First Financial Bankshares (NASDAQ:FFIN) Hits New 12-Month Low – Here’s Why

Shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) hit a new 52-week low on Friday . The stock traded as low as $29.44 and last traded at $29.64, with a volume of 40425 shares. The stock had previously closed at $29.87.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FFIN. Hovde Group raised shares of First Financial Bankshares from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research note on Monday, October 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of First Financial Bankshares in a research report on Tuesday, October 14th. Keefe, Bruyette & Woods cut their price target on shares of First Financial Bankshares from $38.00 to $36.00 and set a “market perform” rating for the company in a report on Friday, October 24th. Finally, Cantor Fitzgerald assumed coverage on shares of First Financial Bankshares in a research note on Wednesday, September 10th. They issued a “neutral” rating and a $39.00 price objective on the stock. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $38.00.

First Financial Bankshares Price Performance

The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of 17.54 and a beta of 0.84. The business has a 50 day moving average of $31.03 and a 200 day moving average of $33.86.

First Financial Bankshares (NASDAQ:FFIN) last announced its quarterly earnings data on Friday, October 24th. The bank reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.11). The firm had revenue of $161.27 million for the quarter, compared to the consensus estimate of $161.21 million. First Financial Bankshares had a return on equity of 14.16% and a net margin of 29.81%.The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 earnings per share. On average, sell-side analysts forecast that First Financial Bankshares, Inc. will post 1.78 EPS for the current fiscal year.

First Financial Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.6%. First Financial Bankshares’s payout ratio is currently 44.97%.

Insider Activity

In other news, CFO Michelle S. Hickox bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average cost of $31.15 per share, for a total transaction of $62,300.00. Following the purchase, the chief financial officer owned 24,461 shares of the company’s stock, valued at approximately $761,960.15. This trade represents a 8.90% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sally Pope Davis acquired 1,700 shares of the firm’s stock in a transaction on Friday, October 31st. The stock was bought at an average price of $30.73 per share, for a total transaction of $52,241.00. Following the completion of the acquisition, the director owned 6,971 shares of the company’s stock, valued at approximately $214,218.83. The trade was a 32.25% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 4,353 shares of company stock worth $134,888 over the last 90 days. 4.22% of the stock is owned by company insiders.

Institutional Trading of First Financial Bankshares

A number of hedge funds have recently made changes to their positions in FFIN. Vident Advisory LLC increased its stake in shares of First Financial Bankshares by 161.3% in the first quarter. Vident Advisory LLC now owns 22,362 shares of the bank’s stock valued at $803,000 after buying an additional 13,804 shares during the period. Quarry LP grew its stake in shares of First Financial Bankshares by 336.9% in the first quarter. Quarry LP now owns 1,573 shares of the bank’s stock worth $57,000 after purchasing an additional 1,213 shares during the last quarter. Royal Bank of Canada increased its holdings in First Financial Bankshares by 10.8% in the first quarter. Royal Bank of Canada now owns 64,287 shares of the bank’s stock valued at $2,309,000 after purchasing an additional 6,290 shares during the period. AQR Capital Management LLC raised its position in First Financial Bankshares by 51.3% during the 1st quarter. AQR Capital Management LLC now owns 118,437 shares of the bank’s stock worth $4,228,000 after purchasing an additional 40,173 shares during the last quarter. Finally, Hancock Whitney Corp bought a new stake in shares of First Financial Bankshares in the 1st quarter valued at about $549,000. 69.78% of the stock is owned by institutional investors and hedge funds.

About First Financial Bankshares

First Financial Bankshares, Inc is a regional bank holding company headquartered in Cincinnati, Ohio. Through its primary subsidiary, First Financial Bank, the company offers a full suite of banking products and services to individual, small business and commercial clients. With roots dating back to 1863, First Financial has cultivated a strong community banking heritage, combining personalized service with modern financial solutions.

The company’s core business activities include commercial and consumer lending, deposit products, treasury management, mortgage origination and servicing, and wealth management.