First Financial Bankshares (NASDAQ:FFIN) Now Covered by Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has upgraded First Financial Bankshares (NASDAQ: FFIN) to a "hold" rating, reflecting a change in analyst sentiment.
• The stock's price target has been raised by several analysts, with a consensus target of $39.20 following positive quarterly earnings results.
• Insider activity is notable, with Director Michael B. Denny purchasing 5,000 shares, indicating confidence in the company's future performance.

Cantor Fitzgerald began coverage on shares of First Financial Bankshares (NASDAQ:FFIN - Free Report) in a report issued on Tuesday, September 9th, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $39.00 target price on the bank's stock.

FFIN has been the topic of a number of other research reports. Hovde Group increased their price objective on First Financial Bankshares from $38.00 to $39.00 and gave the stock a "market perform" rating in a report on Monday, July 21st. Keefe, Bruyette & Woods upped their target price on First Financial Bankshares from $36.00 to $38.00 and gave the stock a "market perform" rating in a research note on Friday, July 18th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $39.20.

First Financial Bankshares Price Performance

Shares of NASDAQ FFIN traded down $0.46 during trading on Tuesday, reaching $34.97. 103,120 shares of the stock traded hands, compared to its average volume of 527,810. First Financial Bankshares has a 52-week low of $30.58 and a 52-week high of $44.66. The company has a 50-day moving average of $36.17 and a 200-day moving average of $35.44. The stock has a market capitalization of $5.00 billion, a P/E ratio of 20.32 and a beta of 0.89.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.02. The business had revenue of $156.60 million for the quarter, compared to analysts' expectations of $156.41 million. First Financial Bankshares had a return on equity of 14.69% and a net margin of 31.01%.During the same quarter in the prior year, the firm posted $0.37 EPS. Analysts expect that First Financial Bankshares will post 1.78 earnings per share for the current fiscal year.

First Financial Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, September 15th. This represents a $0.76 annualized dividend and a yield of 2.2%. First Financial Bankshares's dividend payout ratio is currently 44.19%.

Institutional Investors Weigh In On First Financial Bankshares

Several institutional investors have recently bought and sold shares of FFIN. Norges Bank purchased a new stake in First Financial Bankshares in the 2nd quarter worth approximately $57,680,000. Nuveen LLC bought a new stake in shares of First Financial Bankshares in the 1st quarter worth approximately $34,662,000. Invesco Ltd. grew its position in shares of First Financial Bankshares by 170.9% in the 2nd quarter. Invesco Ltd. now owns 1,101,028 shares of the bank's stock worth $39,615,000 after buying an additional 694,534 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of First Financial Bankshares by 36.0% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,465,774 shares of the bank's stock worth $88,571,000 after buying an additional 652,575 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of First Financial Bankshares by 125.7% in the 1st quarter. Ameriprise Financial Inc. now owns 1,085,517 shares of the bank's stock worth $38,993,000 after buying an additional 604,648 shares during the last quarter. 69.78% of the stock is currently owned by hedge funds and other institutional investors.

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.