholder return of 27%, significantly outpacing the KRX index return of 13%.
Increase in Fee Income
Total fee income grew to $206.9 million, accounting for 40% of total revenue, with trading fees increasing by 39.8%.
Stable Capital Ratios
TCE ratio at quarter-end was 9.2%, placing the company in the top third of the KRX Index.
Lowlights
Decline in Commercial Real Estate Balances
Commercial real estate balances fell 2.5% quarter-over-quarter due to refinancing of completed projects.
Decrease in Healthcare Business Loans
Healthcare business loans decreased by 4.4% linked quarter due to payoff activity in the fixed-rate HUD market.
Investment Banking Fee Decline
Investment banking fees were down $5.5 million, though this followed a record quarter.
Company Guidance
During the BOK Financial Corporation earnings call for the fourth quarter of 2024, the company provided several key metrics about its financial performance and future guidance. The company reported earnings of $136.2 million for Q4, bringing the full-year total to $523.6 million, with an EPS of $8.14. Net interest income showed solid growth, with a 7 basis point expansion in net interest margin. The credit portfolio remained strong, with criticized classified levels below pre-pandemic norms and a low annualized net charge-off rate of 5 basis points. Core C&I loans grew by 8.1% year-over-year, supported by a 9.8% increase in Texas. The company's total shareholder return was 27%, significantly outpacing the KRX index return of 13%. Looking ahead, BOKF expects mid- to upper single-digit growth in total revenue for 2025, driven by both net interest income and fee income, with trading revenue expected to shift more towards net interest income due to a steepening yield curve. The company also highlighted its strong capital position, with a TCE ratio of 9.2% at quarter-end, and plans to continue investing in talent and market expansion to support future growth.Bok Financial Corporate Events
Business Operations and Strategy
BOK Financial Highlights Strategic Focus in Investor Presentation
Positive
Feb 10, 2025
On February 10, 2025, BOK Financial Corporation released an investor presentation on its website, highlighting its strategic focus on long-term growth and diversification across various economic cycles. The presentation underscores the company’s disciplined loan portfolio management, with a significant emphasis on energy lending and healthcare banking, and a robust wealth management division, which manages substantial fiduciary assets and has gained industry recognition. The company’s strategic efforts aim to ensure consistent execution and organic growth, positioning BOK Financial favorably within the financial services industry.
Dividends
BOK Financial Declares 57 Cents Dividend Per Share
Positive
Jan 29, 2025
On January 28, 2025, BOK Financial Corporation’s Board of Directors announced a dividend of 57 cents per share for its common stock. This dividend is scheduled for payment on February 26, 2025, to shareholders recorded by February 12, 2025, reflecting the company’s ongoing commitment to shareholder returns.
Financial Disclosures
BOK Financial Reports Strong 2024 Earnings Growth
Positive
Jan 17, 2025
BOK Financial Corporation reported a net income of $524 million for the year ending December 31, 2024, with a fourth-quarter net income of $136 million. The company’s net interest income increased slightly, while net interest margin expanded to 2.75%. Fees and commissions also rose, contributing to the overall revenue growth. Despite a decrease in commercial real estate loans, total period-end loans increased, and the company maintained strong credit quality with historically low nonperforming assets.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.