First Financial Bankshares (NASDAQ:FFIN) Stock Gets Price Target Reduction from Piper Sandler

First Financial Bankshares (NASDAQ:FFIN) had its price objective reduced by research analysts at Piper Sandler from $35.00 to $33.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price objective indicates a potential upside of 10.75% from the company’s previous close.

FFIN has been the subject of several other research reports. Seaport Research Partners upgraded shares of First Financial Bankshares to a “buy” rating in a research report on Wednesday, October 14th. Weiss Ratings cut First Financial Bankshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 25th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $34.00 price objective (down from $35.00) on shares of First Financial Bankshares in a research note on Friday. Hovde Group assumed coverage on First Financial Bankshares in a research note on Friday, September 11th. They set a “market perform” rating and a $36.00 price objective for the company. Finally, Cantor Fitzgerald reduced their target price on First Financial Bankshares from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.20.

First Financial Bankshares Price Performance

NASDAQ FFIN traded down $0.67 on Monday, hitting $29.80. The company had a trading volume of 282,416 shares, compared to its average volume of 831,375. The company’s fifty day moving average price is $32.89 and its 200-day moving average price is $33.00. The company has a market capitalization of $4.27 billion, a PE ratio of 14.67 and a beta of 0.82. First Financial Bankshares has a 12-month low of $28.11 and a 12-month high of $36.52.

First Financial Bankshares (NASDAQ:FFIN) last posted its quarterly earnings data on Friday, October 16th. The bank reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The business had revenue of $174.14 million for the quarter, compared to the consensus estimate of $178.63 million. First Financial Bankshares had a net margin of 33.16% and a return on equity of 14.91%. During the same period last year, the firm posted $0.36 earnings per share. On average, sell-side analysts anticipate that First Financial Bankshares will post 2.04 EPS for the current year.

Insider Transactions at First Financial Bankshares

In other news, CAO Ronald David Butler II sold 15,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.95, for a total value of $524,250.00. Following the transaction, the chief accounting officer directly owned 152,223 shares of the company’s stock, valued at approximately $5,320,193.85. This trade represents a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael Denny purchased 3,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were acquired at an average price of $34.66 per share, for a total transaction of $103,980.00. Following the completion of the transaction, the director directly owned 6,500 shares of the company’s stock, valued at $225,290. The trade was a 85.71% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in shares of First Financial Bankshares by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,760,965 shares of the bank’s stock valued at $81,309,000 after purchasing an additional 45,052 shares during the last quarter. Principal Financial Group Inc. lifted its position in First Financial Bankshares by 4.4% during the first quarter. Principal Financial Group Inc. now owns 297,075 shares of the bank’s stock worth $8,749,000 after buying an additional 12,454 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in First Financial Bankshares by 4.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 252,656 shares of the bank’s stock worth $8,742,000 after buying an additional 10,244 shares during the last quarter. Swiss National Bank boosted its stake in First Financial Bankshares by 0.4% during the first quarter. Swiss National Bank now owns 240,900 shares of the bank’s stock worth $7,095,000 after buying an additional 1,000 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in First Financial Bankshares by 0.7% in the 1st quarter. California Public Employees Retirement System now owns 236,597 shares of the bank’s stock valued at $6,968,000 after buying an additional 1,761 shares in the last quarter. 69.78% of the stock is currently owned by institutional investors and hedge funds.

First Financial Bankshares Company Profile

First Financial Bankshares, Inc is a Texas-based financial holding company headquartered in Abilene. Through its principal subsidiary, First Financial Bank, the company provides banking and financial services to individuals, businesses, agricultural customers and public-sector organizations.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgage lending, treasury and cash-management services, online and mobile banking, and other deposit products. The company also provides trust, wealth-management and investment-related services through affiliated operations.

First Financial Bankshares traces its history to 1890 and serves communities across Texas through a network of banking locations.