Northwestern Mutual Wealth Management Co. Has $642.57 Million Holdings in First Financial Bankshares, Inc. $FFIN

Key Points

• Northwestern Mutual Wealth Management dramatically increased its First Financial Bankshares stake, ending the quarter with 21.5 million shares worth about $642.6 million, or 15.02% ownership of the bank.
• First Financial Bankshares reported better-than-expected quarterly earnings, posting $0.50 EPS versus the $0.47 consensus, with revenue also slightly above estimates and full-year EPS expected to be 2.04.
• The company raised its quarterly dividend to $0.22 per share from $0.19, translating to an annualized dividend of $0.88 and a 2.8% yield.

Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 3,042,660.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,512,315 shares of the bank's stock after purchasing an additional 21,511,608 shares during the quarter. Northwestern Mutual Wealth Management Co. owned 15.02% of First Financial Bankshares worth $642,573,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FFIN. HHM Wealth Advisors LLC acquired a new position in First Financial Bankshares during the 3rd quarter valued at $25,000. Olistico Wealth LLC acquired a new position in shares of First Financial Bankshares in the 4th quarter valued at $30,000. Quarry LP raised its stake in shares of First Financial Bankshares by 66.3% in the 3rd quarter. Quarry LP now owns 1,026 shares of the bank's stock valued at $35,000 after buying an additional 409 shares in the last quarter. Danske Bank A S raised its stake in shares of First Financial Bankshares by 200.0% in the 4th quarter. Danske Bank A S now owns 1,200 shares of the bank's stock valued at $36,000 after buying an additional 800 shares in the last quarter. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of First Financial Bankshares in the 3rd quarter valued at $50,000. 69.78% of the stock is currently owned by institutional investors and hedge funds.

First Financial Bankshares Stock Performance

Shares of FFIN stock opened at $31.10 on Friday. First Financial Bankshares, Inc. has a 52-week low of $28.11 and a 52-week high of $38.74. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of 16.90 and a beta of 0.83. The firm has a fifty day moving average of $30.80 and a 200-day moving average of $31.39.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last posted its earnings results on Friday, April 17th. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. First Financial Bankshares had a net margin of 31.00% and a return on equity of 14.20%. The business had revenue of $166.89 million for the quarter, compared to analyst estimates of $166.78 million. During the same quarter in the prior year, the firm earned $0.43 EPS. On average, sell-side analysts predict that First Financial Bankshares, Inc. will post 2.04 earnings per share for the current year.

First Financial Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, June 12th. This is a positive change from First Financial Bankshares's previous quarterly dividend of $0.19. First Financial Bankshares's payout ratio is currently 47.83%.

Insiders Place Their Bets

In other news, Director Geoff Haney bought 1,500 shares of the stock in a transaction dated Thursday, March 12th. The shares were acquired at an average price of $29.18 per share, with a total value of $43,770.00. Following the acquisition, the director owned 33,646 shares in the company, valued at $981,790.28. This trade represents a 4.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Johnny Trotter bought 1,000 shares of the stock in a transaction dated 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 acquisition, the director owned 956,444 shares in the company, valued at $27,985,551.44. The trade was a 0.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 21,164 shares of company stock worth $664,723 in the last quarter. 3.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FFIN shares. Keefe, Bruyette & Woods dropped their price objective on shares of First Financial Bankshares from $36.00 to $34.00 and set a "market perform" rating for the company in a research note on Thursday, April 9th. Weiss Ratings restated 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $37.33.

About First Financial Bankshares

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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