Bank First

BFC · NASDAQ

$148.34+$2.33 (+1.60%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $146.01

BFC analyst rating

HoldConsensus of 1 analyst over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold1
Underperform0
Sell0

12-month price target · 3 analysts

Average $163.71 (+10.4% upside)

Low: $161.60
Now: $148.34
High: $169.05

Upgrades and downgrades

The latest rating actions, newest first

BFC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Jul 23, 2026	Maintains	Neutral	$157.00 → $161.00	50%
Piper Sandler	Apr 20, 2026	Maintains	Neutral	$150.00 → $157.00	50%
Piper Sandler	Jan 26, 2026	Maintains	Neutral	$142.00 → $150.00	50%
Piper Sandler	Oct 23, 2025	Maintains	Neutral	$137.00 → $142.00	50%

The case for and against

Updated Oct 10, 2026

Bull case

Bank First is supported by a clearly improving earnings engine, as 2Q26 operating EPS of $2.39 beat expectations on stronger net interest income, a core NIM of 3.87%, and zero loan-loss provision, while reported ROA and ROTCE remained top-tier at 1.7% and 20%. The company also appears well positioned for further margin expansion as fixed-rate loans reprice higher in 2H26, deposit costs stay controlled, and management expects low-to-mid-single-digit organic loan growth backed by a high-touch, market-share-gaining franchise. Its outlook is further strengthened by disciplined underwriting, solid capital generation, active buybacks and dividend growth, plus proven acquisition capability that could add another layer of EPS and profitability growth.

Bear case

Bank First is facing a कमजोर фундаментals setup, with 1Q26 operating EPS of $2.31 missing consensus at $2.35 and reflecting $6.5M of acquisition-related costs plus $0.2M of securities losses. Loan growth was 3% below expectations even after EOP loans reached $4.5B, while average core deposits fell 1% quarter over quarter and checking balances dropped 17%, underscoring weak funding momentum. Credit quality and profitability also look less supportive, as softer net interest income and higher core non-interest expense outweighed fee income strength, and the allowance for credit losses declined to 1.24% of loans with management modeling only modest improvement through 2027.

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