First Financial Bankshares (NASDAQ:FFIN) Hits New 12-Month Low on Disappointing Earnings

First Financial Bankshares, Inc. (NASDAQ:FFIN)’s stock price reached a new 52-week low on Friday following a weaker than expected earnings announcement. The company traded as low as $30.51 and last traded at $30.74, with a volume of 291257 shares. The stock had previously closed at $31.85.

The bank reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.11). First Financial Bankshares had a return on equity of 14.48% and a net margin of 29.81%.The company had revenue of $162.06 million during the quarter, compared to analyst estimates of $161.21 million. During the same period in the prior year, the business earned $0.37 earnings per share. First Financial Bankshares’s quarterly revenue was up 15.6% on a year-over-year basis.

Analysts Set New Price Targets

A number of brokerages have recently commented on FFIN. Hovde Group raised their price target on First Financial Bankshares from $38.00 to $39.00 and gave the company a “market perform” rating in a report on Monday, July 21st. Weiss Ratings reissued a “hold (c)” rating on shares of First Financial Bankshares in a report on Tuesday, October 14th. Keefe, Bruyette & Woods lowered their price target on First Financial Bankshares from $38.00 to $36.00 and set a “market perform” rating on the stock in a report on Friday. Finally, Cantor Fitzgerald began coverage on First Financial Bankshares in a report on Wednesday, September 10th. They set a “neutral” rating and a $39.00 price target on the stock. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, First Financial Bankshares has an average rating of “Hold” and an average price target of $38.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FFIN. Corsicana & Co. acquired a new position in First Financial Bankshares during the third quarter worth about $27,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in First Financial Bankshares during the first quarter worth about $36,000. Smartleaf Asset Management LLC grew its holdings in First Financial Bankshares by 47.5% during the first quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the bank’s stock worth $45,000 after acquiring an additional 404 shares during the period. State of Wyoming acquired a new position in First Financial Bankshares during the second quarter worth about $54,000. Finally, Quarry LP boosted its position in shares of 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 purchasing an additional 1,213 shares during the period. 69.78% of the stock is owned by institutional investors and hedge funds.

First Financial Bankshares Trading Down 2.3%

The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 18.41 and a beta of 0.86. The stock has a 50-day moving average of $34.72 and a two-hundred day moving average of $35.03.

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.