Hsbc Holdings PLC Buys New Holdings in First Financial Bankshares, Inc. $FFIN

Key Points

• HSBC Holdings acquired 42,248 shares of First Financial Bankshares in the second quarter, worth approximately $1.47 million. Institutional investors collectively own 69.78% of the company.
• First Financial Bankshares reported quarterly EPS of $0.50, matching estimates, while revenue reached $172.76 million. The company declared a quarterly dividend of $0.22 per share, representing an annualized yield of approximately 2.7%.
• Analysts maintain a generally favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $35.80. The stock recently opened at $33.16, compared with a 52-week range of $28.11 to $36.52.

Hsbc Holdings PLC acquired a new stake in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 42,248 shares of the bank's stock, valued at approximately $1,466,000.

A number of other hedge funds have also recently modified their holdings of FFIN. Versant Capital Management Inc grew its stake in shares of First Financial Bankshares by 8.4% during the 2nd quarter. Versant Capital Management Inc now owns 3,824 shares of the bank's stock worth $132,000 after purchasing an additional 295 shares during the period. Smart Money Group LLC raised its stake in First Financial Bankshares by 0.4% in the 1st quarter. Smart Money Group LLC now owns 80,245 shares of the bank's stock valued at $2,363,000 after purchasing an additional 354 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of First Financial Bankshares by 2.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 13,147 shares of the bank's stock worth $393,000 after buying an additional 356 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in First Financial Bankshares by 32.4% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,661 shares of the bank's stock worth $60,000 after purchasing an additional 406 shares in the last quarter. Finally, Quarry LP boosted its holdings in shares of First Financial Bankshares by 66.3% during the 3rd quarter. Quarry LP now owns 1,026 shares of the bank's stock worth $35,000 after purchasing an additional 409 shares during the last quarter. Hedge funds and other institutional investors own 69.78% of the company's stock.

First Financial Bankshares Stock Performance

FFIN opened at $33.16 on Friday. First Financial Bankshares, Inc. has a one year low of $28.11 and a one year high of $36.52. The business's 50-day simple moving average is $34.37 and its 200-day simple moving average is $32.67. The stock has a market capitalization of $4.75 billion, a P/E ratio of 17.73 and a beta of 0.81.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last posted its quarterly earnings data on Friday, July 17th. The bank reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. The business 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 prior year, the company earned $0.47 earnings per share. On average, equities research analysts forecast that First Financial Bankshares, Inc. will post 2.05 EPS for the current fiscal year.

First Financial Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 dividend on an annualized basis and a yield of 2.7%. First Financial Bankshares's dividend payout ratio is presently 47.06%.

Insider Activity at First Financial Bankshares

In other First Financial Bankshares news, Director Michael Denny bought 3,000 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was acquired at an average cost of $34.66 per share, with a total value of $103,980.00. Following the purchase, the director owned 6,500 shares in the company, valued at approximately $225,290. This represents a 85.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Ronald David Butler II sold 15,000 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $34.95, for a total value of $524,250.00. Following the completion of the sale, the chief accounting officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FFIN. Cantor Fitzgerald restated a "neutral" rating and set a $35.00 price target (up from $34.00) on shares of First Financial Bankshares in a report on Wednesday, July 15th. Benchmark initiated coverage on First Financial Bankshares in a research report on Wednesday, June 24th. They issued a "buy" rating and a $39.00 target price on the stock. Hovde Group assumed coverage on First Financial Bankshares in a research report on Friday. They set a "market perform" rating and a $36.00 price target for the company. Piper Sandler started coverage on shares of First Financial Bankshares in a research report on Thursday, August 27th. They set a "neutral" rating and a $35.00 price target on the stock. Finally, Weiss Ratings upgraded First Financial Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, First Financial Bankshares has a consensus rating of "Moderate Buy" and an average price target of $35.80.

First Financial Bankshares Company Profile

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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