First Financial Bankshares (NASDAQ:FFIN) Issues Earnings Results

First Financial Bankshares (NASDAQ:FFIN) posted its quarterly earnings results on Thursday. The bank reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50, Zacks reports. The company had revenue of $172.76 million during the quarter, compared to the consensus estimate of $173.03 million. First Financial Bankshares had a net margin of 31.00% and a return on equity of 14.20%. During the same period last year, the firm earned $0.47 EPS.

First Financial Bankshares Stock Up 3.6%

FFIN stock opened at $36.50 on Friday. The stock has a market cap of $5.23 billion, a PE ratio of 19.84 and a beta of 0.81. The firm’s 50-day simple moving average is $33.26 and its 200 day simple moving average is $32.13. First Financial Bankshares has a fifty-two week low of $28.11 and a fifty-two week high of $38.74.

First Financial Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were paid a $0.22 dividend. The ex-dividend date was Friday, June 12th. This is a positive change from First Financial Bankshares’s previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a yield of 2.4%. First Financial Bankshares’s dividend payout ratio (DPR) is 47.83%.

Insider Activity

In related news, Director Murray Hamilton Edwards bought 1,000 shares of the stock in a transaction on Thursday, June 11th. The shares were purchased at an average price of $33.18 per share, with a total value of $33,180.00. Following the purchase, the director owned 44,634 shares in the company, valued at approximately $1,480,956.12. This represents a 2.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of First Financial Bankshares

A number of large investors have recently added to or reduced their stakes in FFIN. Millennium Management LLC boosted its stake in First Financial Bankshares by 4,145.8% in the 4th quarter. Millennium Management LLC now owns 1,709,631 shares of the bank’s stock worth $51,067,000 after purchasing an additional 1,669,365 shares during the period. Invesco Ltd. lifted its holdings in shares of First Financial Bankshares by 170.9% in the second quarter. Invesco Ltd. now owns 1,101,028 shares of the bank’s stock valued at $39,615,000 after purchasing an additional 694,534 shares in the last quarter. Tudor Investment Corp ET AL boosted its position in shares of First Financial Bankshares by 460.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 503,246 shares of the bank’s stock worth $15,032,000 after buying an additional 413,376 shares during the period. AQR Capital Management LLC grew its holdings in shares of First Financial Bankshares by 314.0% during the second quarter. AQR Capital Management LLC now owns 490,284 shares of the bank’s stock valued at $17,640,000 after buying an additional 371,847 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of First Financial Bankshares by 31.8% during the third quarter. Bank of America Corp DE now owns 1,290,749 shares of the bank’s stock valued at $43,434,000 after buying an additional 311,628 shares in the last quarter. 69.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on FFIN. Weiss Ratings reiterated a “hold (c)” rating on shares of First Financial Bankshares in a report on Monday, July 6th. Keefe, Bruyette & Woods reduced their target price on First Financial Bankshares from $36.00 to $34.00 and set a “market perform” rating on the stock in a report on Thursday, April 9th. Benchmark started coverage on First Financial Bankshares in a research report on Wednesday, June 24th. They set a “buy” rating and a $39.00 price target for the company. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $35.00 price objective (up from $34.00) on shares of First Financial Bankshares in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, First Financial Bankshares has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

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.