First Financial Bankshares (NASDAQ:FFIN) Rating Increased to Hold at Piper Sandler

Piper Sandler upgraded shares of First Financial Bankshares (NASDAQ:FFIN) to a hold rating in a research report released on Thursday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald reaffirmed 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, July 15th. Weiss Ratings raised First Financial Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 3rd. Finally, Benchmark assumed coverage on First Financial Bankshares in a research note on Wednesday, June 24th. They set a “buy” rating and a $39.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.40.

First Financial Bankshares Stock Performance

Shares of First Financial Bankshares stock opened at $33.07 on Thursday. First Financial Bankshares has a one year low of $28.11 and a one year high of $38.12. The company has a market cap of $4.74 billion, a P/E ratio of 17.68 and a beta of 0.81. The firm has a fifty day moving average of $34.64 and a two-hundred day moving average of $32.69.

First Financial Bankshares (NASDAQ:FFIN) last issued its earnings results on Friday, July 17th. The bank reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. First Financial Bankshares had a net margin of 31.03% and a return on equity of 14.00%. The business had revenue of $172.76 million for the quarter, compared to the consensus estimate of $173.03 million. During the same quarter in the previous year, the firm earned $0.47 earnings per share. As a group, equities analysts predict that First Financial Bankshares will post 2.04 earnings per share for the current year.

First Financial Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. First Financial Bankshares’s dividend payout ratio is 47.06%.

Insider Activity

In related news, Director Michael B. Denny acquired 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were purchased at an average price of $34.66 per share, with a total value of $103,980.00. Following the completion of the acquisition, the director owned 6,500 shares in the company, valued at approximately $225,290. This represents a 85.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Murray Hamilton Edwards bought 1,000 shares of the stock in a transaction on Thursday, June 11th. The shares were bought at an average price of $33.18 per share, for a total transaction of $33,180.00. Following the completion of the transaction, the director directly owned 44,634 shares of the company’s stock, valued at $1,480,956.12. This trade represents a 2.29% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 4,700 shares of company stock worth $161,583 in the last 90 days. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Financial Bankshares

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Waterloo Capital L.P. increased its stake in First Financial Bankshares by 978.4% in the 4th quarter. Waterloo Capital L.P. now owns 68,899 shares of the bank’s stock valued at $2,058,000 after purchasing an additional 62,510 shares in the last quarter. Jefferies Financial Group Inc. boosted its position in First Financial Bankshares by 283.7% during the fourth quarter. Jefferies Financial Group Inc. now owns 112,781 shares of the bank’s stock worth $3,369,000 after purchasing an additional 83,385 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in First Financial Bankshares by 3,042,660.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 21,512,315 shares of the bank’s stock worth $642,573,000 after purchasing an additional 21,511,608 shares in the last quarter. Excelsior Advisor Network LLC purchased a new stake in First Financial Bankshares during the first quarter worth $6,903,000. Finally, Fifth Third Bancorp grew its holdings in First Financial Bankshares by 5,632.8% in the first quarter. Fifth Third Bancorp now owns 36,346 shares of the bank’s stock valued at $1,070,000 after purchasing an additional 35,712 shares during the last quarter. 69.78% of the stock is currently owned by institutional investors and hedge funds.

First Financial Bankshares Company Profile

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.