Charles Schwab Investment Management Inc. Has $60.55 Million Stock Position in First Financial Bankshares, Inc. $FFIN

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 holdings in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FFIN. LPL Financial LLC lifted its stake in First Financial Bankshares by 86.4% in the 4th quarter. LPL Financial LLC now owns 27,150 shares of the bank's stock worth $979,000 after acquiring an additional 12,582 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in First Financial Bankshares by 16.0% in the 4th quarter. Russell Investments Group Ltd. now owns 7,630 shares of the bank's stock worth $275,000 after acquiring an additional 1,054 shares in the last quarter. Federated Hermes Inc. lifted its stake in First Financial Bankshares by 2.3% in the 4th quarter. Federated Hermes Inc. now owns 13,313 shares of the bank's stock worth $480,000 after acquiring an additional 295 shares in the last quarter. Bank of Montreal Can lifted its stake in First Financial Bankshares by 11.0% in the 4th quarter. Bank of Montreal Can now owns 17,724 shares of the bank's stock worth $639,000 after acquiring an additional 1,753 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in First Financial Bankshares in the 4th quarter worth about $8,341,000. 69.78% of the stock is owned by hedge funds and other institutional investors.

First Financial Bankshares Stock Performance

Shares of NASDAQ FFIN traded down $0.03 during mid-day trading on Wednesday, reaching $35.74. 370,727 shares of the company traded hands, compared to its average volume of 571,337. The stock has a market cap of $5.11 billion, a PE ratio of 20.78 and a beta of 0.87. The company's fifty day moving average is $35.98 and its two-hundred day moving average is $35.56. First Financial Bankshares, Inc. has a fifty-two week low of $30.58 and a fifty-two week high of $44.66.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.02. The business had revenue of $156.60 million for the quarter, compared to analyst estimates 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. Research analysts forecast that First Financial Bankshares, Inc. will post 1.78 earnings per share for the current year.

First Financial Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. First Financial Bankshares's dividend payout ratio is currently 44.19%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FFIN shares. 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 report on Friday, July 18th. Hovde Group upped their target price on First Financial Bankshares from $38.00 to $39.00 and gave the stock a "market perform" rating in a research report on Monday, July 21st. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, First Financial Bankshares currently has an average rating of "Hold" and a consensus price target of $39.25.

Insider Activity at First Financial Bankshares

In related news, Director Michael B. Denny acquired 5,000 shares of the stock in a transaction dated Friday, June 13th. The shares were acquired at an average price of $36.02 per share, with a total value of $180,100.00. Following the acquisition, the director owned 108,708 shares in the company, valued at approximately $3,915,662.16. The trade was a 4.82% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders bought 5,850 shares of company stock worth $210,839. Corporate insiders own 4.22% of the company's stock.

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.