Bank of New York Mellon Corp Trims Position in First Financial Bankshares, Inc. (NASDAQ:FFIN)

Bank of New York Mellon Corp cut its holdings in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,059,567 shares of the bank’s stock after selling 10,493 shares during the period. Bank of New York Mellon Corp owned 0.74% of First Financial Bankshares worth $38,060,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Investment Research & Advisory Group Inc. purchased a new position in shares of First Financial Bankshares in the 1st quarter valued at approximately $26,000. Fifth Third Bancorp lifted its stake in shares of First Financial Bankshares by 161.5% in the 1st quarter. Fifth Third Bancorp now owns 714 shares of the bank’s stock valued at $26,000 after purchasing an additional 441 shares during the period. UMB Bank n.a. lifted its stake in shares of First Financial Bankshares by 245.6% in the 1st quarter. UMB Bank n.a. now owns 1,904 shares of the bank’s stock valued at $68,000 after purchasing an additional 1,353 shares during the period. GAMMA Investing LLC lifted its stake in shares of First Financial Bankshares by 89.9% in the 1st quarter. GAMMA Investing LLC now owns 1,927 shares of the bank’s stock valued at $69,000 after purchasing an additional 912 shares during the period. Finally, Harvest Fund Management Co. Ltd lifted its stake in shares of First Financial Bankshares by 1,497.0% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 3,242 shares of the bank’s stock valued at $118,000 after purchasing an additional 3,039 shares during the period. 69.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FFIN has been the subject of a number of analyst reports. Hovde Group reduced 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 reduced 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.

Insiders Place Their Bets

In related news, Director Michael B. Denny acquired 5,000 shares of First Financial Bankshares stock in a transaction on Friday, June 13th. The shares were bought at an average cost of $36.02 per share, with a total value of $180,100.00. Following the completion of the purchase, the director directly owned 108,708 shares of the company’s stock, valued at $3,915,662.16. The trade was a 4.82% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders purchased 6,399 shares of company stock worth $227,646 over the last quarter. Insiders own 4.22% of the company’s stock.

First Financial Bankshares Stock Up 1.2%

Shares of First Financial Bankshares stock opened at $37.18 on Tuesday. The stock’s 50-day simple moving average is $35.90 and its 200-day simple moving average is $35.74. First Financial Bankshares, Inc. has a 52 week low of $30.58 and a 52 week high of $44.66. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of 22.95 and a beta of 0.87.

First Financial Bankshares (NASDAQ:FFIN) last announced its quarterly earnings data on Thursday, April 17th. The bank reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. The business had revenue of $149.02 million for the quarter, compared to the consensus estimate of $149.48 million. First Financial Bankshares had a return on equity of 14.31% and a net margin of 30.01%. On average, 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 announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were given a $0.19 dividend. This is an increase from First Financial Bankshares’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Monday, June 16th. First Financial Bankshares’s payout ratio is currently 46.91%.

First Financial Bankshares 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.