Investors might want to bet on BOK Financial (BOKF) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The upward trend in estimate revisions for this Regional banking operator reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlatio ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

Core Viewpoint - The article summarizes significant research calls from Wall Street, highlighting upgrades and downgrades for various companies that investors should be aware of. Upgrades - Deutsche Bank upgraded Cognizant (CTSH) to Buy from Hold with a price target of $100, citing the company as a "clear winner" in IT services despite tight budgets [2] - Evercore ISI upgraded Cisco (CSCO) to Outperform from In Line with a price target increase to $100 from $80, noting strong growth potential driven by campus refresh, AI momentum, and market recovery [3] - Needham upgraded AppLovin (APP) to Buy from Hold with a price target of $700, based on confidence in the company's e-commerce revenue growth trajectory for 2026 [4] - Rothschild & Co Redburn upgraded Meta Platforms (META) to Buy from Neutral with a price target raised to $900 from $740, highlighting a perceived disconnect between current stock price and long-term value [5] - Phillip Securities upgraded Netflix (NFLX) to Accumulate from Sell with a price target of $100, indicating strong structural and financial positioning for long-term growth [6] Downgrades - Wolfe Research downgraded Cummins (CMI) to Peer Perform from Outperform, removing the previous price target of $540, citing a balanced risk/reward scenario despite expected strong EPS growth [7] - Morgan Stanley downgraded Varonis (VRNS) to Equal Weight from Overweight with a price target decrease to $41 from $44, due to increasing competition in the data security market [7] - Wolfe Research downgraded Public Storage (PSA) to Peer Perform from Outperform without a price target, suggesting shares may pause until better earnings growth becomes apparent [7] - Wolfe Research downgraded CubeSmart (CUBE) to Peer Perform from Outperform without a price target, indicating a similar outlook as Public Storage regarding future earnings growth visibility [7] - DA Davidson downgraded BOK Financial (BOKF) to Neutral from Buy with a price target increase to $135 from $125, after strong Q4 results, while maintaining the highest EPS forecast among analysts for 2026 and 2027 [7]

Core Viewpoint - Barclays maintains a "Positive" rating for BOK Financial Corporation (BOKF) and raises the price target from $125 to $135, indicating confidence in the company's future performance [2][5]. Group 1: Company Overview - BOK Financial Corporation is a prominent financial services company in the United States, offering services such as commercial banking, mortgage banking, and wealth management [1]. - The company competes with major financial institutions like JPMorgan Chase and Wells Fargo [1]. Group 2: Stock Performance - BOKF's stock price recently reached a high of $131.52, with a current price of $129.78, reflecting a 1.22% increase [2][5]. - The stock has shown substantial growth over the past year, with a low of $85.08 [4]. - Today's trading volume for BOKF is 413,849 shares, indicating active investor interest [4]. Group 3: Financial Health - BOK Financial's market capitalization is approximately $8.21 billion, highlighting its significant presence in the financial sector [3][5]. - Insights from the recent Q4 2025 earnings call likely discussed earnings, revenue, and strategic direction, providing valuable information for investors [3].

Core Viewpoint - BOK Financial Corporation (BOKF) is positioned for potential growth, as indicated by a new price target set by Raymond James and recent performance metrics [2][6]. Financial Performance - BOK Financial recently held its Q4 2025 earnings call, providing insights into its financial performance and strategic direction [3][6]. - The company's stock price is currently $129.78, reflecting an increase of $1.57, or 1.22% [4]. - The stock has fluctuated between a low of $127.39 and a high of $131.52 today, with the latter being its highest point in the past year [4]. Market Position - BOK Financial has a market capitalization of approximately $8.21 billion, indicating its size and influence in the financial sector [5]. - Today's trading volume for BOKF is 413,849 shares, demonstrating active investor interest and engagement with the stock [5]. Price Target and Growth Potential - Raymond James has set a new price target of $140 for BOKF, suggesting a potential increase of 7.87% from its current trading price [2][6].

Core Insights - BOK Financial Corporation (BOKF) reported strong financial performance with an EPS of $2.91, exceeding the estimated EPS of $2.16, indicating robust operational efficiency and strategic direction [2][6] - The company's revenue for Q4 2025 reached approximately $560.1 million, surpassing the estimated revenue of $549.4 million, driven by growth in loans and deposits [3][6] - BOKF's net interest margin expanded to 2.98%, supported by reduced funding costs and disciplined expense management, reflecting strong financial health [4][6] Financial Performance - Loans increased by 3.2% sequentially to $25.6 billion, while deposits rose by 2.4% to $39.4 billion, indicating sustained economic momentum in key markets [3] - Adjusted net income per share reached $2.48, surpassing the Zacks Consensus Estimate of $2.13, marking a 16.9% increase from the previous year [4] - The company has a P/E ratio of approximately 13.68 and a price-to-sales ratio of about 2.47, reflecting its market valuation [5] Operational Metrics - The enterprise value to sales ratio is around 3.56, while the enterprise value to operating cash flow ratio is approximately 7.80, indicating the company's ability to generate cash from operations [5] - The earnings yield stands at about 7.31%, and the debt-to-equity ratio is approximately 0.78, showcasing BOKF's financial health [5]

Commercial real estate loans decreased 1.4% from the prior quarter, which management attributed to normal refinancing into the permanent market, though the portfolio was up 12.1% year over year. Kymes said the company saw strong CRE originations in the quarter and described the pipeline as robust.Kymes highlighted Texas as a standout contributor, representing $561 million of fourth-quarter growth. He also cited three consecutive quarters of growth in core C&I (services and general business portfolios), whic ...

Financial Data and Key Metrics Changes - The company reported earnings of $177.3 million for Q4 2025, with an EPS of $2.89, and full-year earnings reached $578 million, or $9.17 per diluted share, marking record highs for both the quarter and the year [3][4] - Loan balances increased by over $1.5 billion, or 6.4% for the year, with a sequential growth of $786 million, or 3.2% in Q4 [3][6] - Net interest income grew by $7.6 million, and the net interest margin expanded by seven basis points [14][4] Business Line Data and Key Metrics Changes - Fee income contributed $801 million to revenue, representing 38% of total revenue, with a sequential increase of 5.1% [4][11] - The Fiduciary and Asset Management and Transaction Card lines achieved record revenue for both the quarter and the full year, with AUMA surpassing $126 billion [7][12] - The core C&I loan portfolio grew by 5.5% sequentially, while healthcare loans increased by 3.3% [8][6] Market Data and Key Metrics Changes - Growth in Texas was particularly strong, contributing $561 million to total growth in Q4 [6] - The company outperformed the KBW Regional Banking Index in total shareholder return over one, three, five, and ten-year periods by 7%, 3%, 42%, and 51%, respectively [4] Company Strategy and Development Direction - The company aims to create long-term sustainable shareholder value while maintaining a disciplined approach to risk management [3] - Future loan growth is expected to be in the upper single digits, with net interest income projected to be between $1.44 billion and $1.48 billion for 2026 [16][17] - The company is focused on investing in growth areas while aligning its expense base with future needs [17][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and the path ahead, highlighting the diverse growth across various lending types and geographies [5][21] - The outlook for credit quality remains strong, with expectations of net charge-offs remaining below historical norms [10][59] - Management noted that while credit normalization is expected in the long term, the current environment remains favorable [10][59] Other Important Information - The company repurchased over 2.6 million shares at an average price of $107.99 per share during the quarter [7] - Total expenses decreased by $8.7 million, with personnel expenses down by $3.6 million [15] Q&A Session Summary Question: Drivers of Upper Single-Digit Loan Growth - Management highlighted diverse growth across geography and lending types, with significant contributions from the mortgage finance business [20][21] Question: Future Share Buybacks and CET1 Ratio - Management indicated that share buybacks would be opportunistic and not tied to a specific CET1 ratio [23] Question: Deposit Growth and Competition - Management noted that while competition for deposits remains high, it is at a normal level without irrational behavior in the market [30][31] Question: Fee Income Expectations - Management expects mid-single-digit growth in fee income, with trading revenue potentially shifting to net interest income due to market conditions [37][39] Question: Outlook for Expenses and Efficiency - Management anticipates a strong efficiency outlook with a target efficiency ratio of 63%-64% for 2026 [40][41] Question: Mortgage Finance Business Contribution - Management expects the mortgage finance business to reach a billion in commitments by the end of 2026, with a significant portion funded [46] Question: Capital Deployment Opportunities - Management remains open to M&A opportunities but prioritizes loan growth and is cautious about deploying capital aggressively [93][94]

Financial Data and Key Metrics Changes - The company reported earnings of $177.3 million, or EPS of $2.89 per diluted share for Q4 2025, with full-year earnings reaching $578 million, or $9.17 per diluted share, marking record highs for both the quarter and the year [3][4] - Loan balances expanded by more than $1.5 billion, or 6.4% for the year, with a sequential growth of $786 million, or 3.2% in Q4 [3][5] - Net interest income increased by $7.6 million, with net interest margin expanding by seven basis points [12][4] Business Line Data and Key Metrics Changes - The fee income engine contributed $801 million to revenue, representing 38% of total revenue, with total fee income increasing by 5.1% sequentially [4][10] - The core C&I loan portfolio grew by 5.5% sequentially, while healthcare loans increased by 3.3% and energy loans grew by over $200 million [6][7] - Commercial real estate loans decreased by 1.4% quarter-over-quarter but increased by 12.1% year-over-year [7] Market Data and Key Metrics Changes - The company outperformed the KBWF Regional Bank Index in total shareholder return over one, three, five, and ten-year periods by 7%, 3%, 42%, and 51% respectively [4] - The capital levels remained robust, with tangible common equity at 9.5% and CET1 at 12.9% [6] Company Strategy and Development Direction - The company aims for upper single-digit loan growth in 2026, reflecting continued growth in the existing portfolio and contributions from the new mortgage finance segment [15] - The strategy includes maintaining a disciplined approach to risk management while investing in long-term sustainable shareholder value [3][4] - The company is opportunistic regarding share buybacks and M&A opportunities, focusing on intrinsic strategic value [81][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current environment and capitalize on market disruptions [89] - The outlook for credit quality remains strong, with expectations of net charge-offs remaining below historical norms [9][56] - Management anticipates that credit normalization will occur over the long term, but no immediate concerns are evident [9][56] Other Important Information - The company repurchased over 2.6 million shares at an average price of $107.99 per share during the quarter [6] - A notable pre-tax gain of $23.5 million was recognized from exiting a merchant banking investment [13] Q&A Session Questions and Answers Question: Can you provide more detail on the drivers of upper single-digit loan growth? - Management noted that loan growth has been diverse across geography and lending types, with significant contributions from various segments, including a $100 million increase from the mortgage finance business in Q4 [20] Question: How are you thinking about future share buybacks? - Management indicated that share buybacks are opportunistic and linked to the company's long history of shareholder value orientation [22] Question: Can you discuss the competition for deposits and the outlook for deposit growth? - Management described the deposit environment as competitive but rational, with expectations for loan growth to exceed deposit growth [30] Question: What are the expectations for fee income growth? - Management expects mid-single-digit growth in fee income, with a shift from fee income to net interest income anticipated due to the steepening yield curve [73] Question: How do you plan to fund the mortgage finance business as it grows? - The mortgage finance business will be funded through a mix of wholesale and core deposits, maintaining a strong funding profile [59] Question: What are the expectations for credit quality moving forward? - Management expects credit quality to remain strong in the short term, with loan growth and economic outlook being the primary drivers for provision levels [56]

Q4 Earnings Conference Call January 20, 2026 Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Legal Disclaimers This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, and the economy generally. Words such as "anticipates," "believes," "e ...