New Mexico Educational Retirement Board Boosts Stock Holdings in First Financial Bankshares, Inc. (NASDAQ:FFIN)

Posted by Defense World Staff on Oct 3rd, 2023

New Mexico Educational Retirement Board grew its position in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN – Free Report) by 12.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,500 shares of the bank’s stock after acquiring an additional 3,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in First Financial Bankshares were worth $755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of FFIN. Champlain Investment Partners LLC purchased a new position in First Financial Bankshares during the 1st quarter worth $43,746,000. Norges Bank purchased a new position in shares of First Financial Bankshares in the 4th quarter worth about $43,669,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of First Financial Bankshares by 19.4% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,513,355 shares of the bank’s stock worth $112,076,000 after buying an additional 570,999 shares during the last quarter. State Street Corp boosted its holdings in shares of First Financial Bankshares by 5.7% in the 1st quarter. State Street Corp now owns 5,667,499 shares of the bank’s stock worth $250,897,000 after buying an additional 304,883 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of First Financial Bankshares by 121.1% in the 4th quarter. Renaissance Technologies LLC now owns 542,108 shares of the bank’s stock worth $18,649,000 after buying an additional 296,926 shares during the last quarter. 54.14% of the stock is owned by hedge funds and other institutional investors.

First Financial Bankshares Trading Down 2.5 %

FFIN stock opened at $24.49 on Tuesday. The company’s 50 day moving average is $28.82 and its 200 day moving average is $28.94. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 15.80 and a beta of 0.78. First Financial Bankshares, Inc. has a 1-year low of $23.86 and a 1-year high of $46.08.

First Financial Bankshares (NASDAQ:FFIN – Get Free Report) last issued its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $128.76 million during the quarter, compared to analyst estimates of $128.30 million. First Financial Bankshares had a return on equity of 17.24% and a net margin of 36.80%. As a group, sell-side analysts forecast that First Financial Bankshares, Inc. will post 1.44 EPS for the current fiscal year.

First Financial Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Thursday, September 14th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend was Wednesday, September 13th. First Financial Bankshares’s dividend payout ratio (DPR) is presently 46.45%.

Analyst Ratings Changes

FFIN has been the topic of a number of research analyst reports. Truist Financial cut their price target on shares of First Financial Bankshares from $33.00 to $27.00 and set a “hold” rating on the stock in a report on Wednesday, September 27th. StockNews.com assumed coverage on First Financial Bankshares in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. Stephens boosted their price objective on First Financial Bankshares from $32.00 to $33.00 and gave the company an “equal weight” rating in a research note on Friday, July 21st. Finally, 3M restated a “maintains” rating on shares of First Financial Bankshares in a research note on Thursday, June 29th.

Get Our Latest Stock Report on FFIN

Insider Activity

In related news, Director Johnny Trotter acquired 2,500 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was purchased at an average price of $29.04 per share, with a total value of $72,600.00. Following the completion of the purchase, the director now owns 927,576 shares in the company, valued at approximately $26,936,807.04. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders purchased 3,803 shares of company stock valued at $112,147. 4.11% of the stock is currently owned by company insiders.

First Financial Bankshares Profile

(Free Report)

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.