First Financial Bankshares (NASDAQ:FFIN) Sees Unusually-High Trading Volume Following Strong Earnings

First Financial Bankshares, Inc. (NASDAQ:FFIN - Get Free Report) saw strong trading volume on Friday following a stronger than expected earnings report. 179,808 shares were traded during mid-day trading, a decline of 64% from the previous session's volume of 501,571 shares.The stock last traded at $29.15 and had previously closed at $28.80.

The bank reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. First Financial Bankshares had a net margin of 31.28% and a return on equity of 14.53%. The company had revenue of $129.63 million during the quarter, compared to analysts' expectations of $129.72 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. The firm's revenue for the quarter was up 4.3% on a year-over-year basis.

First Financial Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.40%. First Financial Bankshares's dividend payout ratio is currently 51.43%.

Analyst Ratings Changes

FFIN has been the subject of a number of research reports. Keefe, Bruyette & Woods boosted their target price on shares of First Financial Bankshares from $30.00 to $31.00 and gave the stock a "market perform" rating in a research note on Friday, January 26th. Stephens cut their target price on shares of First Financial Bankshares from $35.00 to $31.00 and set an "equal weight" rating for the company in a research note on Friday. Finally, Truist Financial cut their target price on shares of First Financial Bankshares from $35.00 to $34.00 and set a "hold" rating for the company in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $30.50.

Hedge Funds Weigh In On First Financial Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the business. First Command Advisory Services Inc. acquired a new position in First Financial Bankshares during the third quarter worth about $26,000. Lindbrook Capital LLC boosted its position in First Financial Bankshares by 134.8% during the fourth quarter. Lindbrook Capital LLC now owns 911 shares of the bank's stock worth $28,000 after acquiring an additional 523 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in First Financial Bankshares by 81.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 927 shares of the bank's stock valued at $30,000 after purchasing an additional 415 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in First Financial Bankshares in the 3rd quarter valued at about $40,000. Finally, Clear Street Markets LLC acquired a new position in First Financial Bankshares in the 4th quarter valued at about $53,000. 69.78% of the stock is currently owned by institutional investors and hedge funds.

First Financial Bankshares Trading Up 4.2 %

The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 21.44 and a beta of 0.82. The firm's fifty day simple moving average is $31.14 and its two-hundred day simple moving average is $28.81.

About First Financial Bankshares

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.