First Financial Bankshares (NASDAQ:FFIN) Coverage Initiated at Hovde Group

Equities research analysts at Hovde Group began coverage on shares of First Financial Bankshares (NASDAQ:FFIN) in a research note issued on Friday, MarketBeat.com reports. The firm set a “market perform” rating and a $36.00 price target on the bank’s stock. Hovde Group’s price target points to a potential upside of 8.89% from the stock’s current price.

Several other brokerages also recently issued reports on FFIN. Weiss Ratings upgraded shares of First Financial Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, August 3rd. Cantor Fitzgerald restated a “neutral” rating and issued a $35.00 price objective (up from $34.00) on shares of First Financial Bankshares in a report on Wednesday, July 15th. Piper Sandler began coverage on First Financial Bankshares in a research report on Thursday, August 27th. They issued a “neutral” rating and a $35.00 price target on the stock. Finally, Benchmark initiated coverage on First Financial Bankshares in a report on Wednesday, June 24th. They issued a “buy” rating and a $39.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.80.

First Financial Bankshares Stock Performance

Shares of FFIN opened at $33.06 on Friday. The firm’s 50-day simple moving average is $34.41 and its 200 day simple moving average is $32.66. The firm has a market cap of $4.74 billion, a P/E ratio of 17.68 and a beta of 0.81. First Financial Bankshares has a 52 week low of $28.11 and a 52 week high of $36.52.

First Financial Bankshares (NASDAQ:FFIN) last issued its quarterly earnings data on Friday, July 17th. The bank reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. First Financial Bankshares had a net margin of 31.03% and a return on equity of 14.00%. The business had revenue of $172.76 million during the quarter, compared to analysts’ expectations of $173.03 million. During the same quarter in the previous year, the company earned $0.47 EPS. As a group, equities analysts forecast that First Financial Bankshares will post 2.05 earnings per share for the current year.

Insider Activity at First Financial Bankshares

In related news, Director Michael B. Denny purchased 3,000 shares of First Financial Bankshares stock in a transaction on Tuesday, August 18th. The stock was acquired at an average cost of $34.66 per share, for a total transaction of $103,980.00. Following the completion of the acquisition, the director owned 6,500 shares of the company’s stock, valued at $225,290. This trade represents a 85.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ronald David Butler II sold 15,000 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.95, for a total transaction of $524,250.00. Following the transaction, the chief accounting officer owned 152,223 shares in the company, valued at $5,320,193.85. This represents a 8.97% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Core Capital Management & Research inc. acquired a new position in shares of First Financial Bankshares during the second quarter worth approximately $1,381,000. Tidal Investments LLC grew its position in First Financial Bankshares by 52.8% in the 2nd quarter. Tidal Investments LLC now owns 18,580 shares of the bank’s stock valued at $643,000 after purchasing an additional 6,424 shares during the period. Integrated Wealth Concepts LLC bought a new stake in First Financial Bankshares during the 2nd quarter valued at $107,000. IFP Advisors Inc increased its stake in First Financial Bankshares by 1,708.2% during the 2nd quarter. IFP Advisors Inc now owns 1,754 shares of the bank’s stock valued at $61,000 after purchasing an additional 1,657 shares in the last quarter. Finally, Allworth Financial LP increased its stake in First Financial Bankshares by 27.0% during the 2nd quarter. Allworth Financial LP now owns 8,369 shares of the bank’s stock valued at $290,000 after purchasing an additional 1,779 shares in the last quarter. Institutional investors own 69.78% of the company’s stock.

First Financial Bankshares Company Profile

First Financial Bankshares, Inc is a Texas-based financial holding company headquartered in Abilene. Its principal subsidiary, First Financial Bank, provides banking and financial services to individuals, businesses, agricultural customers and public-sector organizations through a network of locations across Texas.

The company offers consumer and commercial deposit accounts, business and personal loans, mortgage lending, treasury and cash-management services, and online and mobile banking.