ABILENE, Texas—Murray Hamilton Edwards, a director at First Financial Bankshares Inc. (NASDAQ:FFIN), recently acquired 250 shares of the company's common stock. The transaction, completed on November 19, was valued at $10,200, with shares purchased at a price of $40.80 each.
Following this acquisition, Edwards holds a total of 41,834 shares indirectly through a trust. Additionally, he maintains direct ownership of 199,912 shares, with further indirect holdings of 8,880 shares by his spouse, 19,480 shares by trust with no beneficial ownership, and 113,454 shares through a limited partnership.
The limited partnership, Twenty-Three Oaks, LP, includes Edwards, his spouse, and adult children as limited partners, with Edwards disclaiming beneficial ownership except for his pecuniary interest.
In other recent news, First Financial (NYSE:SSB) Bankshares reported third-quarter earnings per share (EPS) and pre-provision net revenue (PPNR) results closely aligned with consensus forecasts. The bank's net interest margin (NIM) rose modestly in the third quarter of 2024, with Stephens predicting further improvements into early 2025. First Financial also showed a significant 12% increase in end-of-period deposit growth, laying a solid foundation for loan growth in 2025.
Stephens has raised the price target on First Financial Bankshares from $37.00 to $40.00, maintaining an Equal Weight rating on the stock. The new price target reflects 23 times the firm's 2026 EPS forecast and 3.7 times its 12-month forecast of tangible book value per share. The bank's recent performance and anticipated economic conditions have led to a more optimistic outlook from Stephens.
Moreover, First Financial Bankshares has renewed its stock repurchase plan, allowing the company to buy back up to 5,000,000 shares of its common stock through July 31, 2025. This development followed strong Q2 results, which included a 16% increase in loan growth compared to the previous quarter. On the other hand, Truist Securities revised its price target for First Financial Bankshares, reflecting an optimistic view on the bank's earnings potential, driven by robust loan growth and higher loan yields.
Lastly, First Financial Bankshares welcomed Sally Pope Davis, a retired Goldman Sachs (NYSE:GS) executive, to its Board of Directors, marking another noteworthy development for the company. These are the recent developments revolving around First Financial Bankshares.
InvestingPro Insights
First Financial Bankshares Inc. (NASDAQ:FFIN) has been demonstrating strong financial performance and shareholder value, as evidenced by recent insider activity and key financial metrics. The company's market capitalization stands at $5.77 billion, reflecting its significant presence in the banking sector.
InvestingPro data reveals that FFIN has a P/E ratio of 27.88, indicating investor confidence in the company's earnings potential. This is further supported by the company's impressive revenue growth of 11.18% in the most recent quarter, showcasing its ability to expand its business in a competitive market.
One of the most notable InvestingPro Tips is that First Financial Bankshares has raised its dividend for 14 consecutive years, demonstrating a strong commitment to returning value to shareholders. This aligns well with Director Murray Hamilton Edwards' recent share acquisition, suggesting confidence in the company's future prospects.
Another InvestingPro Tip highlights that FFIN has maintained dividend payments for 32 consecutive years, underlining its financial stability and long-term shareholder focus. This consistent dividend policy may be a factor in Edwards' decision to increase his stake in the company.
The company's strong performance is also reflected in its stock price, with a remarkable 53.76% total return over the past year. This significant appreciation aligns with another InvestingPro Tip indicating a large price uptick over the last six months.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and analysis on First Financial Bankshares. In fact, there are 5 more InvestingPro Tips available for FFIN, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.