Bank of America Corp DE Sells 205,727 Shares of First Financial Bankshares, Inc. $FFIN

Key Points

• Bank of America reduced its First Financial Bankshares stake by 17.6%, selling 205,727 shares and retaining 960,943 shares worth approximately $28.3 million. Institutional investors collectively own about 69.78% of the company.
• First Financial Bankshares reported quarterly EPS of $0.50, matching analyst estimates, while revenue reached $172.76 million. The company declared a quarterly dividend of $0.22, equivalent to an annualized yield of roughly 2.5%.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $36.75 versus a recent price of $35.28.

Bank of America Corp DE trimmed its stake in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 17.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 960,943 shares of the bank's stock after selling 205,727 shares during the quarter. Bank of America Corp DE owned approximately 0.67% of First Financial Bankshares worth $28,300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Waterloo Capital L.P. lifted its position in shares of First Financial Bankshares by 978.4% during the 4th quarter. Waterloo Capital L.P. now owns 68,899 shares of the bank's stock valued at $2,058,000 after buying an additional 62,510 shares during the last quarter. Jefferies Financial Group Inc. increased its holdings in First Financial Bankshares by 283.7% in the 4th quarter. Jefferies Financial Group Inc. now owns 112,781 shares of the bank's stock worth $3,369,000 after acquiring an additional 83,385 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in First Financial Bankshares by 3,042,660.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 21,512,315 shares of the bank's stock worth $642,573,000 after acquiring an additional 21,511,608 shares during the last quarter. Fifth Third Bancorp raised its stake in First Financial Bankshares by 5,632.8% in the 1st quarter. Fifth Third Bancorp now owns 36,346 shares of the bank's stock valued at $1,070,000 after acquiring an additional 35,712 shares during the period. Finally, Excelsior Advisor Network LLC bought a new stake in First Financial Bankshares in the 1st quarter valued at about $6,903,000. Hedge funds and other institutional investors own 69.78% of the company's stock.

First Financial Bankshares Price Performance

FFIN stock opened at $35.28 on Monday. The firm has a market capitalization of $5.06 billion, a PE ratio of 18.87 and a beta of 0.81. First Financial Bankshares, Inc. has a twelve month low of $28.11 and a twelve month high of $38.12. The stock has a 50-day simple moving average of $34.47 and a two-hundred day simple moving average of $32.61.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last announced its quarterly earnings results on Friday, July 17th. The bank reported $0.50 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.50. First Financial Bankshares had a net margin of 31.03% and a return on equity of 14.00%. The firm had revenue of $172.76 million for the quarter, compared to the consensus estimate of $173.03 million. During the same period in the prior year, the firm posted $0.47 earnings per share. On average, equities research analysts anticipate that First Financial Bankshares, Inc. will post 2.04 EPS for the current fiscal year.

First Financial Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 14th will be paid a $0.22 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.88 annualized dividend and a yield of 2.5%. First Financial Bankshares's dividend payout ratio is currently 47.06%.

Insider Buying and Selling

In other news, Director Murray Hamilton Edwards purchased 1,000 shares of the business's stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $33.18 per share, with a total value of $33,180.00. Following the acquisition, the director directly owned 44,634 shares in the company, valued at approximately $1,480,956.12. This trade represents a 2.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald reiterated a "neutral" rating and set a $35.00 target price (up from $34.00) on shares of First Financial Bankshares in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of First Financial Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, August 3rd. Finally, Benchmark started coverage on shares of First Financial Bankshares in a research note on Wednesday, June 24th. They set a "buy" rating and a $39.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $36.75.

About First Financial Bankshares

First Financial Bankshares, Inc is a regional bank holding company headquartered in Cincinnati, Ohio. Through its primary subsidiary, First Financial Bank, the company offers a full suite of banking products and services to individual, small business and commercial clients. With roots dating back to 1863, First Financial has cultivated a strong community banking heritage, combining personalized service with modern financial solutions.

The company's core business activities include commercial and consumer lending, deposit products, treasury management, mortgage origination and servicing, and wealth management.

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