First Financial Bankshares (NASDAQ:FFIN) Reaches New 52-Week High After Earnings Beat

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First Financial Bankshares Inc (NASDAQ:FFIN) hit a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $34.67 and last traded at $34.55, with a volume of 120936 shares trading hands. The stock had previously closed at $33.52.

The bank reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $102.88 million during the quarter, compared to analyst estimates of $102.20 million. First Financial Bankshares had a net margin of 38.62% and a return on equity of 14.82%. During the same quarter in the previous year, the firm earned $0.59 earnings per share.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.39%. First Financial Bankshares’s dividend payout ratio (DPR) is presently 44.04%.

A number of brokerages recently issued reports on FFIN. Stephens restated a “hold” rating and issued a $30.00 price target on shares of First Financial Bankshares in a research note on Friday, July 19th. BidaskClub upgraded shares of First Financial Bankshares from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Zacks Investment Research lowered shares of First Financial Bankshares from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. ValuEngine lowered shares of First Financial Bankshares from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Finally, Piper Jaffray Companies set a $29.00 target price on shares of First Financial Bankshares and gave the company a “hold” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $32.00.

A number of hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its stake in First Financial Bankshares by 4.5% during the third quarter. Envestnet Asset Management Inc. now owns 80,400 shares of the bank’s stock valued at $2,680,000 after purchasing an additional 3,485 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in First Financial Bankshares by 90.0% during the third quarter. Nisa Investment Advisors LLC now owns 950 shares of the bank’s stock valued at $32,000 after purchasing an additional 450 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in First Financial Bankshares during the third quarter valued at $804,000. Park National Corp OH bought a new stake in First Financial Bankshares during the third quarter valued at $202,000. Finally, Toronto Dominion Bank grew its position in shares of First Financial Bankshares by 5,875.0% during the second quarter. Toronto Dominion Bank now owns 1,434 shares of the bank’s stock worth $44,000 after acquiring an additional 1,410 shares during the last quarter. Hedge funds and other institutional investors own 51.32% of the company’s stock.

The firm’s 50-day moving average price is $32.47 and its 200 day moving average price is $40.77. The firm has a market cap of $4.52 billion, a P/E ratio of 31.70 and a beta of 1.18.

About First Financial Bankshares (NASDAQ:FFIN)

First Financial Bankshares, Inc, through its subsidiaries, provides commercial banking products and services primarily in Texas. The company accepts checking, savings, and time deposits; and offers real estate, commercial, agricultural, and consumer loans to businesses, professionals, individuals, and farm and ranch operations.

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