Principal Financial Group Inc. Lowers Holdings in First Financial Bankshares, Inc. (NASDAQ:FFIN)

Principal Financial Group Inc. reduced its position in shares of First Financial Bankshares, Inc. (NASDAQ:FFIN) by 30.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 301,494 shares of the bank’s stock after selling 134,623 shares during the period. Principal Financial Group Inc. owned approximately 0.21% of First Financial Bankshares worth $11,158,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FFIN. State Street Corp grew its holdings in shares of First Financial Bankshares by 4.7% during the third quarter. State Street Corp now owns 6,222,092 shares of the bank’s stock worth $231,381,000 after purchasing an additional 281,166 shares in the last quarter. Champlain Investment Partners LLC grew its position in First Financial Bankshares by 6.8% in the third quarter. Champlain Investment Partners LLC now owns 3,516,329 shares of the bank’s stock worth $130,139,000 after acquiring an additional 223,640 shares in the last quarter. Geode Capital Management LLC increased its stake in First Financial Bankshares by 8.0% in the third quarter. Geode Capital Management LLC now owns 3,361,921 shares of the bank’s stock valued at $124,446,000 after acquiring an additional 249,011 shares during the last quarter. Strategic Financial Concepts LLC raised its position in First Financial Bankshares by 3,632.9% during the second quarter. Strategic Financial Concepts LLC now owns 2,992,894 shares of the bank’s stock valued at $884,000 after purchasing an additional 2,912,718 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in First Financial Bankshares by 5.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,556,205 shares of the bank’s stock worth $75,482,000 after purchasing an additional 130,361 shares during the last quarter. Institutional investors own 69.78% of the company’s stock.

Insider Transactions at First Financial Bankshares

In other First Financial Bankshares news, Director Michael B. Denny sold 7,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $41.12, for a total value of $287,840.00. Following the transaction, the director now directly owns 101,085 shares in the company, valued at approximately $4,156,615.20. This trade represents a 6.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO F Scott Dueser sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $40.73, for a total value of $1,018,250.00. Following the transaction, the chief executive officer now owns 471,004 shares of the company’s stock, valued at approximately $19,183,992.92. This trade represents a 5.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Hovde Group upped their target price on First Financial Bankshares from $34.50 to $40.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Truist Financial upped their price target on shares of First Financial Bankshares from $39.00 to $40.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods boosted their target price on First Financial Bankshares from $36.00 to $40.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Stephens lifted their price target on First Financial Bankshares from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th.

First Financial Bankshares Price Performance

FFIN stock opened at $36.16 on Monday. The firm has a 50-day moving average of $39.46 and a 200 day moving average of $36.28. The company has a market cap of $5.17 billion, a P/E ratio of 24.94 and a beta of 0.81. First Financial Bankshares, Inc. has a 1 year low of $27.06 and a 1 year high of $44.66.

First Financial Bankshares (NASDAQ:FFIN) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The business had revenue of $142.10 million during the quarter, compared to analyst estimates of $140.25 million. First Financial Bankshares had a return on equity of 13.43% and a net margin of 28.76%. On average, equities research analysts expect that First Financial Bankshares, Inc. will post 1.52 earnings per share for the current fiscal year.

First Financial Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Friday, December 13th. First Financial Bankshares’s payout ratio is 49.66%.

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.