First Financial Bankshares (NASDAQ:FFIN) Announces Quarterly Earnings Results, Hits Estimates

First Financial Bankshares (NASDAQ:FFIN) posted its quarterly earnings results on Thursday. The bank reported $0.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.50, Zacks reports. First Financial Bankshares had a return on equity of 14.18% and a net margin of 31.03%.The company had revenue of $172.76 million for the quarter, compared to analysts’ expectations of $173.03 million. During the same period last year, the firm earned $0.47 earnings per share.

First Financial Bankshares Price Performance

Shares of NASDAQ:FFIN opened at $35.32 on Friday. The business’s 50 day simple moving average is $33.32 and its 200-day simple moving average is $32.15. The firm has a market capitalization of $5.06 billion, a price-to-earnings ratio of 18.89 and a beta of 0.81. First Financial Bankshares has a 12 month low of $28.11 and a 12 month high of $38.74.

First Financial Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a dividend of $0.22 per share. 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 2.5%. The ex-dividend date of this dividend was Friday, June 12th. First Financial Bankshares’s payout ratio is presently 47.83%.

Wall Street Analyst Weigh In

FFIN has been the subject of several research reports. Weiss Ratings reissued a “hold (c)” rating on shares of First Financial Bankshares in a report on Monday, July 6th. Benchmark began coverage on First Financial Bankshares in a research note on Wednesday, June 24th. They set a “buy” rating and a $39.00 price target on the stock. Keefe, Bruyette & Woods cut their price target on 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. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $35.00 price objective (up from $34.00) on shares of First Financial Bankshares in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, First Financial Bankshares currently has an average rating of “Moderate Buy” and an average price target of $36.75.

Insiders Place Their Bets

In other First Financial Bankshares news, Director Murray Hamilton Edwards acquired 1,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average cost 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. The trade was a 2.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Quarry LP increased its stake in First Financial Bankshares by 66.3% in the third quarter. Quarry LP now owns 1,026 shares of the bank’s stock valued at $35,000 after purchasing an additional 409 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in First Financial Bankshares in the 3rd quarter worth about $50,000. State of Wyoming purchased a new stake in First Financial Bankshares in the 2nd quarter valued at about $54,000. Smartleaf Asset Management LLC grew its holdings in First Financial Bankshares by 32.4% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,661 shares of the bank’s stock valued at $60,000 after buying an additional 406 shares during the period. Finally, Brown Brothers Harriman & Co. increased its stake in shares of First Financial Bankshares by 206.4% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,860 shares of the bank’s stock valued at $63,000 after acquiring an additional 1,253 shares during the last quarter. Hedge funds and other institutional investors own 69.78% of the company’s stock.

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.