Norges Bank Takes $51.23 Million Position in First Financial Bankshares, Inc. $FFIN

Norges Bank acquired a new stake in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 1,714,998 shares of the bank’s stock, valued at approximately $51,227,000.

A number of other hedge funds also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its position in First Financial Bankshares by 3,042,660.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 21,512,315 shares of the bank’s stock valued at $642,573,000 after acquiring an additional 21,511,608 shares in the last quarter. Invesco Ltd. raised its position in shares of First Financial Bankshares by 170.9% in the 2nd quarter. Invesco Ltd. now owns 1,101,028 shares of the bank’s stock worth $39,615,000 after acquiring an additional 694,534 shares in the last quarter. SG Americas Securities LLC raised its position in shares of First Financial Bankshares by 3,204.2% in the 4th quarter. SG Americas Securities LLC now owns 417,192 shares of the bank’s stock worth $12,462,000 after acquiring an additional 404,566 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of First Financial Bankshares by 314.0% during the 2nd quarter. AQR Capital Management LLC now owns 490,284 shares of the bank’s stock worth $17,640,000 after purchasing an additional 371,847 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of First Financial Bankshares by 31.8% during the 3rd quarter. Bank of America Corp DE now owns 1,290,749 shares of the bank’s stock worth $43,434,000 after purchasing an additional 311,628 shares during the last quarter. Hedge funds and other institutional investors own 69.78% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods cut their price objective on shares of First Financial Bankshares from $36.00 to $34.00 and set a “market perform” rating on the stock in a research report on Thursday, April 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Financial Bankshares in a research report on Wednesday, April 8th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $37.33.

Insider Buying and Selling

In other First Financial Bankshares news, Director Johnny Trotter acquired 1,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were purchased at an average price of $29.26 per share, for a total transaction of $29,260.00. Following the completion of the purchase, the director directly owned 956,444 shares of the company’s stock, valued at $27,985,551.44. The trade was a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Geoff Haney bought 1,500 shares of First Financial Bankshares stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $29.18 per share, with a total value of $43,770.00. Following the acquisition, the director owned 33,646 shares of the company’s stock, valued at $981,790.28. The trade was a 4.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 4,164 shares of company stock worth $123,571. 3.80% of the stock is owned by company insiders.

First Financial Bankshares Price Performance

Shares of FFIN stock opened at $32.48 on Monday. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of 17.65 and a beta of 0.83. The business has a fifty day moving average of $31.60 and a 200 day moving average of $31.52. First Financial Bankshares, Inc. has a 1 year low of $28.11 and a 1 year high of $38.74.

First Financial Bankshares (NASDAQ:FFIN) last posted its quarterly earnings results on Friday, April 17th. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. The business had revenue of $166.89 million for the quarter, compared to the consensus estimate of $166.78 million. First Financial Bankshares had a return on equity of 14.20% and a net margin of 31.00%.During the same quarter in the previous year, the business earned $0.43 EPS. As a group, equities research analysts expect that First Financial Bankshares, Inc. will post 2.04 earnings per share for the current year.

First Financial Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be given a $0.22 dividend. This is an increase 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 2.7%. The ex-dividend date is Friday, June 12th. First Financial Bankshares’s payout ratio is currently 41.30%.

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.