Federated Hermes Inc. Boosts Stock Position in First Financial Bankshares, Inc. (NASDAQ:FFIN)

Key Points

• Federated Hermes Inc. increased its stake in First Financial Bankshares, Inc. by a remarkable 1,180.5% during the first quarter, amassing a total of 170,479 shares valued at approximately $6.12 million.
• Multiple institutional investors significantly raised their holdings in First Financial Bankshares, with UMB Bank n.a. increasing its stake by 245.6% in the same period.
• The company recently announced a quarterly dividend of $0.19 per share, representing an annual yield of 2.2%, with the ex-dividend date set for September 15th.

Federated Hermes Inc. grew its stake in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 1,180.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 170,479 shares of the bank's stock after buying an additional 157,166 shares during the quarter. Federated Hermes Inc. owned 0.12% of First Financial Bankshares worth $6,124,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FFIN. Fifth Third Bancorp raised its holdings in First Financial Bankshares by 161.5% in the 1st quarter. Fifth Third Bancorp now owns 714 shares of the bank's stock worth $26,000 after purchasing an additional 441 shares during the period. Investment Research & Advisory Group Inc. purchased a new stake in shares of First Financial Bankshares in the first quarter valued at approximately $26,000. Assetmark Inc. grew its holdings in First Financial Bankshares by 76.5% in the 1st quarter. Assetmark Inc. now owns 1,629 shares of the bank's stock valued at $59,000 after buying an additional 706 shares in the last quarter. UMB Bank n.a. grew its holdings in First Financial Bankshares by 245.6% in the 1st quarter. UMB Bank n.a. now owns 1,904 shares of the bank's stock valued at $68,000 after buying an additional 1,353 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in First Financial Bankshares by 89.9% in the 1st quarter. GAMMA Investing LLC now owns 1,927 shares of the bank's stock valued at $69,000 after buying an additional 912 shares in the last quarter. Institutional investors and hedge funds own 69.78% of the company's stock.

Insiders Place Their Bets

In other First Financial Bankshares news, Director Michael B. Denny acquired 5,000 shares of the stock in a transaction on Friday, June 13th. The shares were bought 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 of the company's stock, valued at $3,915,662.16. This trade represents a 4.82% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders purchased 5,850 shares of company stock valued at $210,839. 3.96% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FFIN has been the subject of several analyst 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 research report on Monday, July 21st. Keefe, Bruyette & Woods raised their price target 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.

First Financial Bankshares Price Performance

First Financial Bankshares stock opened at $34.05 on Monday. First Financial Bankshares, Inc. has a 1-year low of $30.58 and a 1-year high of $44.66. The stock has a market cap of $4.87 billion, a PE ratio of 19.80 and a beta of 0.87. The stock's fifty day moving average is $36.19 and its two-hundred day moving average is $35.76.

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. First Financial Bankshares had a return on equity of 14.69% and a net margin of 31.01%. The business had revenue of $156.60 million for the quarter, compared to analysts' expectations of $156.41 million. During the same quarter in the previous year, the firm earned $0.37 earnings per share. On average, 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Monday, September 15th. First Financial Bankshares's payout ratio is currently 44.19%.

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.

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