First Financial Bankshares, Inc. $FFIN Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. sold 20,039 shares of First Financial Bankshares, Inc., reducing its holdings by 1.2%, now owning approximately 1.18% of the company worth $60.55 million.
• First Financial Bankshares reported earnings of $0.47 per share, surpassing analyst expectations of $0.45, and announced a quarterly dividend of $0.19 per share with a yield of 2.1%.
• As of the latest quarter, 69.78% of First Financial Bankshares stock is owned by hedge funds and institutional investors, indicating strong institutional interest.

Charles Schwab Investment Management Inc. reduced its position in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,685,749 shares of the bank's stock after selling 20,039 shares during the period. Charles Schwab Investment Management Inc. owned about 1.18% of First Financial Bankshares worth $60,552,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. XTX Topco Ltd purchased a new position in First Financial Bankshares in the first quarter valued at $404,000. Federated Hermes Inc. boosted its holdings in First Financial Bankshares by 1,180.5% in the first quarter. Federated Hermes Inc. now owns 170,479 shares of the bank's stock valued at $6,124,000 after purchasing an additional 157,166 shares during the period. Mackenzie Financial Corp boosted its holdings in First Financial Bankshares by 86.6% in the first quarter. Mackenzie Financial Corp now owns 11,870 shares of the bank's stock valued at $426,000 after purchasing an additional 5,509 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in First Financial Bankshares by 8.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,621 shares of the bank's stock valued at $1,244,000 after purchasing an additional 2,763 shares during the period. Finally, Assetmark Inc. boosted its holdings in First Financial Bankshares by 76.5% in the first quarter. Assetmark Inc. now owns 1,629 shares of the bank's stock valued at $59,000 after purchasing an additional 706 shares during the period. 69.78% of the stock is currently owned by hedge funds and other institutional investors.

First Financial Bankshares Price Performance

Shares of FFIN traded up $0.2750 during midday trading on Tuesday, reaching $35.9050. 191,597 shares of the stock were exchanged, compared to its average volume of 535,205. The business's 50-day moving average price is $36.03 and its 200 day moving average price is $35.56. First Financial Bankshares, Inc. has a twelve month low of $30.58 and a twelve month high of $44.66. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of 20.87 and a beta of 0.87.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $0.47 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 previous year, the firm earned $0.37 earnings per share. As a group, equities research analysts expect that First Financial Bankshares, Inc. will post 1.78 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 Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.1%. The ex-dividend date is Monday, September 15th. First Financial Bankshares's payout ratio is 44.19%.

Insider Transactions at First Financial Bankshares

In related news, Director Michael B. Denny purchased 5,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were purchased at an average price of $36.02 per share, for a total transaction of $180,100.00. Following the transaction, the director directly owned 108,708 shares of the company's stock, valued at approximately $3,915,662.16. The trade was a 4.82% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders bought 5,850 shares of company stock valued at $210,839. Insiders own 3.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on First Financial Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a report on Friday, July 18th. Hovde Group lifted their price target 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. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $39.25.

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.