First Financial Bankshares (NASDAQ:FFIN) Sees Large Volume Increase on Better-Than-Expected Earnings

First Financial Bankshares, Inc. (NASDAQ:FFIN) saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 179,808 shares traded hands during trading, a decline of 64% from the previous session’s volume of 501,571 shares.The stock last traded at $29.15 and had previously closed at $28.80.

The bank reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. First Financial Bankshares had a net margin of 31.28% and a return on equity of 14.53%. The firm had revenue of $129.63 million for the quarter, compared to analysts’ expectations of $129.72 million. During the same period in the prior year, the firm earned $0.39 EPS. The business’s revenue was up 4.3% on a year-over-year basis.

First Financial Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.72 annualized dividend and a dividend yield of 2.46%. First Financial Bankshares’s dividend payout ratio is presently 51.43%.

Analysts Set New Price Targets

Several research analysts have recently commented on FFIN shares. Keefe, Bruyette & Woods raised their target price on shares of First Financial Bankshares from $30.00 to $31.00 and gave the stock a “market perform” rating in a report on Friday, January 26th. Stephens lowered their target price on shares of First Financial Bankshares from $35.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Truist Financial reduced their price target on shares of First Financial Bankshares from $35.00 to $34.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.50.

Institutional Trading of First Financial Bankshares

A number of hedge funds have recently added to or reduced their stakes in the stock. First Financial Bankshares Inc bought a new position in shares of First Financial Bankshares during the fourth quarter valued at $553,577,000. BlackRock Inc. raised its stake in First Financial Bankshares by 2.3% during the second quarter. BlackRock Inc. now owns 15,408,942 shares of the bank’s stock worth $439,001,000 after buying an additional 339,634 shares during the last quarter. Vanguard Group Inc. raised its stake in First Financial Bankshares by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,465,552 shares of the bank’s stock worth $438,306,000 after buying an additional 120,252 shares during the last quarter. State Street Corp raised its stake in First Financial Bankshares by 8.6% during the second quarter. State Street Corp now owns 5,881,523 shares of the bank’s stock worth $168,569,000 after buying an additional 468,161 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in First Financial Bankshares by 1.4% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,615,353 shares of the bank’s stock worth $90,818,000 after buying an additional 50,774 shares during the last quarter. Institutional investors and hedge funds own 69.78% of the company’s stock.

First Financial Bankshares Stock Up 1.7 %

The stock has a market capitalization of $4.18 billion, a P/E ratio of 20.82 and a beta of 0.82. The firm’s 50 day simple moving average is $31.14 and its two-hundred day simple moving average is $28.81.

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.