Norges Bank Acquires Shares of 1,714,998 First Financial Bankshares, Inc. $FFIN

Key Points

• Norges Bank bought 1,714,998 shares of First Financial Bankshares in the fourth quarter, a stake valued at about $51.2 million and representing roughly 1.2% ownership.
• The bank reported strong quarterly results, with earnings of $0.50 per share beating estimates of $0.47, while revenue also slightly topped expectations at $166.89 million.
• First Financial Bankshares raised its quarterly dividend to $0.22 per share from $0.19, bringing the annualized payout to $0.88 and the dividend yield to about 2.7%.

Norges Bank acquired a new position in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,714,998 shares of the bank's stock, valued at approximately $51,227,000. Norges Bank owned approximately 1.20% of First Financial Bankshares as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FFIN. Kingsview Wealth Management LLC grew its position in First Financial Bankshares by 1.2% in the third quarter. Kingsview Wealth Management LLC now owns 27,059 shares of the bank's stock worth $911,000 after acquiring an additional 321 shares in the last quarter. Signaturefd LLC raised its position in First Financial Bankshares by 6.2% during the fourth quarter. Signaturefd LLC now owns 5,863 shares of the bank's stock valued at $175,000 after purchasing an additional 344 shares during the period. Ballentine Partners LLC lifted its stake in shares of First Financial Bankshares by 3.0% in the 4th quarter. Ballentine Partners LLC now owns 13,482 shares of the bank's stock valued at $403,000 after purchasing an additional 391 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of First Financial Bankshares by 20.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,320 shares of the bank's stock valued at $78,000 after purchasing an additional 392 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of First Financial Bankshares by 24.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,064 shares of the bank's stock worth $70,000 after purchasing an additional 403 shares during the period. 69.78% of the stock is currently owned by institutional investors.

First Financial Bankshares Stock Performance

NASDAQ FFIN opened at $32.48 on Monday. The stock has a market cap of $4.65 billion, a PE ratio of 17.65 and a beta of 0.83. First Financial Bankshares, Inc. has a 12 month low of $28.11 and a 12 month high of $38.74. The company's 50-day moving average price is $31.60 and its 200-day moving average price is $31.52.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The bank reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The company had revenue of $166.89 million during the quarter, compared to analyst estimates of $166.78 million. First Financial Bankshares had a net margin of 31.00% and a return on equity of 14.20%. During the same quarter last year, the business posted $0.43 EPS. As a group, sell-side analysts forecast that First Financial Bankshares, Inc. will post 2.04 earnings per share for the current year.

First Financial Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a dividend of $0.22 per share. This is a boost from First Financial Bankshares's previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, June 12th. First Financial Bankshares's payout ratio is presently 41.30%.

Wall Street Analyst Weigh In

FFIN has been the topic of several recent research reports. Keefe, Bruyette & Woods decreased their price target on First Financial Bankshares from $36.00 to $34.00 and set a "market perform" rating on the stock in a report on Thursday, April 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of First Financial Bankshares in a research note on Wednesday, April 8th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $37.33.

Insider Activity at First Financial Bankshares

In other news, Director Geoff Haney purchased 1,500 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average price of $29.18 per share, for a total transaction of $43,770.00. Following the completion of the acquisition, the director owned 33,646 shares of the company's stock, valued at approximately $981,790.28. This trade represents a 4.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Johnny Trotter acquired 1,000 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $29.26 per share, for a total transaction of $29,260.00. Following the purchase, the director owned 956,444 shares of the company's stock, valued at $27,985,551.44. This represents a 0.10% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 4,164 shares of company stock worth $123,571. Company insiders own 3.80% of the company's stock.

First Financial Bankshares Company Profile

First Financial Bankshares, Inc is a regional bank holding company headquartered in Cincinnati, Ohio. Through its primary subsidiary, First Financial Bank, the company offers a full suite of banking products and services to individual, small business and commercial clients. With roots dating back to 1863, First Financial has cultivated a strong community banking heritage, combining personalized service with modern financial solutions.

The company's core business activities include commercial and consumer lending, deposit products, treasury management, mortgage origination and servicing, and wealth management.

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