First Financial Bankshares, Inc. $FFIN Stock Position Increased by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. significantly increased its stake in First Financial Bankshares by 175.7% during the first quarter, now holding approximately $9.72 million in shares.
• First Financial Bankshares announced a quarterly dividend of $0.19 per share, with a yield of 2.0%, set to be paid on October 1st, following a record date of September 15th.
• Analysts have set a consensus target price of $39.25 for First Financial Bankshares, with most ratings holding the stock at a "Hold" status.

Panagora Asset Management Inc. increased its stake in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 175.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 270,589 shares of the bank's stock after purchasing an additional 172,453 shares during the period. Panagora Asset Management Inc. owned 0.19% of First Financial Bankshares worth $9,720,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FFIN. Nuveen LLC bought a new stake in shares of First Financial Bankshares in the 1st quarter worth approximately $34,662,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings 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 purchasing an additional 652,575 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings 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 purchasing an additional 604,648 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of First Financial Bankshares by 484.7% in the 1st quarter. Jane Street Group LLC now owns 251,601 shares of the bank's stock worth $9,038,000 after purchasing an additional 208,573 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of First Financial Bankshares by 1,719.8% in the 4th quarter. Cubist Systematic Strategies LLC now owns 209,498 shares of the bank's stock worth $7,552,000 after purchasing an additional 197,986 shares during the last quarter. Institutional investors own 69.78% of the company's stock.

Insider Activity at First Financial Bankshares

In other news, Director Michael B. Denny acquired 5,000 shares of the company's stock in a transaction dated 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 purchase, the director owned 108,708 shares of the company's stock, valued at approximately $3,915,662.16. This represents a 4.82% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.22% of the company's stock.

First Financial Bankshares Stock Down 1.4%

First Financial Bankshares stock traded down $0.51 during mid-day trading on Friday, hitting $36.73. 443,902 shares of the company's stock traded hands, compared to its average volume of 511,244. The firm has a 50 day moving average price of $36.31 and a 200 day moving average price of $35.51. The company has a market cap of $5.26 billion, a PE ratio of 21.35 and a beta of 0.89. First Financial Bankshares, Inc. has a one year low of $30.58 and a one year high of $44.66.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.02. The firm had revenue of $156.60 million for the quarter, compared to the consensus estimate 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 business earned $0.37 EPS. On average, 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, September 15th. First Financial Bankshares's payout ratio is currently 44.19%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FFIN shares. Hovde Group raised 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. 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 research note on Friday, July 18th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, First Financial Bankshares has a consensus rating of "Hold" and a consensus price target of $39.25.

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.