BOKF - BOK Financial Seems Overvalued Relative To Its Growth Prospects And Profitability
- BOK Financial could surprise with loan growth in 2022; commercial line utilization is low and this bank is well-placed to pick up profitable energy lending business.
- Key fee-generating businesses like trading/brokerage and mortgage banking don't look set for a particularly strong year in 2022, and asset sensitivity is below average.
- I'd like to see the bank take a more concerted look at improving operating leverage; BOK's higher OPEX relative to revenue has been a drag on profit growth.
- Nothing about BOK's growth, profitability, or outlook is exceptional, making it harder to argue for a premium multiple/valuation.
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BOK Financial Seems Overvalued Relative To Its Growth Prospects And Profitability