First Financial Bankshares (NASDAQ:FFIN) Shares Gap Up After Better-Than-Expected Earnings

First Financial Bankshares, Inc. (NASDAQ:FFIN) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. 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.

The bank reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.02. First Financial Bankshares had a return on equity of 14.89% and a net margin of 31.01%. The business had revenue of $156.60 million for the quarter, compared to analyst estimates of $156.41 million. During the same quarter last year, the firm earned $0.37 EPS.

First Financial Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were issued a $0.19 dividend. The ex-dividend date was Monday, June 16th. 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%. First Financial Bankshares’s dividend payout ratio (DPR) is 46.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FFIN shares. Keefe, Bruyette & Woods lifted their price target on shares of First Financial Bankshares from $36.00 to $38.00 and gave the company a “market perform” rating in a research note on Friday. Hovde Group lowered their target price on First Financial Bankshares from $40.00 to $38.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st.

Insider Buying and Selling at First Financial Bankshares

In other news, Director Michael B. Denny bought 5,000 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were acquired at an average cost of $36.02 per share, for a total transaction of $180,100.00. Following the completion of the acquisition, the director owned 108,708 shares in the company, valued at approximately $3,915,662.16. This represents a 4.82% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders purchased 6,399 shares of company stock worth $227,646. 4.22% of the stock is owned by insiders.

Hedge Funds Weigh In On First Financial Bankshares

A number of institutional investors have recently bought and sold shares of FFIN. Fifth Third Bancorp increased its holdings in shares of First Financial Bankshares by 161.5% during the 1st quarter. Fifth Third Bancorp now owns 714 shares of the bank’s stock worth $26,000 after acquiring an additional 441 shares during the last quarter. Investment Research & Advisory Group Inc. acquired a new position in First Financial Bankshares in the 1st quarter valued at about $26,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in First Financial Bankshares in the 1st quarter valued at about $36,000. Smartleaf Asset Management LLC grew its stake in First Financial Bankshares by 47.5% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the bank’s stock valued at $45,000 after buying an additional 404 shares during the last quarter. Finally, Quarry LP grew its stake in First Financial Bankshares by 336.9% in the 1st quarter. Quarry LP now owns 1,573 shares of the bank’s stock valued at $57,000 after buying an additional 1,213 shares during the last quarter. Institutional investors and hedge funds own 69.78% of the company’s stock.

First Financial Bankshares Trading Up 1.4%

The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 21.70 and a beta of 0.87. The stock’s 50 day moving average is $36.07 and its 200 day moving average is $35.75.

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.