First Financial Bankshares (NASDAQ:FFIN) Reaches New 12-Month Low – Here’s What Happened

First Financial Bankshares, Inc. (NASDAQ:FFIN)’s share price reached a new 52-week low during trading on Monday . The company traded as low as $30.01 and last traded at $29.8750, with a volume of 273728 shares traded. The stock had previously closed at $31.14.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of First Financial Bankshares in a research note on Tuesday, October 14th. Keefe, Bruyette & Woods lowered their target price on First Financial Bankshares from $38.00 to $36.00 and set a “market perform” rating for the company in a report on Friday, October 24th. Cantor Fitzgerald initiated coverage on First Financial Bankshares in a report on Wednesday, September 10th. They issued a “neutral” rating and a $39.00 price target on the stock. Finally, Hovde Group upgraded First Financial Bankshares from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Monday, October 27th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.00.

First Financial Bankshares Price Performance

The company has a market capitalization of $4.28 billion, a P/E ratio of 17.67 and a beta of 0.88. The firm has a fifty day moving average price of $33.00 and a 200-day moving average price of $34.89.

First Financial Bankshares (NASDAQ:FFIN) last announced its earnings results on Friday, October 24th. The bank reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.11). The business had revenue of $161.27 million for the quarter, compared to analysts’ expectations of $161.21 million. First Financial Bankshares had a net margin of 29.81% and a return on equity of 14.16%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.37 earnings per share. On average, research analysts forecast that First Financial Bankshares, Inc. will post 1.78 EPS for the current year.

First Financial Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.76 annualized dividend and a yield of 2.5%. First Financial Bankshares’s dividend payout ratio (DPR) is 44.97%.

Insiders Place Their Bets

In related news, CFO Michelle S. Hickox bought 2,000 shares of the business’s stock in a transaction on Tuesday, October 28th. The stock was acquired at an average price of $31.15 per share, for a total transaction of $62,300.00. Following the purchase, the chief financial officer directly owned 24,461 shares in the company, valued at $761,960.15. This trade represents a 8.90% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sally Pope Davis acquired 1,700 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was purchased at an average price of $30.73 per share, with a total value of $52,241.00. Following the completion of the transaction, the director directly owned 6,971 shares of the company’s stock, valued at $214,218.83. This trade represents a 32.25% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 4,353 shares of company stock valued at $134,888 over the last ninety days. Corporate insiders own 4.22% of the company’s stock.

Hedge Funds Weigh In On First Financial Bankshares

Institutional investors have recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of First Financial Bankshares during the 1st quarter valued at about $283,000. Royce & Associates LP grew its position in First Financial Bankshares by 25.8% during the first quarter. Royce & Associates LP now owns 232,928 shares of the bank’s stock valued at $8,367,000 after acquiring an additional 47,787 shares during the last quarter. Assetmark Inc. raised its stake in shares of First Financial Bankshares by 76.5% during the first quarter. Assetmark Inc. now owns 1,629 shares of the bank’s stock worth $59,000 after acquiring an additional 706 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First Financial Bankshares by 8.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,621 shares of the bank’s stock worth $1,244,000 after acquiring an additional 2,763 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of First Financial Bankshares by 86.6% in the 1st quarter. Mackenzie Financial Corp now owns 11,870 shares of the bank’s stock valued at $426,000 after purchasing an additional 5,509 shares in the last quarter. Institutional investors own 69.78% of the company’s stock.

First Financial Bankshares Company Profile

First Financial Bankshares, Inc, through its subsidiaries, provides commercial banking products and services in Texas. The company offers checking, savings and time deposits; automated teller machines, drive-in, and night deposit services; safe deposit facilities, remote deposit capture, internet banking, mobile banking, payroll cards, funds transfer, and performing other customary commercial banking services; securities brokerage services; and trust and wealth management services, including wealth management, estates administration, oil and gas management, testamentary trusts, revocable and irrevocable trusts, and agency accounts.