First Financial Bankshares (NASDAQ:FFIN) Shares Gap Up Following Earnings Beat

Shares of First Financial Bankshares, Inc. (NASDAQ:FFIN - Get Free Report) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $36.79, but opened at $38.66. First Financial Bankshares shares last traded at $38.04, with a volume of 74,847 shares traded.

The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.45 by $0.02. The business had revenue of $156.60 million for the quarter, compared to the consensus estimate of $156.41 million. First Financial Bankshares had a return on equity of 14.31% and a net margin of 30.01%. During the same quarter last year, the business posted $0.37 EPS.

First Financial Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.00%. The ex-dividend date was Monday, June 16th. This is an increase from First Financial Bankshares's previous quarterly dividend of $0.18. First Financial Bankshares's dividend payout ratio (DPR) is presently 46.91%.

Wall Street Analysts Forecast Growth

FFIN has been the topic of several research analyst reports. Hovde Group dropped their price objective on First Financial Bankshares from $40.00 to $38.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Keefe, Bruyette & Woods lifted their price target on First Financial Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a research note on Friday.

Insider Activity

In related news, Director Michael B. Denny acquired 5,000 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was bought at an average price of $36.02 per share, for a total transaction of $180,100.00. Following the acquisition, the director directly owned 108,708 shares of the company's stock, valued at approximately $3,915,662.16. The trade was a 4.82% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders bought 6,399 shares of company stock valued at $227,646. Company insiders own 4.22% of the company's stock.

Institutional Trading of First Financial Bankshares

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Avior Wealth Management LLC increased its position in shares of First Financial Bankshares by 57.4% in the second quarter. Avior Wealth Management LLC now owns 23,800 shares of the bank's stock valued at $856,000 after acquiring an additional 8,678 shares during the last quarter. Ballentine Partners LLC increased its position in shares of First Financial Bankshares by 2.2% in the second quarter. Ballentine Partners LLC now owns 13,358 shares of the bank's stock valued at $481,000 after acquiring an additional 293 shares during the last quarter. Diversified Trust Co increased its position in shares of First Financial Bankshares by 4.8% in the second quarter. Diversified Trust Co now owns 46,261 shares of the bank's stock valued at $1,664,000 after acquiring an additional 2,123 shares during the last quarter. Baron Wealth Management LLC acquired a new stake in shares of First Financial Bankshares in the second quarter valued at about $242,000. Finally, Strs Ohio acquired a new stake in shares of First Financial Bankshares in the first quarter valued at about $402,000. Institutional investors and hedge funds own 69.78% of the company's stock.

First Financial Bankshares Price Performance

The business has a 50-day moving average of $36.01 and a 200-day moving average of $35.75. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of 23.59 and a beta of 0.87.

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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