State Street Corp cut its stake in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,045,541 shares of the bank’s stock after selling 36,216 shares during the quarter. State Street Corp owned 3.11% of First Financial Bankshares worth $90,416,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of First Financial Bankshares by 21.0% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,013,016 shares of the bank’s stock worth $44,775,000 after acquiring an additional 176,003 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in First Financial Bankshares by 78.1% during the second quarter. State of Alaska Department of Revenue now owns 13,056 shares of the bank’s stock valued at $577,000 after buying an additional 5,726 shares in the last quarter. Legal & General Group Plc raised its holdings in First Financial Bankshares by 9.2% during the second quarter. Legal & General Group Plc now owns 126,166 shares of the bank’s stock valued at $5,578,000 after buying an additional 10,617 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in First Financial Bankshares by 4.0% during the second quarter. Bank of New York Mellon Corp now owns 1,173,105 shares of the bank’s stock valued at $51,851,000 after buying an additional 45,338 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in First Financial Bankshares by 5.7% during the first quarter. Vanguard Group Inc. now owns 5,750,394 shares of the bank’s stock valued at $230,590,000 after buying an additional 310,827 shares in the last quarter. 50.11% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the company. Zacks Investment Research lowered First Financial Bankshares from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. BidaskClub lowered First Financial Bankshares from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Stephens set a $39.00 target price on First Financial Bankshares and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $42.00 target price on shares of First Financial Bankshares in a research report on Friday, October 20th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $41.00 price objective on shares of First Financial Bankshares in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The company currently has an average rating of “Hold” and an average target price of $43.40.
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Shares of First Financial Bankshares, Inc. (FFIN) traded up $0.05 on Friday, hitting $43.65. The stock had a trading volume of 116,300 shares, compared to its average volume of 213,490. First Financial Bankshares, Inc. has a fifty-two week low of $36.85 and a fifty-two week high of $47.90. The firm has a market cap of $2,887.46, a P/E ratio of 26.11 and a beta of 1.39.
First Financial Bankshares (NASDAQ:FFIN) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.44 earnings per share for the quarter, hitting the consensus estimate of $0.44. The firm had revenue of $83.95 million during the quarter, compared to analysts’ expectations of $89.87 million. First Financial Bankshares had a net margin of 33.51% and a return on equity of 12.70%. First Financial Bankshares’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.39 EPS. equities analysts predict that First Financial Bankshares, Inc. will post 1.71 EPS for the current fiscal year.
First Financial Bankshares declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, July 25th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Monday, December 18th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Friday, December 15th. First Financial Bankshares’s payout ratio is 45.51%.
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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