Texas Permanent School Fund Increases Stake in First Financial Bankshares, Inc. (FFIN)
Texas Permanent School Fund boosted its position in First Financial Bankshares, Inc. (NASDAQ:FFIN) by 0.9% during the second quarter, Holdings Channel reports. The institutional investor owned 48,283 shares of the bank’s stock after buying an additional 407 shares during the period. Texas Permanent School Fund’s holdings in First Financial Bankshares were worth $2,134,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of FFIN. Ameriprise Financial Inc. increased its stake in First Financial Bankshares by 4.7% in the first quarter. Ameriprise Financial Inc. now owns 352,171 shares of the bank’s stock worth $14,123,000 after buying an additional 15,959 shares in the last quarter. Karp Capital Management Corp purchased a new stake in First Financial Bankshares during the first quarter worth approximately $605,000. UBS Asset Management Americas Inc. increased its stake in First Financial Bankshares by 61.3% in the first quarter. UBS Asset Management Americas Inc. now owns 105,103 shares of the bank’s stock worth $4,215,000 after buying an additional 39,923 shares in the last quarter. LS Investment Advisors LLC increased its stake in First Financial Bankshares by 20.6% in the first quarter. LS Investment Advisors LLC now owns 3,020 shares of the bank’s stock worth $121,000 after buying an additional 516 shares in the last quarter. Finally, Comerica Bank increased its stake in First Financial Bankshares by 4.1% in the first quarter. Comerica Bank now owns 73,355 shares of the bank’s stock worth $3,004,000 after buying an additional 2,922 shares in the last quarter. 49.89% of the stock is currently owned by institutional investors.
First Financial Bankshares, Inc. (NASDAQ:FFIN) opened at 40.75 on Friday. The company has a 50 day moving average price of $43.00 and a 200-day moving average price of $41.51. First Financial Bankshares, Inc. has a one year low of $34.17 and a one year high of $46.70. The firm has a market capitalization of $2.68 billion, a PE ratio of 25.12 and a beta of 1.34.
First Financial Bankshares (NASDAQ:FFIN) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. The company had revenue of $82.25 million for the quarter, compared to the consensus estimate of $87.11 million. First Financial Bankshares had a return on equity of 12.41% and a net margin of 33.03%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 EPS. On average, equities analysts predict that First Financial Bankshares, Inc. will post $1.70 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Thursday, September 14th. First Financial Bankshares’s dividend payout ratio (DPR) is currently 46.91%.
First Financial Bankshares declared that its board has authorized a share buyback plan on Tuesday, July 25th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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A number of brokerages recently issued reports on FFIN. Zacks Investment Research upgraded First Financial Bankshares from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Wednesday, July 26th. Stephens set a $39.00 target price on First Financial Bankshares and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Piper Jaffray Companies restated a “hold” rating and issued a $41.00 target price on shares of First Financial Bankshares in a report on Friday, July 21st. BidaskClub cut First Financial Bankshares from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods upgraded First Financial Bankshares from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $37.00 to $38.00 in a report on Friday, April 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. First Financial Bankshares has an average rating of “Hold” and a consensus price target of $42.00.
In other news, Director Ronald N. Giddiens sold 1,000 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $41.00, for a total value of $41,000.00. Following the transaction, the director now owns 13,816 shares of the company’s stock, valued at approximately $566,456. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David L. Copeland sold 684 shares of the stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $38.00, for a total value of $25,992.00. Following the completion of the transaction, the director now directly owns 33,379 shares in the company, valued at approximately $1,268,402. The disclosure for this sale can be found here. Corporate insiders own 5.04% 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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