Principal Financial Group Inc. Sells 134,623 Shares of First Financial Bankshares, Inc. (NASDAQ:FFIN)

Principal Financial Group Inc. lessened its position in First Financial Bankshares, Inc. (NASDAQ:FFIN - Free Report) by 30.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 301,494 shares of the bank's stock after selling 134,623 shares during the period. Principal Financial Group Inc. owned 0.21% of First Financial Bankshares worth $11,158,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Strategic Financial Concepts LLC grew its stake in shares of First Financial Bankshares by 3,632.9% in the second quarter. Strategic Financial Concepts LLC now owns 2,992,894 shares of the bank's stock worth $884,000 after purchasing an additional 2,912,718 shares during the last quarter. Vanguard Group Inc. lifted its holdings in First Financial Bankshares by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 14,956,322 shares of the bank's stock worth $490,717,000 after buying an additional 490,770 shares during the period. Emerald Advisers LLC bought a new stake in shares of First Financial Bankshares in the 3rd quarter valued at about $8,235,000. Cubist Systematic Strategies LLC increased its stake in shares of First Financial Bankshares by 10,296.3% in the second quarter. Cubist Systematic Strategies LLC now owns 189,732 shares of the bank's stock valued at $5,603,000 after buying an additional 187,907 shares during the period. Finally, Emerald Mutual Fund Advisers Trust raised its position in shares of First Financial Bankshares by 784.6% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 185,053 shares of the bank's stock worth $6,849,000 after acquiring an additional 164,133 shares during the last quarter. 69.78% of the stock is currently owned by institutional investors.

First Financial Bankshares Stock Performance

Shares of First Financial Bankshares stock traded down $0.09 on Monday, reaching $41.25. 377,744 shares of the company's stock were exchanged, compared to its average volume of 542,705. The company has a market capitalization of $5.90 billion, a P/E ratio of 28.51 and a beta of 0.78. First Financial Bankshares, Inc. has a 52 week low of $25.99 and a 52 week high of $43.57. The firm's 50-day moving average is $37.65 and its two-hundred day moving average is $34.21.

First Financial Bankshares (NASDAQ:FFIN - Get Free Report) last issued its earnings results on Thursday, October 17th. The bank reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. First Financial Bankshares had a net margin of 28.76% and a return on equity of 13.43%. The business had revenue of $142.10 million for the quarter, compared to analyst estimates of $140.25 million. On average, analysts expect that First Financial Bankshares, Inc. will post 1.52 EPS for the current fiscal year.

First Financial Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 1.75%. First Financial Bankshares's dividend payout ratio is presently 49.66%.

Insider Activity at First Financial Bankshares

In related news, Director Michael B. Denny sold 7,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $41.12, for a total value of $287,840.00. Following the transaction, the director now directly owns 101,085 shares in the company, valued at $4,156,615.20. This trade represents a 6.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.22% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Hovde Group raised their price target on shares of First Financial Bankshares from $34.50 to $40.00 and gave the stock a "market perform" rating in a report on Monday, October 21st. Truist Financial lifted their target price on shares of First Financial Bankshares from $39.00 to $40.00 and gave the stock a "hold" rating in a research note on Friday, September 20th. Finally, Stephens upped their price target on shares of First Financial Bankshares from $37.00 to $40.00 and gave the company an "equal weight" rating in a research report on Friday, October 18th.

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.