Key Takeaways BOK Financial shows stronger upside with margin gains, loan growth and expansion efforts.BOKF expects 2026 NII of $1.44-$1.48B, supported by easing funding costs and stable yields.First Horizon benefits from organic growth and higher yield but faces elevated expenses.In a banking landscape shaped by interest-rate movements and evolving lending dynamics, investors are increasingly focusing on the resilience and growth prospects of regional lenders. Two such banks, BOK Financial Corporation (BOK ...

Core Viewpoint - BOK Financial Corporation will host a conference call to discuss its first quarter 2026 financial results on April 21, 2026 [1] Company Developments - The conference call will include discussions on company developments and forward-looking statements [1] Financial Matters - The call will cover other material information related to business and financial matters [1]

Company Overview - Acadian Asset Management (AAMI) is currently performing well in the Finance sector, with a year-to-date return of 7%, significantly outperforming the sector average of -5.6% [4] - The company holds a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings prospects [3] Earnings Performance - Over the past 90 days, the Zacks Consensus Estimate for AAMI's full-year earnings has increased by 2.1%, reflecting improved analyst sentiment and a stronger earnings outlook [4] - AAMI belongs to the Financial - Miscellaneous Services industry, which has seen an average loss of about 15.8% this year, further highlighting AAMI's relative strength [6] Industry Context - The Finance sector, which includes 848 individual stocks, is ranked 2 in the Zacks Sector Rank, indicating strong overall performance [2] - In comparison, another Finance stock, BOK Financial (BOKF), has returned 5.9% year-to-date and also holds a Zacks Rank of 2 (Buy) [5]

Company Overview - BOK Financial (BOKF) is headquartered in Tulsa and operates in the Finance sector [3] - The stock has experienced a price change of 6.13% since the beginning of the year [3] Dividend Information - BOK Financial currently pays a dividend of $0.63 per share, resulting in a dividend yield of 2% [3] - The dividend yield of BOKF is higher than the Banks - Southwest industry's yield of 1.4% and the S&P 500's yield of 1.36% [3] - The current annualized dividend of $2.52 represents a 7.7% increase from the previous year [4] - Over the last 5 years, BOK Financial has increased its dividend 5 times, averaging an annual increase of 2.17% [4] - The company's current payout ratio is 29%, indicating that it paid out 29% of its trailing 12-month EPS as dividends [4] Earnings Expectations - BOKF is expecting earnings to expand this fiscal year, with the Zacks Consensus Estimate for 2026 at $9.79 per share, reflecting an expected increase of 11.76% from the previous year [5] Investment Appeal - BOKF is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 1 (Strong Buy) [6]

Economic Growth and Inflation - U.S. economic growth slowed more than expected in the fourth quarter, with GDP increasing at a 1.4% annualized rate compared to a forecast of 3.0% [2][10] - Underlying U.S. inflation increased more than anticipated in December, indicating further acceleration in January, leading traders to expect a potential interest-rate cut by the Fed in June [3][11] Stock Market Performance - The main U.S. stock indexes declined, with the Dow Jones Industrial Average falling 105.01 points (0.21%), the S&P 500 losing 16.50 points (0.24%), and the Nasdaq Composite dropping 66.81 points (0.29%) [11] - Eight of the 11 S&P sectors declined, particularly information technology and consumer discretionary, with major stocks like Tesla and Nvidia trading lower [8][11] Private Equity and Technology Sector - Private capital firm Blue Owl Capital experienced a significant drop of 6.5% after a previous decline of 5.9%, due to investor concerns over its strategy to return capital and halt redemptions [8][11] - Other private equity firms, including KKR & Co and Apollo Global Management, also saw declines of around 1% each [9][11] - Technology stocks faced pressure from concerns over high valuations and the effectiveness of AI investments, with companies like Akamai Technologies and Copart reporting significant losses [9][11]

Core Viewpoint - BOK Financial announced the retirement of Brad Vincent, a specialized industries banking executive, effective November 30, after 29 years with the company and over 40 years in the industry [1] Company Summary - Brad Vincent has been with BOK Financial for 29 years, contributing significantly to the company [1] - The company plans to name a successor for Brad Vincent in early April [1] Industry Summary - Brad Vincent has over four decades of experience in the banking industry, indicating a wealth of knowledge and expertise [1]

Financial Performance - Net income for the year ended December 31, 2025, totaled $578.0 million, or $9.17 per diluted share, compared to $523.6 million, or $8.14 per diluted share, for 2024[134]. - Net income for the fourth quarter of 2025 was $177.3 million, or $2.89 per diluted share, compared to $140.9 million, or $2.22 per diluted share, for the third quarter[136]. - The return on average assets was 1.12% for 2025, up from 1.03% in 2024, while the return on average shareholders' equity was 9.89%[131]. - Net income for the year ended December 31, 2025, was $577,978, compared to $523,553 in 2024, reflecting a growth of 10.4%[159]. - Earnings per share for 2025 was $9.17, up from $8.14 in 2024, indicating a year-over-year increase of 12.7%[159]. Assets and Deposits - BOK Financial reported total consolidated assets of $52 billion as of December 31, 2025[16]. - Average deposits grew by $2.4 billion to $38.7 billion, with period-end deposits increasing by $1.2 billion to $39.4 billion[137]. - Total assets as of December 31, 2025, reached $51,706,906, an increase from $50,749,498 in 2024[158]. - Total interest-bearing deposits increased to $30,740,981 in 2025, up from $27,902,808 in 2024, representing a growth of 10.0%[159]. Revenue and Income Sources - Net interest income reached $1.3 billion for 2025, a $116.6 million increase from the prior year, with a net interest margin of 2.87% compared to 2.65% in 2024[135]. - Fees and commissions revenue was $800.7 million for 2025, consistent with the prior year, while brokerage and trading revenue decreased by $58.4 million[135]. - Other operating revenue for 2025 was $848.1 million, an increase of $8.5 million, or 1%, compared to 2024[180]. - Mortgage banking revenue totaled $77.6 million in 2025, a $3.5 million, or 5%, increase from 2024, with mortgage servicing revenue accounting for $68.9 million[183]. Expenses and Costs - Other operating expenses increased by $67.1 million to $1.4 billion, with personnel expenses growing by $66.7 million due to merit increases and business expansion[135]. - Personnel expense for 2025 was $878.0 million, an increase of $66.7 million, or 8%, driven by merit increases and higher loan volumes[196]. - Other operating expense for 2025 totaled $1.4 billion, a $67.1 million, or 5%, increase over the prior year[194]. - Income tax expense for 2025 was $162.6 million, or 22.0% of net income before taxes, compared to $143.1 million, or 21.5%, for 2024[202]. Market Position and Competition - The company holds 14% of total deposits in Oklahoma, with 33% market share in Tulsa and 13% in Oklahoma City[23]. - BOK Financial competes with various financial institutions, including large national banks and regional banks, across its operational areas[22]. - The company has a market share of approximately 1% in the Dallas-Fort Worth area and less than 1% in Houston and San Antonio[24]. - BOK Financial faces substantial competition from various financial institutions, including large national banks with greater access to capital[63]. Regulatory Environment - The company is subject to extensive regulations under federal and state laws, particularly due to the Dodd-Frank Act[26]. - Regulatory changes and increased compliance costs are anticipated as BOK Financial's asset size exceeds $50 billion, potentially limiting growth[68]. - The Company continues to perform capital stress testing regularly despite the elimination of the Dodd-Frank Act Stress Test requirement for banks with assets less than $250 billion[47]. Risk Factors - BOK Financial's business is highly sensitive to changes in interest rates, which could affect loan origination and net interest income[79]. - A significant increase in market interest rates could lead to higher nonperforming assets and net charge-offs, adversely affecting BOK Financial's business[80]. - The company faces liquidity risks due to potential disruptions in funding sources, including reliance on the Federal Home Loan Bank[86]. - Climate change and related regulations present physical and transition risks that could adversely affect BOK Financial and its customers[71]. Employee and Operational Insights - BOK Financial employs 5,034 full-time and part-time employees, with the majority being full-time[25]. - The company faces challenges in hiring and retaining qualified employees, particularly in technology roles, which are critical for strategic initiatives[103]. - The company is heavily reliant on third-party vendors for critical infrastructure, which poses operational risks and potential service disruptions[97]. Shareholder and Capital Management - The principal shareholder controls approximately 63% of the company's common stock, which could affect market price and governance[100]. - The company repurchased 2,982,961 shares under its stock repurchase plan as of December 31, 2025, with a maximum of 5 million shares authorized for repurchase[129]. - The dividend payout ratio for 2025 was 25.41%, a decrease from 27.20% in 2024[131].

Core Insights - BOK Financial (BOKF) is experiencing solid improvement in earnings estimates, which may lead to continued short-term price momentum [1] - Analysts are increasingly optimistic about BOK Financial's earnings prospects, as reflected in the upward trend of estimate revisions [2] - The Zacks Rank system indicates a strong correlation between earnings estimate revisions and stock price movements, with BOK Financial currently holding a Zacks Rank 1 (Strong Buy) [3][9] Current-Quarter Estimate Revisions - The earnings estimate for the current quarter is $2.29 per share, representing a year-over-year increase of +23.1% [6] - Over the past 30 days, the Zacks Consensus Estimate for BOK Financial has risen by 10.63%, with one estimate moving higher and no negative revisions [6] Current-Year Estimate Revisions - For the full year, BOK Financial is expected to earn $9.79 per share, reflecting a year-over-year change of +11.8% [7] - The consensus estimate has increased by 9.09% over the past month, with two estimates moving higher and no negative revisions [8] Favorable Zacks Rank - The positive estimate revisions have contributed to BOK Financial achieving a Zacks Rank 1 (Strong Buy), which is associated with significant outperformance compared to the S&P 500 [9] - Stocks with Zacks Rank 1 and 2 are shown to significantly outperform the market [9] Bottom Line - BOK Financial's strong estimate revisions have led to an 8.7% increase in stock price over the past four weeks, indicating potential for further upside [10]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: BOK Financial (BOKF) - BOK Financial currently holds a Momentum Style Score of A, indicating strong momentum potential [3] - The company has a Zacks Rank of 1 (Strong Buy), which historically outperforms the market [4] Price Performance - BOKF shares have increased by 3.05% over the past week, while the Zacks Banks - Southwest industry remained flat [6] - Over the past month, BOKF's price change is 8.03%, significantly outperforming the industry's 0.66% [6] - In the last quarter, BOKF shares rose by 24.24%, and over the past year, they gained 17.86%, compared to the S&P 500's increases of 2.61% and 15.23%, respectively [7] Trading Volume - The average 20-day trading volume for BOKF is 285,453 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, two earnings estimates for BOKF have been revised upwards, with no downward revisions, raising the consensus estimate from $8.95 to $9.40 [10] - For the next fiscal year, one estimate has increased, with no downward revisions noted [10] Conclusion - Given the strong momentum indicators and positive earnings outlook, BOKF is positioned as a strong buy candidate for investors seeking short-term opportunities [12]

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]