First Financial Bankshares, Inc. (FFIN) Lowered to “Strong Sell” at BidaskClub
First Financial Bankshares, Inc. (NASDAQ:FFIN) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Monday.
Several other analysts have also commented on FFIN. Zacks Investment Research raised shares of First Financial Bankshares from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Wednesday, July 26th. Stephens set a $39.00 price objective on First Financial Bankshares and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Keefe, Bruyette & Woods raised First Financial Bankshares from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $37.00 to $38.00 in a research report on Friday, April 21st. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $41.00 price objective on shares of First Financial Bankshares in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $42.00.
First Financial Bankshares (NASDAQ:FFIN) traded up 2.85% during midday trading on Monday, hitting $41.50. The company had a trading volume of 127,208 shares. First Financial Bankshares has a 1-year low of $34.17 and a 1-year high of $46.70. The company has a 50 day moving average price of $43.00 and a 200 day moving average price of $41.46. The firm has a market capitalization of $2.73 billion, a P/E ratio of 25.59 and a beta of 1.34.
First Financial Bankshares (NASDAQ:FFIN) last issued its earnings results on Thursday, July 20th. The bank reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The business had revenue of $82.25 million for the quarter, compared to analysts’ expectations of $87.11 million. First Financial Bankshares had a return on equity of 12.41% and a net margin of 33.03%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.41 EPS. Equities research analysts forecast 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 share buyback plan on Tuesday, July 25th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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In other news, Director Ronald N. Giddiens sold 1,000 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $41.00, for a total value of $41,000.00. Following the sale, the director now directly owns 13,816 shares in the company, valued at $566,456. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Copeland sold 684 shares of the stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $38.00, for a total transaction of $25,992.00. Following the completion of the sale, the director now owns 33,379 shares in the company, valued at $1,268,402. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 1,855 shares of company stock valued at $72,859. 5.40% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC raised its stake in shares of First Financial Bankshares by 1.2% in the fourth quarter. AQR Capital Management LLC now owns 6,041 shares of the bank’s stock worth $273,000 after buying an additional 70 shares during the period. Teachers Advisors LLC raised its position in shares of First Financial Bankshares by 11.4% in the fourth quarter. Teachers Advisors LLC now owns 121,884 shares of the bank’s stock worth $5,509,000 after buying an additional 12,449 shares during the period. Bank of Montreal Can raised its position in shares of First Financial Bankshares by 9.0% in the first quarter. Bank of Montreal Can now owns 5,151 shares of the bank’s stock worth $207,000 after buying an additional 426 shares during the period. Louisiana State Employees Retirement System raised its position in shares of First Financial Bankshares by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 26,900 shares of the bank’s stock worth $1,079,000 after buying an additional 300 shares during the period. Finally, State of Alaska Department of Revenue raised its position in shares of First Financial Bankshares by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 7,330 shares of the bank’s stock worth $293,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 49.82% of the company’s stock.
About First Financial Bankshares
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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