First Financial Bankshares (NASDAQ:FFIN) Reaches New 12-Month High – Here’s Why

First Financial Bankshares, Inc. (NASDAQ:FFIN) reached a new 52-week high during trading on Wednesday . The stock traded as high as $40.43 and last traded at $39.94, with a volume of 38046 shares trading hands. The stock had previously closed at $36.74.

Analyst Upgrades and Downgrades

FFIN has been the subject of several recent research reports. Stephens boosted their price target on First Financial Bankshares from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Truist Financial increased their price target on First Financial Bankshares from $39.00 to $40.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Finally, Hovde Group raised their target price on First Financial Bankshares from $34.50 to $40.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st.

First Financial Bankshares Price Performance

The firm has a market capitalization of $5.89 billion, a PE ratio of 28.25 and a beta of 0.78. The stock’s 50-day moving average price is $36.74 and its 200 day moving average price is $33.56.

First Financial Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.75%. The ex-dividend date is Thursday, December 12th. First Financial Bankshares’s payout ratio is 49.66%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FFIN. Olistico Wealth LLC purchased a new position in shares of First Financial Bankshares during the 2nd quarter worth approximately $29,000. Neo Ivy Capital Management purchased a new stake in shares of First Financial Bankshares in the second quarter valued at about $41,000. Huntington National Bank boosted its holdings in First Financial Bankshares by 32.2% during the third quarter. Huntington National Bank now owns 2,369 shares of the bank’s stock worth $88,000 after buying an additional 577 shares in the last quarter. Quarry LP acquired a new position in shares of First Financial Bankshares in the second quarter valued at approximately $83,000. Finally, Point72 DIFC Ltd acquired a new position in First Financial Bankshares during the second quarter worth approximately $97,000. Institutional investors and hedge funds own 69.78% of the company’s stock.

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.