First Financial Bankshares, Inc. (NASDAQ:FFIN – Get Free Report) declared a quarterly dividend on Tuesday, February 6th, Wall Street Journal reports. Shareholders of record on Friday, March 15th will be given a dividend of 0.18 per share by the bank on Monday, April 1st. This represents a $0.72 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, March 14th.
First Financial Bankshares has raised its dividend by an average of 11.7% per year over the last three years and has raised its dividend every year for the last 13 years. First Financial Bankshares has a dividend payout ratio of 46.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Financial Bankshares to earn $1.58 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 45.6%.
First Financial Bankshares Stock Performance
FFIN opened at $30.66 on Thursday. The stock has a fifty day simple moving average of $29.65 and a two-hundred day simple moving average of $28.03. The company has a market cap of $4.38 billion, a price-to-earnings ratio of 21.90 and a beta of 0.82. First Financial Bankshares has a 12-month low of $22.84 and a 12-month high of $38.24.
Analyst Ratings Changes
A number of research firms have issued reports on FFIN. Truist Financial increased their price objective on First Financial Bankshares from $31.00 to $35.00 and gave the stock a “hold” rating in a report on Tuesday, January 30th. Stephens raised their price target on First Financial Bankshares from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, January 26th. Finally, Keefe, Bruyette & Woods raised their price target on First Financial Bankshares from $30.00 to $31.00 and gave the company a “market perform” rating in a report on Friday, January 26th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.00.
Hedge Funds Weigh In On First Financial Bankshares
Several institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. increased its holdings in First Financial Bankshares by 14.4% in the 3rd quarter. American Century Companies Inc. now owns 40,788 shares of the bank’s stock worth $1,025,000 after buying an additional 5,129 shares in the last quarter. Walleye Capital LLC bought a new stake in First Financial Bankshares in the 3rd quarter worth about $747,000. Comerica Bank bought a new stake in First Financial Bankshares in the 3rd quarter worth about $1,540,000. Diversified Trust Co increased its holdings in First Financial Bankshares by 14.6% in the 3rd quarter. Diversified Trust Co now owns 13,283 shares of the bank’s stock worth $334,000 after buying an additional 1,690 shares in the last quarter. Finally, Morgan Stanley increased its holdings in First Financial Bankshares by 20.5% in the 3rd quarter. Morgan Stanley now owns 1,116,393 shares of the bank’s stock worth $28,044,000 after buying an additional 190,183 shares in the last quarter. 54.14% of the stock is currently owned by institutional investors.
About First Financial Bankshares
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.
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