Principal Financial Group Inc. Buys 12,854 Shares of First Financial Bankshares, Inc. (FFIN)
Principal Financial Group Inc. grew its stake in First Financial Bankshares, Inc. (NASDAQ:FFIN) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 540,545 shares of the bank’s stock after purchasing an additional 12,854 shares during the quarter. Principal Financial Group Inc. owned approximately 0.82% of First Financial Bankshares worth $23,892,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of FFIN. BlackRock Inc. lifted its holdings in shares of First Financial Bankshares by 84,122.7% in the first quarter. BlackRock Inc. now owns 7,960,731 shares of the bank’s stock valued at $319,224,000 after purchasing an additional 7,951,279 shares in the last quarter. State Street Corp lifted its holdings in shares of First Financial Bankshares by 23.8% in the first quarter. State Street Corp now owns 2,081,757 shares of the bank’s stock valued at $83,472,000 after purchasing an additional 400,296 shares in the last quarter. Vanguard Group Inc. lifted 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 worth $230,590,000 after acquiring an additional 310,827 shares during the period. Bank of New York Mellon Corp lifted its holdings in First Financial Bankshares by 34.9% during the first quarter. Bank of New York Mellon Corp now owns 1,127,767 shares of the bank’s stock worth $45,222,000 after acquiring an additional 291,772 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in First Financial Bankshares by 16.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,053,435 shares of the bank’s stock worth $42,243,000 after acquiring an additional 147,378 shares during the period. Institutional investors own 50.12% of the company’s stock.
Shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) opened at 38.90 on Tuesday. The company’s 50-day moving average price is $41.09 and its 200-day moving average price is $41.04. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 23.98 and a beta of 1.36. First Financial Bankshares, Inc. has a one year low of $35.05 and a one year high of $46.70.
First Financial Bankshares (NASDAQ:FFIN) last issued its earnings results on Thursday, July 20th. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.42 by $0.01. First Financial Bankshares had a return on equity of 12.41% and a net margin of 33.03%. The business had revenue of $82.25 million for the quarter, compared to the consensus estimate of $87.11 million. During the same period last year, the business posted $0.41 EPS. The company’s revenue was up 5.5% compared to the same quarter last year. On average, equities research analysts predict that First Financial Bankshares, Inc. will post $1.70 earnings per share for the current year.
First Financial Bankshares announced that its Board of Directors has approved a stock repurchase plan on Tuesday, July 25th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.76 annualized dividend and a yield of 1.95%. First Financial Bankshares’s dividend payout ratio is 46.91%.
A number of analysts recently commented on FFIN shares. Zacks Investment Research upgraded First Financial Bankshares from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Friday, June 9th. Piper Jaffray Companies reiterated a “hold” rating and set a $41.00 price target on shares of First Financial Bankshares in a report on Friday, September 1st. BidaskClub lowered First Financial Bankshares from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Finally, Stephens set a $39.00 price target on First Financial Bankshares and gave the stock a “hold” rating in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $40.80.
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First Financial Bankshares 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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