Hovde Group Cuts First Financial Bankshares (NASDAQ:FFIN) Price Target to $38.00

First Financial Bankshares (NASDAQ:FFIN - Free Report) had its target price lowered by Hovde Group from $40.00 to $38.00 in a research report sent to investors on Monday morning, MarketBeat reports. Hovde Group currently has a market perform rating on the bank's stock.

Separately, Keefe, Bruyette & Woods raised their target price on First Financial Bankshares from $40.00 to $41.00 and gave the stock a "market perform" rating in a research note on Monday, January 27th.

First Financial Bankshares Trading Up 0.6 %

FFIN traded up $0.19 during midday trading on Monday, hitting $33.78. 609,067 shares of the company traded hands, compared to its average volume of 544,168. First Financial Bankshares has a 52-week low of $27.62 and a 52-week high of $44.66. The business has a 50 day simple moving average of $35.04 and a two-hundred day simple moving average of $37.18. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of 21.65 and a beta of 0.82.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $0.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.43. First Financial Bankshares had a return on equity of 14.24% and a net margin of 29.69%. The company had revenue of $149.02 million for the quarter, compared to analysts' expectations of $149.48 million. Equities research analysts anticipate that First Financial Bankshares will post 1.78 earnings per share for the current year.

First Financial Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Friday, March 14th. First Financial Bankshares's dividend payout ratio is presently 44.44%.

Insider Buying and Selling

In other news, Director Johnny Trotter purchased 6,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $35.12 per share, for a total transaction of $210,720.00. Following the completion of the transaction, the director now directly owns 949,371 shares in the company, valued at approximately $33,341,909.52. This represents a 0.64 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders purchased 7,041 shares of company stock valued at $247,992. Company insiders own 4.22% of the company's stock.

Hedge Funds Weigh In On First Financial Bankshares

Several hedge funds have recently bought and sold shares of FFIN. Allspring Global Investments Holdings LLC boosted its stake in shares of First Financial Bankshares by 53.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,112 shares of the bank's stock valued at $432,000 after purchasing an additional 4,197 shares during the period. Diversified Trust Co boosted its stake in shares of First Financial Bankshares by 51.5% in the 1st quarter. Diversified Trust Co now owns 44,138 shares of the bank's stock valued at $1,585,000 after buying an additional 14,999 shares during the period. Bessemer Group Inc. increased its stake in shares of First Financial Bankshares by 7.1% during the first quarter. Bessemer Group Inc. now owns 46,549 shares of the bank's stock worth $1,671,000 after buying an additional 3,066 shares during the period. Avior Wealth Management LLC raised its holdings in First Financial Bankshares by 68.2% in the first quarter. Avior Wealth Management LLC now owns 15,122 shares of the bank's stock valued at $543,000 after acquiring an additional 6,129 shares in the last quarter. Finally, Investment Research & Advisory Group Inc. purchased a new position in First Financial Bankshares in the first quarter worth approximately $26,000. Institutional investors and hedge funds own 69.78% of the company's stock.

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.