Invesco Ltd. Decreases Stock Holdings in First Financial Bankshares, Inc. $FFIN

Key Points

• Invesco Ltd. significantly reduced its holdings in First Financial Bankshares by 62.3%, leaving it with 406,494 shares valued at approximately $14.6 million.
• Several institutional investors, including Cubist Systematic Strategies and GAMMA Investing, have dramatically increased their stakes, with increases as high as 6,719.5% over recent quarters.
• The bank reported a quarterly EPS of $0.47, surpassing analysts' expectations, and announced a dividend of $0.19 per share, expected to yield 2.0% annually.

Invesco Ltd. lowered its stake in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 62.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 406,494 shares of the bank's stock after selling 673,025 shares during the quarter. Invesco Ltd. owned 0.28% of First Financial Bankshares worth $14,601,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Deutsche Bank AG increased its position in shares of First Financial Bankshares by 56.5% during the 1st quarter. Deutsche Bank AG now owns 180,271 shares of the bank's stock valued at $6,475,000 after purchasing an additional 65,104 shares during the last quarter. Ontario Teachers Pension Plan Board increased its position in shares of First Financial Bankshares by 47.7% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 28,725 shares of the bank's stock valued at $1,032,000 after purchasing an additional 9,271 shares during the last quarter. XTX Topco Ltd bought a new position in shares of First Financial Bankshares during the 1st quarter valued at approximately $404,000. Federated Hermes Inc. increased its position in shares of First Financial Bankshares by 1,180.5% during the 1st 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 last quarter. Finally, Mackenzie Financial Corp increased its position in shares of First Financial Bankshares by 86.6% during the 1st 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 last quarter. Institutional investors own 69.78% of the company's stock.

First Financial Bankshares Price Performance

Shares of FFIN stock traded down $0.61 during mid-day trading on Thursday, hitting $37.37. The stock had a trading volume of 426,682 shares, compared to its average volume of 581,724. First Financial Bankshares, Inc. has a 12-month low of $30.58 and a 12-month high of $44.66. The firm has a market capitalization of $5.35 billion, a P/E ratio of 21.73 and a beta of 0.87. The firm's 50-day moving average is $36.18 and its two-hundred day moving average is $35.53.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $156.41 million. During the same period in the prior year, the business earned $0.37 EPS. Analysts expect that First Financial Bankshares, Inc. will post 1.78 EPS 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. Investors of record on Monday, September 15th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, September 15th. First Financial Bankshares's dividend payout ratio is 44.19%.

Analyst Ratings Changes

Several equities analysts have commented on FFIN shares. Keefe, Bruyette & Woods upped their price objective on First Financial Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a research report on Friday, July 18th. Hovde Group upped their price objective on First Financial Bankshares from $38.00 to $39.00 and gave the company a "market perform" rating in a research report on Monday, July 21st. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $39.25.

Insider Buying and Selling at First Financial Bankshares

In related news, Director Michael B. Denny acquired 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average cost of $36.02 per share, for a total transaction of $180,100.00. Following the purchase, the director directly owned 108,708 shares of the company's stock, valued at $3,915,662.16. This trade represents a 4.82% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 4.22% of the stock is owned by company insiders.

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.