First Financial Bankshares, Inc. $FFIN Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC cut its First Financial Bankshares stake by 93% in the second quarter, selling 181,821 shares and retaining 13,671 shares valued at approximately $473,000. Institutional investors and hedge funds collectively own 69.78% of FFIN.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $35.80; individual targets range from $35 to $39.
• First Financial Bankshares reported quarterly EPS of $0.50, in line with estimates, and declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 payout and a 2.7% yield.

Squarepoint Ops LLC decreased its stake in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 93.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,671 shares of the bank's stock after selling 181,821 shares during the period. Squarepoint Ops LLC's holdings in First Financial Bankshares were worth $473,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in shares of First Financial Bankshares by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,760,965 shares of the bank's stock worth $81,309,000 after purchasing an additional 45,052 shares in the last quarter. Norges Bank purchased a new position in First Financial Bankshares during the 4th quarter worth approximately $51,227,000. Royce & Associates LP increased its position in First Financial Bankshares by 93.9% during the fourth quarter. Royce & Associates LP now owns 305,535 shares of the bank's stock worth $9,126,000 after buying an additional 147,974 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of First Financial Bankshares by 4.4% in the first quarter. Principal Financial Group Inc. now owns 297,075 shares of the bank's stock valued at $8,749,000 after acquiring an additional 12,454 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of First Financial Bankshares by 4.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 252,656 shares of the bank's stock worth $8,742,000 after acquiring an additional 10,244 shares during the last quarter. 69.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on FFIN. Cantor Fitzgerald reiterated a "neutral" rating and issued a $35.00 price target (up from $34.00) on shares of First Financial Bankshares in a research report on Wednesday, July 15th. Piper Sandler assumed coverage on shares of First Financial Bankshares in a research note on Thursday, August 27th. They set a "neutral" rating and a $35.00 target price for the company. Hovde Group initiated coverage on First Financial Bankshares in a research report on Friday, September 11th. They issued a "market perform" rating and a $36.00 price target on the stock. Weiss Ratings raised First Financial Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, August 3rd. Finally, Benchmark began coverage on First Financial Bankshares in a research report on Wednesday, June 24th. They set a "buy" rating and a $39.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $35.80.

Insider Buying and Selling at First Financial Bankshares

In other First Financial Bankshares news, Director Michael B. Denny purchased 3,000 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was bought at an average cost of $34.66 per share, with a total value of $103,980.00. Following the acquisition, the director owned 6,500 shares of the company's stock, valued at $225,290. The trade was a 85.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ronald David Butler II sold 15,000 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.95, for a total transaction of $524,250.00. Following the transaction, the chief accounting officer owned 152,223 shares of the company's stock, valued at approximately $5,320,193.85. This trade represents a 8.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.80% of the company's stock.

First Financial Bankshares Stock Performance

Shares of NASDAQ:FFIN opened at $32.81 on Monday. First Financial Bankshares, Inc. has a 1-year low of $28.11 and a 1-year high of $36.52. The company's fifty day moving average is $34.24 and its two-hundred day moving average is $32.71. The stock has a market capitalization of $4.70 billion, a price-to-earnings ratio of 17.55 and a beta of 0.81.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last issued its earnings results on Friday, July 17th. The bank reported $0.50 EPS for the quarter, meeting analysts' consensus estimates of $0.50. The company had revenue of $172.76 million during the quarter, compared to the consensus estimate of $173.03 million. First Financial Bankshares had a return on equity of 14.00% and a net margin of 31.03%.During the same period in the previous year, the firm posted $0.47 earnings per share. Sell-side analysts expect that First Financial Bankshares, Inc. will post 2.05 EPS for the current fiscal year.

First Financial Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, September 14th. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. First Financial Bankshares's dividend payout ratio (DPR) is 47.06%.

About First Financial Bankshares

First Financial Bankshares, Inc is a Texas-based financial holding company headquartered in Abilene. Its principal subsidiary, First Financial Bank, provides banking and financial services to individuals, businesses, agricultural customers and public-sector organizations through a network of locations across Texas.

The company offers consumer and commercial deposit accounts, business and personal loans, mortgage lending, treasury and cash-management services, and online and mobile banking.

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