Zacks Investment Research downgraded shares of BOK Financial Corp. (BOKF) from OUTPERFORM to NEUTRAL on July 10, 2012, with a target price of $60.00.
We are downgrading our recommendation on BOK Financial to Neutral from Outperform based on the persistent low interest environment and regulatory pressures. However, the company's first-quarter 2012 earnings results were well above the Zacks Consensus Estimate owing to growth in net interest revenue as well as fees and commissions revenue. It also reported growth in commercial loan balances and increased its quarterly cash dividend by a nickel. We believe the company's diverse revenue mix and favorable geographic footprint would back its growth. In fact, strategic expansions and its local-leadership based business model aided it to expand into a leading financial service provider from a bank in Oklahoma. However, volatile mortgage banking operations remain a matter of concern.
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