Voya Investment Management LLC Reduces Stake in First Financial Bankshares, Inc. $FFIN

Voya Investment Management LLC lowered its stake in First Financial Bankshares, Inc. (NASDAQ:FFIN) by 9.9% in the 1st quarter, HoldingsChannel reports. The fund owned 35,241 shares of the bank’s stock after selling 3,871 shares during the period. Voya Investment Management LLC’s holdings in First Financial Bankshares were worth $1,266,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in First Financial Bankshares by 161.5% in the first quarter. Fifth Third Bancorp now owns 714 shares of the bank’s stock worth $26,000 after acquiring an additional 441 shares in the last quarter. Investment Research & Advisory Group Inc. purchased a new position in First Financial Bankshares in the first quarter worth about $26,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in First Financial Bankshares in the first quarter worth about $36,000. Smartleaf Asset Management LLC grew its position in First Financial Bankshares by 47.5% in the first quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the bank’s stock worth $45,000 after acquiring an additional 404 shares in the last quarter. Finally, Quarry LP grew its position in First Financial Bankshares by 336.9% in the first quarter. Quarry LP now owns 1,573 shares of the bank’s stock worth $57,000 after acquiring an additional 1,213 shares in the last quarter. Hedge funds and other institutional investors own 69.78% of the company’s stock.

First Financial Bankshares Trading Up 0.2%

NASDAQ FFIN opened at $34.38 on Wednesday. The firm’s fifty day simple moving average is $35.92 and its two-hundred day simple moving average is $35.37. First Financial Bankshares, Inc. has a 12-month low of $30.58 and a 12-month high of $44.66. The firm has a market capitalization of $4.92 billion, a P/E ratio of 19.99 and a beta of 0.89.

First Financial Bankshares (NASDAQ:FFIN) last released its quarterly earnings results on Thursday, July 17th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.02. First Financial Bankshares had a net margin of 31.01% and a return on equity of 14.69%. The business had revenue of $156.60 million for the quarter, compared to analyst estimates of $156.41 million. During the same period in the previous year, the company earned $0.37 earnings per share. As a group, sell-side analysts predict that First Financial Bankshares, Inc. will post 1.78 earnings per share for the current fiscal year.

First Financial Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, September 15th. First Financial Bankshares’s payout ratio is currently 44.19%.

Analyst Upgrades and Downgrades

FFIN has been the subject of several analyst reports. Cantor Fitzgerald initiated coverage on shares of First Financial Bankshares in a research note on Wednesday, September 10th. They issued a “neutral” rating and a $39.00 price objective for the company. Keefe, Bruyette & Woods raised their price objective on shares of First Financial Bankshares from $36.00 to $38.00 and gave the stock a “market perform” rating in a research note on Friday, July 18th. Finally, Hovde Group raised their price objective on shares of First Financial Bankshares from $38.00 to $39.00 and gave the stock a “market perform” rating in a research note on Monday, July 21st. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $39.00.

First Financial Bankshares 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.