First Financial Bankshares (NASDAQ:FFIN) Sees Large Volume Increase on Better-Than-Expected Earnings

Shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) saw strong trading volume on Friday following a better than expected earnings announcement. 179,808 shares changed hands during trading, a decline of 64% from the previous session’s volume of 501,571 shares.The stock last traded at $29.15 and had previously closed at $28.80.

The bank reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $129.63 million for the quarter, compared to the consensus estimate of $129.72 million. First Financial Bankshares had a return on equity of 14.53% and a net margin of 31.28%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.39 EPS.

First Financial Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.72 annualized dividend and a dividend yield of 2.46%. First Financial Bankshares’s payout ratio is currently 51.43%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Truist Financial dropped their target price on First Financial Bankshares from $35.00 to $34.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Stephens lowered their price objective on First Financial Bankshares from $35.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Keefe, Bruyette & Woods raised their price objective on First Financial Bankshares from $30.00 to $31.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $30.50.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FFIN. American Century Companies Inc. lifted its holdings in shares of First Financial Bankshares by 11.1% in the 1st quarter. American Century Companies Inc. now owns 12,923 shares of the bank’s stock worth $570,000 after purchasing an additional 1,292 shares during the last quarter. Rhumbline Advisers raised its stake in shares of First Financial Bankshares by 1.9% in the 1st quarter. Rhumbline Advisers now owns 372,458 shares of the bank’s stock worth $16,433,000 after buying an additional 6,776 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of First Financial Bankshares by 10.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 47,013 shares of the bank’s stock worth $2,074,000 after buying an additional 4,500 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of First Financial Bankshares by 8.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 70,082 shares of the bank’s stock worth $3,177,000 after acquiring an additional 5,245 shares during the last quarter. Finally, Yousif Capital Management LLC grew its holdings in shares of First Financial Bankshares by 2.6% in the 1st quarter. Yousif Capital Management LLC now owns 70,653 shares of the bank’s stock worth $3,117,000 after acquiring an additional 1,814 shares during the last quarter. Institutional investors and hedge funds own 69.78% of the company’s stock.

First Financial Bankshares Trading Up 1.7 %

The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 20.82 and a beta of 0.82. The stock has a fifty day moving average of $31.14 and a 200-day moving average of $28.81.

About First Financial Bankshares

First Financial Bankshares, Inc, through its subsidiaries, provides commercial banking products and services in Texas. The company offers checking, savings and time deposits; automated teller machines, drive-in, and night deposit services; safe deposit facilities, remote deposit capture, internet banking, mobile banking, payroll cards, funds transfer, and performing other customary commercial banking services; securities brokerage services; and trust and wealth management services, including wealth management, estates administration, oil and gas management, testamentary trusts, revocable and irrevocable trusts, and agency accounts.