How did BFC's Q3 earnings surprise impact its stock?

Bank First Corporation (BFC) reported quarterly earnings of $1.56 per share for the quarter ended June 30, 2024, which beat analysts' consensus estimates of $1.43 per share. This earnings surprise had a positive impact on the stock, as evidenced by the following: 1. **Stock Price Reaction**: BFC's stock reached a new 52-week high of $93.00 following the earnings release. This indicates that investors were pleased with the company's performance and potentially anticipating future growth. 2. **Analyst Optimism**: Piper Sandler raised its price target for BFC from $84.00 to $99.00, suggesting confidence in the company's prospects. This positive analyst sentiment can attract more investors and support the stock's upward trajectory. 3. **Financial Performance**: BFC's net income for the three months ended June 30, 2024, was $16.1 million, and the annualized return on average assets was 1.58%. These figures, along with the earnings beat, demonstrate the company's strong financial health, which can bolster investor confidence. In conclusion, BFC's Q3 earnings surprise had a positive impact on its stock, as reflected by the stock price reaching a new high, analyst optimism, and the company's robust financial performance.