First Financial Bankshares (NASDAQ:FFIN) Given New $40.00 Price Target at Hovde Group

First Financial Bankshares (NASDAQ:FFIN) had its target price boosted by research analysts at Hovde Group from $34.50 to $40.00 in a research report issued to clients and investors on Monday, Briefing.com reports. The firm currently has a “market perform” rating on the bank’s stock. Hovde Group’s target price indicates a potential upside of 4.17% from the stock’s previous close.

A number of other equities research analysts have also commented on FFIN. Truist Financial increased their price objective on shares of First Financial Bankshares from $39.00 to $40.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Stephens raised 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 report on Friday.

First Financial Bankshares Price Performance

Shares of FFIN opened at $38.40 on Monday. The business’s 50 day simple moving average is $36.44 and its 200-day simple moving average is $33.01. First Financial Bankshares has a one year low of $22.84 and a one year high of $39.53. The company has a market capitalization of $5.49 billion, a P/E ratio of 27.43 and a beta of 0.78.

First Financial Bankshares (NASDAQ:FFIN) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. First Financial Bankshares had a return on equity of 14.01% and a net margin of 29.13%. The company had revenue of $184.94 million for the quarter, compared to analyst estimates of $134.10 million. On average, sell-side analysts anticipate that First Financial Bankshares will post 1.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FFIN. Vanguard Group Inc. increased its holdings in First Financial Bankshares by 3.4% in the first quarter. Vanguard Group Inc. now owns 14,956,322 shares of the bank’s stock valued at $490,717,000 after purchasing an additional 490,770 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of First Financial Bankshares by 480.0% in the 2nd quarter. SG Americas Securities LLC now owns 39,602 shares of the bank’s stock valued at $1,169,000 after acquiring an additional 32,774 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in shares of First Financial Bankshares in the 1st quarter valued at approximately $1,100,000. Bridges Investment Management Inc. acquired a new stake in shares of First Financial Bankshares in the 2nd quarter valued at approximately $637,000. Finally, Bank of New York Mellon Corp boosted its stake in First Financial Bankshares by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,375,856 shares of the bank’s stock worth $40,629,000 after acquiring an additional 15,473 shares during the last quarter. Institutional investors and hedge funds own 69.78% of the company’s stock.

About First Financial Bankshares

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.