First Financial Bankshares Inc (FFIN) Downgraded to “Hold” at Zacks Investment Research
First Financial Bankshares Inc (NASDAQ:FFIN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “FIRST FINL BANKSHARES, INC. is a registered multi-bank holding company. “
Several other equities research analysts have also recently weighed in on FFIN. Piper Jaffray Companies reissued a “hold” rating and set a $41.00 price target on shares of First Financial Bankshares in a research report on Friday, July 21st. BidaskClub cut shares of First Financial Bankshares from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, Stephens set a $39.00 price target on shares of First Financial Bankshares and gave the company a “hold” rating in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $41.20.
Shares of First Financial Bankshares (NASDAQ:FFIN) traded down 0.26% during trading on Wednesday, hitting $38.60. The stock had a trading volume of 156,807 shares. First Financial Bankshares has a 12-month low of $35.00 and a 12-month high of $46.70. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 23.80 and a beta of 1.36. The stock has a 50-day moving average of $41.43 and a 200 day moving average of $41.16.
First Financial Bankshares (NASDAQ:FFIN) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. First Financial Bankshares had a net margin of 34.35% and a return on equity of 12.98%. The company had revenue of $82.25 million during the quarter, compared to analysts’ expectations of $87.11 million. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s revenue was up 5.5% on a year-over-year basis. On average, analysts predict that First Financial Bankshares will post $1.70 earnings per share for the current fiscal year.
First Financial Bankshares declared that its Board of Directors has initiated a stock buyback program on Tuesday, July 25th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.
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In related news, Director Ronald N. Giddiens sold 1,000 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $41.00, for a total value of $41,000.00. Following the completion of the transaction, the director now directly owns 13,816 shares in the company, valued at approximately $566,456. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.40% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in First Financial Bankshares by 84,122.7% during the 1st quarter. BlackRock Inc. now owns 7,960,731 shares of the bank’s stock valued at $319,224,000 after purchasing an additional 7,951,279 shares in the last quarter. Vanguard Group Inc. increased its stake in First Financial Bankshares by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,827,897 shares of the bank’s stock valued at $257,594,000 after purchasing an additional 77,503 shares in the last quarter. State Street Corp increased its stake in First Financial Bankshares by 23.8% during the 1st quarter. State Street Corp now owns 2,081,757 shares of the bank’s stock valued at $83,472,000 after purchasing an additional 400,296 shares in the last quarter. Bank of New York Mellon Corp increased its stake in First Financial Bankshares by 4.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,173,105 shares of the bank’s stock valued at $51,851,000 after purchasing an additional 45,338 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in First Financial Bankshares by 2.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,078,829 shares of the bank’s stock valued at $47,685,000 after purchasing an additional 25,394 shares in the last quarter. Institutional investors and hedge funds own 50.12% of the company’s stock.
First Financial Bankshares Company Profile
First Financial Bankshares, Inc is a financial holding company. The Company, through its subsidiaries, conducts commercial banking business. As of December 31, 2016, the Company’s subsidiaries included First Financial Bank, National Association, Abilene, Texas; First Technology Services, Inc, Abilene, Texas; First Financial Trust & Asset Management Company, National Association, Abilene, Texas; First Financial Investments, Inc, Abilene, Texas, and First Financial Insurance Agency, Inc, Abilene, Texas.
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