Share Buyback Program Declared by First Financial Bankshares (FFIN) Board of Directors
First Financial Bankshares (NASDAQ:FFIN) announced that its Board of Directors has authorized a stock repurchase program, which allows the company to repurchase 2,000,000 shares on Tuesday, July 25th, EventVestor reports. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
Several brokerages have weighed in on FFIN. Piper Jaffray Companies reiterated a “hold” rating and issued a $41.00 price objective on shares of First Financial Bankshares in a research note on Friday, July 21st. BidaskClub cut shares of First Financial Bankshares from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research upgraded shares of First Financial Bankshares from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Friday, June 23rd. Stephens reiterated a “hold” rating on shares of First Financial Bankshares in a research note on Monday, April 24th. Finally, Keefe, Bruyette & Woods upgraded shares of First Financial Bankshares from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $37.00 to $38.00 in a research note on Friday, April 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $42.00.
First Financial Bankshares (NASDAQ FFIN) traded down 0.45% during trading on Wednesday, reaching $43.95. 34,126 shares of the company’s stock traded hands. First Financial Bankshares has a 52-week low of $33.29 and a 52-week high of $46.70. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 27.10 and a beta of 1.35. The company’s 50 day moving average is $42.34 and its 200-day moving average is $41.52.
First Financial Bankshares (NASDAQ:FFIN) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The business had revenue of $82.25 million for the quarter, compared to the consensus estimate of $87.11 million. First Financial Bankshares had a net margin of 33.03% and a return on equity of 12.41%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. On average, analysts anticipate that First Financial Bankshares will post $1.70 earnings per share for the current fiscal year.
In other news, Director Johnny Trotter purchased 1,500 shares of the stock in a transaction dated Friday, April 28th. The shares were purchased at an average cost of $40.36 per share, with a total value of $60,540.00. Following the completion of the acquisition, the director now owns 387,588 shares in the company, valued at approximately $15,643,051.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David L. Copeland sold 684 shares of the stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $38.00, for a total transaction of $25,992.00. Following the completion of the sale, the director now directly owns 33,379 shares in the company, valued at $1,268,402. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 3,230 shares of company stock worth $127,549. Insiders own 5.40% of the company’s stock.
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About First Financial Bankshares
First Financial Bankshares, Inc is a financial holding company. The Company, through its subsidiaries, conducts commercial banking business. As of December 31, 2016, the Company’s subsidiaries included First Financial Bank, National Association, Abilene, Texas; First Technology Services, Inc, Abilene, Texas; First Financial Trust & Asset Management Company, National Association, Abilene, Texas; First Financial Investments, Inc, Abilene, Texas, and First Financial Insurance Agency, Inc, Abilene, Texas.
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