Assetmark Inc. Acquires 706 Shares of First Financial Bankshares, Inc. (NASDAQ:FFIN)

Assetmark Inc. boosted its position in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) by 76.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,629 shares of the bank’s stock after buying an additional 706 shares during the period. Assetmark Inc.’s holdings in First Financial Bankshares were worth $59,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in First Financial Bankshares during the fourth quarter valued at approximately $8,341,000. JPMorgan Chase & Co. grew its stake in First Financial Bankshares by 48.9% in the fourth quarter. JPMorgan Chase & Co. now owns 687,300 shares of the bank’s stock worth $24,777,000 after purchasing an additional 225,574 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in First Financial Bankshares by 1,719.8% in the fourth quarter. Cubist Systematic Strategies LLC now owns 209,498 shares of the bank’s stock worth $7,552,000 after purchasing an additional 197,986 shares in the last quarter. Northern Trust Corp boosted its position in First Financial Bankshares by 8.1% during the 4th quarter. Northern Trust Corp now owns 1,776,607 shares of the bank’s stock valued at $64,047,000 after acquiring an additional 133,274 shares in the last quarter. Finally, Tudor Investment Corp ET AL boosted its position in First Financial Bankshares by 936.5% during the 4th quarter. Tudor Investment Corp ET AL now owns 133,485 shares of the bank’s stock valued at $4,812,000 after acquiring an additional 120,607 shares in the last quarter. 69.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FFIN has been the subject of a number of recent analyst reports. Hovde Group raised their price objective on First Financial Bankshares from $38.00 to $39.00 and gave the stock a “market perform” rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods raised their target price on First Financial Bankshares from $36.00 to $38.00 and gave the stock a “market perform” rating in a research note on Friday, July 18th.

First Financial Bankshares Stock Up 1.0%

Shares of First Financial Bankshares stock opened at $34.38 on Tuesday. First Financial Bankshares, Inc. has a twelve month low of $30.58 and a twelve month high of $44.66. The business has a 50-day moving average price of $36.19 and a 200 day moving average price of $35.75. The firm has a market cap of $4.92 billion, a PE ratio of 19.99 and a beta of 0.87.

First Financial Bankshares (NASDAQ:FFIN) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.02. First Financial Bankshares had a return on equity of 14.69% and a net margin of 31.01%. The company had revenue of $156.60 million for the quarter, compared to analysts’ expectations of $156.41 million. During the same period in the previous year, the firm posted $0.37 EPS. On average, sell-side analysts expect that First Financial Bankshares, Inc. will post 1.78 EPS for the current year.

First Financial Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. First Financial Bankshares’s payout ratio is 44.19%.

Insiders Place Their Bets

In related news, Director Michael B. Denny acquired 5,000 shares of the stock in a transaction on Friday, June 13th. The shares were bought at an average price of $36.02 per share, with a total value of $180,100.00. Following the completion of the purchase, the director owned 108,708 shares of the company’s stock, valued at approximately $3,915,662.16. This represents a 4.82% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired a total of 5,850 shares of company stock worth $210,839 over the last quarter. Insiders own 4.22% of the company’s stock.

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.