Allspring Global Investments Holdings LLC Boosts Stock Position in First Financial Bankshares, Inc. (NASDAQ:FFIN)

Allspring Global Investments Holdings LLC grew its stake in First Financial Bankshares, Inc. (NASDAQ:FFIN) by 53.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,112 shares of the bank’s stock after purchasing an additional 4,197 shares during the period. Allspring Global Investments Holdings LLC’s holdings in First Financial Bankshares were worth $432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in FFIN. Investment Research & Advisory Group Inc. purchased a new position in First Financial Bankshares during the first quarter worth about $26,000. Fifth Third Bancorp raised its stake in First Financial Bankshares by 161.5% during the first quarter. Fifth Third Bancorp now owns 714 shares of the bank’s stock worth $26,000 after purchasing an additional 441 shares during the period. Assetmark Inc. purchased a new position in First Financial Bankshares during the fourth quarter worth about $33,000. UMB Bank n.a. grew its position in First Financial Bankshares by 245.6% in the first quarter. UMB Bank n.a. now owns 1,904 shares of the bank’s stock worth $68,000 after acquiring an additional 1,353 shares during the period. Finally, GAMMA Investing LLC grew its position in First Financial Bankshares by 89.9% in the first quarter. GAMMA Investing LLC now owns 1,927 shares of the bank’s stock worth $69,000 after acquiring an additional 912 shares during the period. 69.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Financial Bankshares

In other news, Director Michael B. Denny purchased 5,000 shares of the stock in a transaction dated Friday, June 13th. The stock was acquired at an average cost of $36.02 per share, for a total transaction of $180,100.00. Following the completion of the transaction, the director directly owned 108,708 shares in the company, valued at approximately $3,915,662.16. This represents a 4.82% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders acquired 6,399 shares of company stock worth $227,646 in the last ninety days. Company insiders own 4.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FFIN. Hovde Group lowered their price objective on First Financial Bankshares from $40.00 to $38.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods lowered their price objective on First Financial Bankshares from $38.00 to $36.00 and set a “market perform” rating for the company in a research report on Monday, April 21st.

First Financial Bankshares Stock Performance

First Financial Bankshares stock opened at $37.44 on Friday. The company’s 50 day simple moving average is $35.81 and its 200-day simple moving average is $35.75. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 23.11 and a beta of 0.87. First Financial Bankshares, Inc. has a 1 year low of $29.93 and a 1 year high of $44.66.

First Financial Bankshares (NASDAQ:FFIN) last released its quarterly earnings results on Thursday, April 17th. The bank reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. First Financial Bankshares had a return on equity of 14.31% and a net margin of 30.01%. The business had revenue of $149.02 million during the quarter, compared to analyst estimates of $149.48 million. Equities analysts expect that First Financial Bankshares, Inc. will post 1.78 earnings per share for the current year.

First Financial Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were given a dividend of $0.19 per share. This is a positive change from First Financial Bankshares’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Monday, June 16th. First Financial Bankshares’s dividend payout ratio (DPR) is currently 46.91%.

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.