ABILENE, TX – Johnny Trotter, a director at First Financial Bankshares Inc (NASDAQ:FFIN), has purchased shares of the company's common stock, according to a recent SEC filing. Trotter acquired 1,000 shares at a price of $27.79 per share, totaling $27,790 in the transaction dated June 14, 2024.
This buy comes as part of Trotter's ongoing investment in the Texas-based state commercial bank, where he now holds a total of 943,371 shares directly following the transaction. Additionally, it is noted that Trotter's spouse indirectly owns 68,000 shares of First Financial Bankshares Inc.
Investors often monitor insider transactions as they can provide insights into how the company's executives and directors view the stock's value and future prospects. Insider purchases, such as Trotter's recent buy, can be a sign of confidence in the company's performance and outlook.
First Financial Bankshares Inc, headquartered in Abilene, Texas, continues to be an integral player in the financial sector, with its shares traded under the ticker FFIN on the NASDAQ exchange. The company has not released any remarks or additional comments regarding this latest insider transaction.
For further details and updates on First Financial Bankshares Inc and its insider activities, investors are encouraged to review the company's filings and press releases.
In other recent news, First Financial Bankshares announced a slight increase in its first-quarter earnings, reporting an EPS of $0.37, a $0.02 increase over analyst expectations. The company's revenue for this period was $129.62 million, just shy of the consensus estimate of $129.72 million. The bank also reported an uptick in net interest income and a decrease in the provision for credit losses.
Additionally, First Financial Bankshares recently welcomed Sally Pope Davis to its Board of Directors. Davis, a veteran in the financial sector, will also join the board of First Financial Bank, the company's subsidiary. Her appointment follows her retirement from Goldman Sachs (NYSE:GS), where she co-led one of the largest U.S. small cap value funds.
Meanwhile, Truist Securities adjusted its price target for First Financial Bankshares, moving it down to $32 from the previous $34 while maintaining its Hold rating on the stock. The revision follows a reevaluation of the company’s earnings per share forecasts for 2024 and 2025. Truist Securities anticipates that net interest income will rise sequentially through 2025, supported by loan growth funded by securities cash flows. These are among the recent developments concerning First Financial Bankshares.
InvestingPro Insights
As Johnny Trotter reinforces his stake in First Financial Bankshares Inc (NASDAQ:FFIN), investors may be curious about the broader financial health and performance metrics of the company. A glance at the recent real-time data from InvestingPro reveals a company with a solid track record of rewarding shareholders and a favorable earnings outlook.
First Financial Bankshares boasts a notable history of dividend reliability, having raised its dividend for 13 consecutive years and maintained payments for an impressive 32 years. This commitment to shareholder returns is reflected in the company's current dividend yield of 2.59%, coupled with a dividend growth rate over the last twelve months of 5.88%. Such figures underscore the company's dedication to providing consistent income to its investors.
InvestingPro Tips highlight that analysts are optimistic about First Financial Bankshares' earnings, with two analysts having revised their earnings upwards for the upcoming period. This suggests that the company's financial prospects may be improving, which could be a contributing factor to the insider confidence indicated by Trotter's recent purchase. Moreover, analysts predict the company will be profitable this year, a sentiment supported by a profit margin of 54.0% over the last twelve months as of Q1 2024.
While First Financial Bankshares has shown a slight revenue decline of 4.52% over the last twelve months as of Q1 2024, it's worth noting that the quarterly revenue growth for Q1 2024 was 6.01%, indicating a potential turnaround in revenue trajectory. The company's market capitalization stands at $3.94 billion, with a P/E ratio of 19.83, which is closely aligned with the adjusted P/E ratio for the last twelve months as of Q1 2024 at 19.75.
For investors looking for further insights and a full list of additional InvestingPro Tips, visiting https://www.investing.com/pro/FFIN can provide valuable guidance. Additionally, using the coupon code PRONEWS24 will grant an extra 10% off a yearly or biyearly Pro and Pro+ subscription, offering an even deeper dive into the company's financials and prospects.
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