First Financial Bankshares (NASDAQ:FFIN) Posts Earnings Results, Misses Estimates By $0.11 EPS

Key Points

• First Financial Bankshares reported earnings of $0.36 EPS, missing the consensus estimate of $0.47 EPS by $0.11.
• The company's stock traded down $0.32 to $31.85 following the earnings release, with a market cap of $4.56 billion.
• Recent upgrades include price target increases by Keefe, Bruyette & Woods to $38.00 and Hovde Group to $39.00, reflecting a mostly "Hold" rating consensus among analysts.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) released its quarterly earnings data on Thursday. The bank reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.11), Zacks reports. First Financial Bankshares had a net margin of 31.01% and a return on equity of 14.69%.

First Financial Bankshares Price Performance

NASDAQ FFIN traded down $0.32 on Thursday, hitting $31.85. The stock had a trading volume of 612,506 shares, compared to its average volume of 529,872. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 18.52 and a beta of 0.86. First Financial Bankshares has a 52-week low of $30.58 and a 52-week high of $44.66. The business's fifty day moving average price is $34.90 and its 200 day moving average price is $35.03.

Analyst Upgrades and Downgrades

Several research firms have commented on FFIN. Keefe, Bruyette & Woods raised their price objective on First Financial Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a research note on Friday, July 18th. Weiss Ratings reissued a "hold (c)" rating on shares of First Financial Bankshares in a research note on Tuesday, October 14th. Hovde Group raised their target price on shares of First Financial Bankshares from $38.00 to $39.00 and gave the stock a "market perform" rating in a report on Monday, July 21st. Finally, Cantor Fitzgerald began coverage on shares of First Financial Bankshares in a report on Wednesday, September 10th. They set a "neutral" rating and a $39.00 price target on the stock. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $38.67.

Institutional Trading of First Financial Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FFIN. Royal Bank of Canada lifted its stake in First Financial Bankshares by 10.8% during the 1st quarter. Royal Bank of Canada now owns 64,287 shares of the bank's stock valued at $2,309,000 after acquiring an additional 6,290 shares during the period. Corient Private Wealth LLC boosted its holdings in First Financial Bankshares by 18.8% in the second quarter. Corient Private Wealth LLC now owns 50,283 shares of the bank's stock valued at $1,809,000 after purchasing an additional 7,950 shares during the last quarter. Empowered Funds LLC acquired a new stake in First Financial Bankshares during the 1st quarter worth about $1,760,000. Qube Research & Technologies Ltd purchased a new position in shares of First Financial Bankshares during the 2nd quarter valued at about $1,331,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of First Financial Bankshares by 117.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 19,020 shares of the bank's stock valued at $684,000 after buying an additional 10,276 shares during the period. Institutional investors and hedge funds own 69.78% of the company's stock.

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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