Swiss National Bank Lowers Stock Holdings in First Financial Bankshares, Inc. (NASDAQ:FFIN)

Swiss National Bank trimmed its position in First Financial Bankshares, Inc. (NASDAQ:FFIN) by 0.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 237,100 shares of the bank’s stock after selling 1,600 shares during the period. Swiss National Bank’s holdings in First Financial Bankshares were worth $8,775,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Thrivent Financial for Lutherans raised its stake in First Financial Bankshares by 27.0% in the third quarter. Thrivent Financial for Lutherans now owns 53,326 shares of the bank’s stock valued at $1,973,000 after purchasing an additional 11,329 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in First Financial Bankshares by 43.2% in the third quarter. Mutual of America Capital Management LLC now owns 393,902 shares of the bank’s stock valued at $14,578,000 after purchasing an additional 118,830 shares in the last quarter. Natixis Advisors LLC raised its stake in First Financial Bankshares by 37.5% in the third quarter. Natixis Advisors LLC now owns 613,381 shares of the bank’s stock valued at $22,701,000 after purchasing an additional 167,433 shares in the last quarter. Royce & Associates LP raised its stake in First Financial Bankshares by 43.5% in the third quarter. Royce & Associates LP now owns 127,017 shares of the bank’s stock valued at $4,701,000 after purchasing an additional 38,474 shares in the last quarter. Finally, Huntington National Bank raised its stake in First Financial Bankshares by 32.2% in the third quarter. Huntington National Bank now owns 2,369 shares of the bank’s stock valued at $88,000 after purchasing an additional 577 shares in the last quarter. 69.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FFIN. Hovde Group raised their target price on shares of First Financial Bankshares from $34.50 to $40.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Truist Financial increased their price target on shares of First Financial Bankshares from $39.00 to $40.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, Stephens increased their price target on shares of First Financial Bankshares from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th.

Insider Activity at First Financial Bankshares

In related news, Director Michael B. Denny sold 7,000 shares of First Financial Bankshares stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $41.12, for a total value of $287,840.00. Following the sale, the director now owns 101,085 shares in the company, valued at $4,156,615.20. The trade was a 6.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.22% of the stock is currently owned by company insiders.

First Financial Bankshares Stock Performance

Shares of First Financial Bankshares stock opened at $43.05 on Tuesday. First Financial Bankshares, Inc. has a 52-week low of $25.99 and a 52-week high of $44.66. The stock has a market capitalization of $6.15 billion, a price-to-earnings ratio of 29.69 and a beta of 0.78. The company’s 50 day moving average price is $38.31 and its 200-day moving average price is $34.66.

First Financial Bankshares (NASDAQ:FFIN) last issued its earnings results on Thursday, October 17th. The bank reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. First Financial Bankshares had a net margin of 28.76% and a return on equity of 13.43%. The firm had revenue of $142.10 million for the quarter, compared to analysts’ expectations of $140.25 million. As a group, equities research analysts forecast that First Financial Bankshares, Inc. will post 1.52 earnings per share for the current fiscal year.

First Financial Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.67%. The ex-dividend date is Friday, December 13th. First Financial Bankshares’s dividend payout ratio (DPR) is currently 49.66%.

First Financial Bankshares 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.