Is BancFirst Corp. (Oklahoma) overvalued or undervalued?

As of 30 June 2025, BancFirst Corp. (Oklahoma) has moved from an attractive to a fair valuation grade, indicating a shift in its perceived value. The company appears to be fairly valued based on its current metrics, with a P/E ratio of 18, a price-to-book value of 2.45, and a PEG ratio of 2.43. In comparison to its peers, BancFirst's P/E ratio is higher than Wintrust Financial Corp. at 12.91 and Columbia Banking System, Inc. at 13.84, both of which are considered very attractive.
The stock has shown a strong performance year-to-date with a return of 15.46%, outperforming the S&P 500's return of 12.22% during the same period. However, over the longer term, BancFirst's three-year return of 39.13% significantly lags behind the S&P 500's 70.41%, suggesting potential concerns about its growth relative to the broader market. Overall, while BancFirst is fairly valued, its performance relative to peers and the market indicates it may face challenges in sustaining its valuation.