Bank of New York Mellon Corp Reduces Position in First Financial Bankshares, Inc. $FFIN

Bank of New York Mellon Corp decreased its holdings in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,158,379 shares of the bank’s stock after selling 27,324 shares during the period. Bank of New York Mellon Corp owned about 0.81% of First Financial Bankshares worth $34,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Quarry LP raised its stake in shares of First Financial Bankshares by 66.3% in the third quarter. Quarry LP now owns 1,026 shares of the bank’s stock worth $35,000 after buying an additional 409 shares during the period. Danske Bank A S increased its holdings in First Financial Bankshares by 200.0% in the 4th quarter. Danske Bank A S now owns 1,200 shares of the bank’s stock worth $36,000 after acquiring an additional 800 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in First Financial Bankshares during the 4th quarter worth approximately $44,000. CIBC Private Wealth Group LLC bought a new stake in First Financial Bankshares during the 3rd quarter worth approximately $50,000. Finally, State of Wyoming bought a new stake in First Financial Bankshares during the 2nd quarter worth approximately $54,000. 69.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on FFIN shares. Keefe, Bruyette & Woods dropped their price target on shares of First Financial Bankshares from $36.00 to $34.00 and set a “market perform” rating for the company in a research report on Thursday, April 9th. Benchmark started coverage on shares of First Financial Bankshares in a research report on Wednesday, June 24th. They set a “buy” rating and a $39.00 price objective on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $35.00 target price (up from $34.00) on shares of First Financial Bankshares in a research note on Wednesday, July 15th. Finally, Weiss Ratings raised shares of First Financial Bankshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

First Financial Bankshares Stock Performance

FFIN stock opened at $34.68 on Monday. First Financial Bankshares, Inc. has a one year low of $28.11 and a one year high of $38.12. The company’s fifty day moving average price is $33.65 and its 200-day moving average price is $32.32. The company has a market capitalization of $4.97 billion, a PE ratio of 18.55 and a beta of 0.81.

First Financial Bankshares (NASDAQ:FFIN) last posted its earnings results on Thursday, July 16th. The bank reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. The company had revenue of $172.76 million during the quarter, compared to analysts’ expectations of $173.03 million. First Financial Bankshares had a net margin of 31.03% and a return on equity of 14.00%. During the same period last year, the company posted $0.47 earnings per share. On average, research analysts predict that First Financial Bankshares, Inc. will post 2.04 EPS for the current fiscal year.

First Financial Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were issued a dividend of $0.22 per share. This is a boost from First Financial Bankshares’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.88 annualized dividend and a dividend yield of 2.5%. First Financial Bankshares’s payout ratio is currently 47.06%.

Insider Buying and Selling at First Financial Bankshares

In other news, Director Murray Hamilton Edwards acquired 1,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was purchased at an average price of $33.18 per share, for a total transaction of $33,180.00. Following the completion of the transaction, the director directly owned 44,634 shares in the company, valued at approximately $1,480,956.12. This trade represents a 2.29% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.80% of the stock is currently owned by insiders.

First Financial Bankshares Profile

First Financial Bankshares, Inc is a regional bank holding company headquartered in Cincinnati, Ohio. Through its primary subsidiary, First Financial Bank, the company offers a full suite of banking products and services to individual, small business and commercial clients. With roots dating back to 1863, First Financial has cultivated a strong community banking heritage, combining personalized service with modern financial solutions.

The company’s core business activities include commercial and consumer lending, deposit products, treasury management, mortgage origination and servicing, and wealth management.