Michael B. Denny, a director at First Financial Bankshares Inc. (NASDAQ:FFIN), has sold 7,000 shares of common stock, according to a recent SEC filing. The shares were sold at a price of $41.12 each, totaling approximately $287,840. Following this transaction, Denny holds 101,085 shares indirectly through a limited partnership, where he and his spouse are beneficial owners.
In other recent news, First Financial (NYSE:SSB) Bankshares has seen noteworthy developments. The company's third-quarter earnings per share (EPS) and pre-provision net revenue (PPNR) results were in line with consensus forecasts, prompting Stephens to raise the price target from $37 to $40, while maintaining an Equal Weight rating. The bank's net interest margin (NIM) saw a slight increase, and Stephens expects further improvements based on a predicted 150 basis points reduction in the Federal Funds rate.
First Financial also reported a significant 12% increase in end-of-period deposit growth, which should provide a robust base for loan growth in 2025. Alongside these results, the company has renewed its stock repurchase plan, permitting the repurchase of up to 5,000,000 shares of its common stock through July 2025.
In contrast, Truist Securities initially lowered its price target for First Financial Bankshares to $32, but later increased it to $39, indicating a positive outlook on the bank's earnings potential. First Financial also welcomed Sally Pope Davis, a retired Goldman Sachs (NYSE:GS) executive, to its Board of Directors. These are the recent developments surrounding First Financial Bankshares.
InvestingPro Insights
First Financial Bankshares Inc. (NASDAQ:FFIN) has been demonstrating strong performance recently, which adds context to Director Michael B. Denny's (NASDAQ:DENN) decision to sell shares. According to InvestingPro data, the company's stock has shown a significant return of 65.03% over the past year, and it's currently trading near its 52-week high at 98.67% of that peak.
The company's financial health appears robust, with a market capitalization of $5.86 billion and a P/E ratio of 28.53. This valuation suggests investors are willing to pay a premium for FFIN's earnings, possibly due to its growth prospects or financial stability.
InvestingPro Tips highlight that First Financial Bankshares has raised its dividend for 14 consecutive years and has maintained dividend payments for 32 consecutive years. This consistent dividend policy may be attractive to income-focused investors, even though the current dividend yield stands at a modest 1.76%.
It's worth noting that 4 analysts have revised their earnings upwards for the upcoming period, which could indicate positive expectations for the company's near-term performance. This optimism is further supported by the company's profitability over the last twelve months and analysts' predictions of continued profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for First Financial Bankshares, providing a deeper insight into the company's financial position and market performance.
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