First Financial Bankshares (NASDAQ:FFIN) Posts Earnings Results, Beats Expectations By $0.02 EPS

First Financial Bankshares (NASDAQ:FFIN) issued its quarterly earnings data on Thursday. The bank reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. The firm had revenue of $129.63 million during the quarter, compared to analysts’ expectations of $129.72 million. First Financial Bankshares had a return on equity of 14.60% and a net margin of 30.03%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS.

First Financial Bankshares Price Performance

Shares of NASDAQ:FFIN opened at $30.01 on Friday. The business’s 50-day moving average is $31.11 and its 200 day moving average is $28.89. First Financial Bankshares has a 1 year low of $22.84 and a 1 year high of $33.15. The firm has a market capitalization of $4.28 billion, a P/E ratio of 21.44 and a beta of 0.82.

First Financial Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Thursday, March 14th. First Financial Bankshares’s dividend payout ratio is currently 51.43%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FFIN. Norges Bank acquired a new position in First Financial Bankshares during the 4th quarter valued at about $43,669,000. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of First Financial Bankshares by 19.4% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,513,355 shares of the bank’s stock valued at $112,076,000 after purchasing an additional 570,999 shares during the period. State Street Corp increased its holdings in shares of First Financial Bankshares by 8.6% in the second quarter. State Street Corp now owns 5,881,523 shares of the bank’s stock valued at $168,569,000 after purchasing an additional 468,161 shares during the period. BlackRock Inc. increased its holdings in shares of First Financial Bankshares by 2.3% in the second quarter. BlackRock Inc. now owns 15,408,942 shares of the bank’s stock valued at $439,001,000 after purchasing an additional 339,634 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of First Financial Bankshares in the first quarter valued at about $7,939,000. 69.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FFIN has been the subject of a number of analyst reports. Stephens decreased their price objective on First Financial Bankshares from $35.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday. Keefe, Bruyette & Woods upped their price objective on First Financial Bankshares from $30.00 to $31.00 and gave the stock a “market perform” rating in a research note on Friday, January 26th. Finally, Truist Financial decreased their price objective on First Financial Bankshares from $35.00 to $34.00 and set a “hold” rating for the company in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, First Financial Bankshares has a consensus rating of “Hold” and a consensus price target of $30.50.

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.