Vanguard Group Inc. Cuts Stock Position in First Financial Bankshares, Inc. $FFIN

Key Points

• Vanguard Group Inc. trimmed its stake in First Financial Bankshares by 0.5% (sold 68,333 shares) but remains a major holder with 13,683,592 shares—about 9.55% of the company valued at ~$408.7M.
• Several institutions materially increased positions—notably Invesco, SG Americas, AQR, Bank of America and Jane Street—leaving hedge funds and other institutional investors owning roughly 69.78% of the stock.
• First Financial beat quarterly EPS estimates ($0.50 vs. $0.47) and raised its quarterly dividend to $0.22 (annualized $0.88, ~2.7% yield).

Vanguard Group Inc. lessened its position in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 0.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,683,592 shares of the bank's stock after selling 68,333 shares during the quarter. Vanguard Group Inc. owned approximately 9.55% of First Financial Bankshares worth $408,729,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. grew its stake in First Financial Bankshares by 170.9% during the 2nd quarter. Invesco Ltd. now owns 1,101,028 shares of the bank's stock worth $39,615,000 after purchasing an additional 694,534 shares in the last quarter. SG Americas Securities LLC grew its stake in First Financial Bankshares by 3,204.2% during the 4th quarter. SG Americas Securities LLC now owns 417,192 shares of the bank's stock worth $12,462,000 after purchasing an additional 404,566 shares in the last quarter. AQR Capital Management LLC grew its stake in First Financial Bankshares by 314.0% during the 2nd quarter. AQR Capital Management LLC now owns 490,284 shares of the bank's stock worth $17,640,000 after purchasing an additional 371,847 shares in the last quarter. Bank of America Corp DE grew its stake in First Financial Bankshares by 31.8% during the 3rd quarter. Bank of America Corp DE now owns 1,290,749 shares of the bank's stock worth $43,434,000 after purchasing an additional 311,628 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in First Financial Bankshares by 484.7% during the 1st quarter. Jane Street Group LLC now owns 251,601 shares of the bank's stock worth $9,038,000 after purchasing an additional 208,573 shares in the last quarter. Hedge funds and other institutional investors own 69.78% of the company's stock.

Insider Buying and Selling at First Financial Bankshares

In other news, Director Murray Hamilton Edwards bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average cost of $29.32 per share, with a total value of $29,320.00. Following the transaction, the director directly owned 43,634 shares in the company, valued at $1,279,348.88. This trade represents a 2.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Sally Pope Davis bought 1,800 shares of the firm's stock in a transaction that occurred on Friday, March 6th. The stock was purchased at an average cost of $29.52 per share, with a total value of $53,136.00. Following the completion of the transaction, the director owned 10,371 shares in the company, valued at approximately $306,151.92. This trade represents a 21.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 21,164 shares of company stock worth $664,723. Corporate insiders own 3.80% of the company's stock.

First Financial Bankshares Stock Performance

NASDAQ:FFIN opened at $32.60 on Thursday. The stock has a 50-day simple moving average of $30.78 and a 200-day simple moving average of $31.39. The stock has a market cap of $4.67 billion, a P/E ratio of 17.72 and a beta of 0.83. First Financial Bankshares, Inc. has a 1 year low of $28.11 and a 1 year high of $38.74.

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

First Financial Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. This is an increase from First Financial Bankshares's previous quarterly dividend of $0.19. First Financial Bankshares's payout ratio is currently 47.83%.

Wall Street Analyst Weigh In

FFIN has been the subject of several analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of First Financial Bankshares in a research note on Wednesday, April 8th. Keefe, Bruyette & Woods lowered their target price on 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. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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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