First Financial Bankshares (NASDAQ:FFIN) Hits New 52-Week Low on Disappointing Earnings

Key Points

• First Financial Bankshares (NASDAQ:FFIN) hit a new 52-week low of $30.51 after reporting disappointing earnings, with earnings per share at $0.36, missing analysts' estimates by $0.11.
• The bank's quarterly revenue increased by 15.6% year-over-year to $162.06 million, surpassing expectations of $161.21 million.
• Following the earnings report, several analysts adjusted their target prices, with a consensus target price now set at $38.00 and a rating of "Hold."

First Financial Bankshares, Inc. (NASDAQ:FFIN - Get Free Report)'s share price hit a new 52-week low on Friday following a dissappointing earnings announcement. The stock traded as low as $30.51 and last traded at $30.74, with a volume of 291257 shares traded. The stock had previously closed at $31.85.

The bank reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.11). First Financial Bankshares had a net margin of 31.01% and a return on equity of 14.69%. The firm had revenue of $162.06 million during the quarter, compared to analyst estimates of $161.21 million. During the same period in the previous year, the firm posted $0.37 earnings per share. The company's quarterly revenue was up 15.6% compared to the same quarter last year.

Analyst Ratings Changes

Several research analysts recently commented on the company. Hovde Group boosted their target price on First Financial Bankshares from $38.00 to $39.00 and gave the stock a "market perform" rating in a research note on Monday, July 21st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of First Financial Bankshares in a report on Tuesday, October 14th. Keefe, Bruyette & Woods lowered their price target on shares of First Financial Bankshares from $38.00 to $36.00 and set a "market perform" rating for the company in a report on Friday. Finally, Cantor Fitzgerald started coverage on shares of First Financial Bankshares in a research report on Wednesday, September 10th. They set a "neutral" rating and a $39.00 price objective for the company. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, First Financial Bankshares currently has a consensus rating of "Hold" and a consensus target price of $38.00.

Institutional Investors Weigh In On First Financial Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of First Financial Bankshares during the second quarter worth about $57,680,000. Nuveen LLC purchased a new stake in shares of First Financial Bankshares in the 1st quarter valued at about $34,662,000. Invesco Ltd. lifted its holdings in shares of First Financial Bankshares by 170.9% in the 2nd quarter. Invesco Ltd. now owns 1,101,028 shares of the bank's stock valued at $39,615,000 after purchasing an additional 694,534 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of First Financial Bankshares by 36.0% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,465,774 shares of the bank's stock valued at $88,571,000 after purchasing an additional 652,575 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of First Financial Bankshares by 125.7% in the 1st quarter. Ameriprise Financial Inc. now owns 1,085,517 shares of the bank's stock valued at $38,993,000 after purchasing an additional 604,648 shares during the last quarter. 69.78% of the stock is owned by hedge funds and other institutional investors.

First Financial Bankshares Trading Down 3.9%

The firm has a market capitalization of $4.38 billion, a PE ratio of 17.85 and a beta of 0.86. The company has a fifty day moving average price of $34.81 and a two-hundred day moving average price of $35.03.

First Financial Bankshares Company Profile

First Financial Bankshares, Inc, through its subsidiaries, provides commercial banking products and services in Texas. The company offers checking, savings and time deposits; automated teller machines, drive-in, and night deposit services; safe deposit facilities, remote deposit capture, internet banking, mobile banking, payroll cards, funds transfer, and performing other customary commercial banking services; securities brokerage services; and trust and wealth management services, including wealth management, estates administration, oil and gas management, testamentary trusts, revocable and irrevocable trusts, and agency accounts.

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