First Financial Bankshares stock hits 52-week high at $39.64

First Financial Bankshares Inc. (NASDAQ:FFIN) stock reached a 52-week high, trading at $39.64, marking a significant milestone for the company's shareholders. This peak reflects a robust year-over-year growth, with the stock witnessing an impressive 56.31% increase in value over the past year. Investors have shown increased confidence in the bank's performance, which is evident from the stock's steady climb to this new high. The 52-week high serves as a testament to First Financial (NYSE:SSB) Bankshares' strong financial position and its potential for continued growth in the banking sector.

In other recent news, First Financial Bankshares displayed promising third-quarter earnings per share (EPS) and pre-provision net revenue (PPNR) results that matched consensus forecasts, leading Stephens to adjust the bank's price target from $37.00 to $40.00. The bank's net interest margin (NIM) saw a modest increase, and Stephens anticipates further improvements on the horizon. Notably, First Financial's end-of-period deposit growth was substantial, with a 12% increase on a last quarter annualized basis, providing a strong base for prospective loan growth.

Stephens has consequently revised its EPS forecast for First Financial, predicting sustainable low double-digit loan growth in the near term. The updated price target also takes into account an anticipated 7% year-over-year growth in PPNR for 2025 and 2026. Meanwhile, First Financial Bankshares renewed its stock repurchase plan, allowing for the repurchase of up to 5,000,000 shares of its common stock, following robust Q2 results.

Truist Securities also revised its price target for First Financial Bankshares, initially lowering it to $32 from $34, but later increasing it to $39, reflecting a positive outlook on the bank's earnings potential, fueled by strong loan growth and higher loan yields. In another recent development, First Financial Bankshares welcomed retired Goldman Sachs executive, Sally Pope Davis, to its Board of Directors, marking a significant enhancement to its leadership team. These are some of the recent developments surrounding First Financial Bankshares.

InvestingPro Insights

First Financial Bankshares Inc.'s (FFIN) recent achievement of a 52-week high is further supported by several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 92.94% of its peak, reinforcing the article's observation of the stock's strong performance.

InvestingPro data shows that FFIN has a market capitalization of $5.64 billion, indicating its significant presence in the banking sector. The company's P/E ratio of 24.88 suggests that investors are willing to pay a premium for its shares, possibly due to its growth prospects and dividend history.

Speaking of dividends, InvestingPro Tips highlight that FFIN has maintained dividend payments for 32 consecutive years and has raised its dividend for 14 consecutive years. This consistent dividend policy likely contributes to the stock's attractiveness and its high shareholder yield, another point noted by InvestingPro Tips.

The company's financial health is further underscored by its profitability over the last twelve months and analysts' predictions of continued profitability this year. Additionally, FFIN has seen a 4.11% revenue growth in the last twelve months, with a more substantial 11.18% growth in the most recent quarter, indicating accelerating business momentum.

For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here, providing a deeper understanding of FFIN's financial position and market outlook.

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