BOK Financial Positioned For Growth With Strong Fee Income And Lower Rates, Analyst Upgrades Stock
BOK Financial Positioned For Growth With Strong Fee Income And Lower Rates, Analyst Upgrades Stock
Winter says that BOKF's deposit composition resulted in a high interest-bearing deposit beta, reaching approximately 69% in the second quarter, placing it at the top end among peers.D A Davidson analyst Peter J. Winter upgraded BOK Financial Corporation (NASDAQ:BOKF) to Buy from Neutral and raised the price target to $124 (from $113).
D A Davidson 分析师彼得·J·温特将红肥金融公司（纳斯达克：BOKF）的评级从中立调升至买入，并将价格目标从113美元升至124美元。
The analyst writes that BOKF is well-positioned for lower rates, leading them to upgrade the EPS estimates for the second half of 2024 and 2025 to the top end of consensus.
分析师表示，红肥金融公司已经做好迎接降息的准备，从而将2024年下半年和2025年的每股收益预期调升至共识最高水平。
Although BOKF lowered its revenue outlook in July, expecting only one rate cut in the second half of 2024 instead of two, the recent 50 basis point cut in September and signs of further rate cuts suggest a more positive revenue outlook ahead, adds the analyst.
尽管红肥金融公司在7月份下调了其营业收入展望，预计2024年下半年只会有一次降息，而不是两次，但近期9月份的50个基点降息以及进一步降息的迹象表明，前景更加积极，分析师补充道。
Winter says that BOKF's deposit composition resulted in a high interest-bearing deposit beta, reaching approximately 69% in the second quarter, placing it at the top end among peers.
温特表示，红肥金融公司的存款结构导致了高利率型存款比率，达到了大约69%，使其在同行业中处于较高水平。
The down rate beta is also expected to be high, around the mid-50s, adds the analyst.
分析师还预计，下行利率比率也将较高，约在中50%左右。
The analyst writes that its loan-to-deposit ratio is 68%, below peers, and management is comfortable allowing it to rise slightly to facilitate more aggressive deposit cost reductions.
分析师写道，其贷款存款比率为68%，低于同行，管理层愿意略微增加以促进更大幅度的存款成本降低。
BOKF's diverse fee income sources, comprising about 40% of revenues—compared to low 20s for small-bank peers—are key to its growth.
红肥金融公司多样化的费用收入来源约占营收的40%，而小银行同行的比例只有20%左右，这对其增长至关重要。
With only $16 million in provision expense for 1H24 and a positive credit outlook, the analyst expects the final provision to be below guidance.
在2024年上半年才1600万美元的准备费用和积极的信用前景下，分析师预计最终准备金将低于指导值。
The analyst expects EPS of $8.00 (vs. consensus of $7.82) in 2024 and $8.71 (vs. estimates of $8.47) in 2025.
分析师预计2024年EPS为$8.00（与市场预期$7.82相比），2025年为$8.71（与市场预期$8.47相比）。
Investors can gain exposure to the stock via Invesco KBW Regional Banking ETF (NASDAQ:KBWR).
投资者可以通过invesco kbw regional banking etf（纳斯达克:KBWR）获得该股票的暴露。
Price Action: BOKF shares are up 2.84% at $112.43 at the last check Tuesday.
价格走势：在上周二最后检查时，BOKF股价上涨2.84%，报$112.43。
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