NasdaqGS:BOKF

Stock Analysis Report

Executive Summary

BOK Financial Corporation operates as the financial holding company for BOKF, NA that provides various financial products and services in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri.

Rewards

Trading at 9.3% below its fair value

Earnings have grown 12.6% per year over the past 5 years

Pays a high and reliable dividend of 2.42%

Risk Analysis

High level of non-cash earnings

Shareholders have been diluted in the past year



Snowflake Analysis

Excellent balance sheet established dividend payer.


Similar Companies

CVB Financial

NasdaqGS:CVBF

Share Price & News

How has BOK Financial's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BOKF has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.8%

BOKF

2.7%

US Banks

1.1%

US Market


1 Year Return

5.6%

BOKF

22.7%

US Banks

17.8%

US Market

Return vs Industry: BOKF underperformed the US Banks industry which returned 22.7% over the past year.

Return vs Market: BOKF underperformed the US Market which returned 17.8% over the past year.


Shareholder returns

BOKFIndustryMarket
7 Day1.8%2.7%1.1%
30 Day2.3%0.9%1.4%
90 Day4.9%10.0%3.9%
1 Year8.1%5.6%26.3%22.7%20.3%17.8%
3 Year8.3%1.5%31.8%22.6%44.8%35.4%
5 Year61.9%43.6%80.2%60.2%71.3%52.4%

Price Volatility Vs. Market

How volatile is BOK Financial's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is BOK Financial undervalued compared to its fair value and its price relative to the market?

9.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BOKF ($84.29) is trading below our estimate of fair value ($92.96)

Significantly Below Fair Value: BOKF is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BOKF is good value based on its PE Ratio (12.1x) compared to the Banks industry average (12.7x).

PE vs Market: BOKF is good value based on its PE Ratio (12.1x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: BOKF is poor value based on its PEG Ratio (99.9x)


Price to Book Ratio

PB vs Industry: BOKF is overvalued based on its PB Ratio (1.2x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is BOK Financial forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

0.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BOKF's forecast earnings growth (0.1% per year) is below the savings rate (1.7%).

Earnings vs Market: BOKF's earnings (0.1% per year) are forecast to grow slower than the US market (14.2% per year).

High Growth Earnings: BOKF's earnings are forecast to grow, but not significantly.

Revenue vs Market: BOKF's revenue (2.1% per year) is forecast to grow slower than the US market (7.4% per year).

High Growth Revenue: BOKF's revenue (2.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BOKF's Return on Equity is forecast to be low in 3 years time (9.9%).


Next Steps

Past Performance

How has BOK Financial performed over the past 5 years?

12.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BOKF has a high level of non-cash earnings.

Growing Profit Margin: BOKF's current net profit margins (28.4%) are higher than last year (25.8%).


Past Earnings Growth Analysis

Earnings Trend: BOKF's earnings have grown by 12.6% per year over the past 5 years.

Accelerating Growth: BOKF's earnings growth over the past year (22%) exceeds its 5-year average (12.6% per year).

Earnings vs Industry: BOKF earnings growth over the past year (22%) underperformed the Banks industry 27.1%.


Return on Equity

High ROE: BOKF's Return on Equity (10.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is BOK Financial's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BOKF has a low level of unsold assets or inventory.

Debt Coverage by Assets: BOKF's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

Asset Level: BOKF's level of assets compared to its equity is low.

Allowance for Bad Loans: BOKF has a low allowance for bad loans.

Low Risk Liabilities: BOKF's liabilities are made up of primarily low risk sources of funding.

Loan Level: BOKF has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BOKF's loans are broadly funded by customer deposits.

Level of Bad Loans: BOKF has an appropriate level of bad loans (1.19%)


Next Steps

Dividend

What is BOK Financial's current dividend yield, its reliability and sustainability?

2.42%

Current Dividend Yield


Dividend Yield vs Market

company2.4%marketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Years2.5%

Current dividend yield vs market & industry

Notable Dividend: BOKF's dividend (2.42%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: BOKF's dividend (2.42%) is low compared to the top 25% of dividend payers in the US market (3.67%).


Stability and Growth of Payments

Stable Dividend: BOKF's dividends per share have been stable in the past 10 years.

Growing Dividend: BOKF's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (28.9%), BOKF's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BOKF's dividends in 3 years are forecast to be well covered by earnings (29.8% payout ratio).


Next Steps

Management

What is the CEO of BOK Financial's salary, the management and board of directors tenure and is there insider trading?

7.6yrs

Average management tenure


CEO

Steve Bradshaw (59yo)

5.9yrs

Tenure

US$4,813,469

Compensation

Mr. Steven Glen Bradshaw, also known as Steve, serves as President and Chief Executive Officer of BOK Financial Corporation (“BOK Financial”) and BOKF, National Association ("BOKF") since January 1, 2014.  ...


CEO Compensation Analysis

Compensation vs Market: Steve's total compensation ($USD4.81M) is about average for companies of similar size in the US market ($USD6.70M).

Compensation vs Earnings: Steve's compensation has increased by more than 20% in the past year.


Management Age and Tenure

7.6yrs

Average Tenure

56yo

Average Age

Experienced Management: BOKF's management team is seasoned and experienced (7.6 years average tenure).


Board Age and Tenure

11.5yrs

Average Tenure

59yo

Average Age

Experienced Board: BOKF's board of directors are seasoned and experienced ( 11.5 years average tenure).


Insider Trading

Insider Buying: BOKF insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$19,03910 Dec 19
Jack Finley
EntityIndividual
Shares225
Max PriceUS$84.62
SellUS$655,36015 Nov 19
Steven Bangert
EntityIndividual
Shares8,000
Max PriceUS$81.92
SellUS$414,15013 Nov 19
Steven Bangert
EntityIndividual
Shares5,000
Max PriceUS$82.83
SellUS$686,49522 Aug 19
Steven Bangert
EntityIndividual
Shares8,889
Max PriceUS$77.75
SellUS$868,37903 May 19
Steven Bangert
EntityIndividual
Shares10,000
Max PriceUS$86.84
SellUS$839,61514 Feb 19
Steven Bangert
EntityIndividual
Shares11,500
Max PriceUS$73.01
BuyUS$257,49007 Feb 19
George Kaiser
EntityIndividual
Role
Chairman of the Board
Chairman
Shares3,000
Max PriceUS$85.83
BuyUS$138,10302 Jan 19
Joseph Gottron
EntityIndividual
Role
Chief Information Officer
Executive VP & Chief Information Officer
Shares1,900
Max PriceUS$72.69
SellUS$10,90227 Dec 18
Jack Finley
EntityIndividual
Shares150
Max PriceUS$72.68

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.7%.


Management Team

  • John Morrow (63yo)

    Senior VP & Chief Accounting Officer

    • Tenure: 10.9yrs
  • Steven Nell (57yo)

    Executive VP

    • Tenure: 1.9yrs
    • Compensation: US$1.79m
  • Steve Bradshaw (59yo)

    President

    • Tenure: 5.9yrs
    • Compensation: US$4.81m
  • Frederic Dorwart

    Secretary & Legal Counsel

    • Tenure: 0yrs
  • Stacy Kymes (48yo)

    Executive Vice President of Corporate Banking

    • Tenure: 0yrs
    • Compensation: US$1.65m
  • Scott Grauer (54yo)

    Executive Vice President of Wealth Management

    • Tenure: 0yrs
    • Compensation: US$1.71m
  • Norm Bagwell (56yo)

    Executive VP & Regional Banking Executive

    • Tenure: 0yrs
    • Compensation: US$1.58m
  • Dean Miller

    Senior Vice President and Senior Compliance Manager

    • Tenure: 9.3yrs
  • Joe Gottron (56yo)

    Executive VP & Chief Information Officer

    • Tenure: 2.3yrs
  • Sue Hermann

    Senior VP & Director of Corporate Communications

    • Tenure: 0.8yrs

Board Members

  • George Kaiser (76yo)

    Chairman

    • Tenure: 28.9yrs
  • Steven Nell (57yo)

    Executive VP

    • Tenure: 1.9yrs
    • Compensation: US$1.79m
  • Steve Bradshaw (59yo)

    President

    • Tenure: 5.9yrs
    • Compensation: US$4.81m
  • Joe Craft (68yo)

    Independent Director

    • Tenure: 12.7yrs
    • Compensation: US$45.31k
  • E. Joullian (58yo)

    Independent Director

    • Tenure: 24.9yrs
    • Compensation: US$54.06k
  • John Wilkinson

    Chairman Emeritus of Colorado State Bank & Trust N A

    • Tenure: 0yrs
  • Robert Goodman (74yo)

    Vice Chairman Bank of Albuquerque N A and Director of Bank of Albuquerque N A

    • Tenure: 0yrs
  • Dave Ralston (62yo)

    Chairman & CEO of Bank of Arizona

    • Tenure: 0yrs
  • Jennifer Thomas (59yo)

    Chairman & CEO of Bank of Albuquerque

    • Tenure: 10.3yrs
  • Norm Bagwell (56yo)

    Executive VP & Regional Banking Executive

    • Tenure: 0yrs
    • Compensation: US$1.58m

Company Information

BOK Financial Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: BOK Financial Corporation
  • Ticker: BOKF
  • Exchange: NasdaqGS
  • Founded: 1910
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$5.994b
  • Shares outstanding: 70.86m
  • Website: https://www.bokf.com

Number of Employees


Location

  • BOK Financial Corporation
  • Bank of Oklahoma Tower
  • Boston Avenue at Second Street
  • Tulsa
  • Oklahoma
  • 74172
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BOKFNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDSep 1991
BOKF.LNasdaqGS (Nasdaq Global Select)SUB NTSUSUSDJun 2016

Biography

BOK Financial Corporation operates as the financial holding company for BOKF, NA that provides various financial products and services in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/11 23:33
End of Day Share Price2019/12/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.