Shares of First Financial Bankshares Inc. FFIN scaled a new 52-week high of $34.79 in Thursday’s trading session and eventually closed at $34.69, reflecting a year-to-date return of 17.8%. The new high level breaks the recent record of $34.75 reached just the prior day.
Growth Driver
First Financial’s recent series of acquisitions is a significant growth driver. In Apr 2015, the company announced plans to acquire TX-based FBC Bancshares, Inc. and 4Trust Mortgage, Inc. While the stock acquisition of FBC Bancshares is expected to close soon, the company completed the asset acquisition of 4Trust Mortgage on Jun 1.
4Trust Mortgage is a residential mortgage origination firm with offices in Dallas, Fort Worth and North Richland Hills. As the firm is a leading mortgage company in the Fort Worth region, the acquisition will likely drive increased market share for First Financial.
With more than $6 billion in total assets and $142.2 million in cash and dues from banks as of Mar 31, 2015, First Financial exhibits a strong balance sheet and liquidity position; enabling it to capitalize on prospective growth opportunities, going forward.
The stock has already risen 16.3% since Jun 1, and the momentum is likely to continue as the company nears the closure of its FBC Bancshares deal before the end of second-quarter 2015.
Estimate Revision Trend
First Financial has also witnessed positive estimate revisions over the last 30 days. This has led to a modest increase in the Zacks Consensus Estimate for 2015 and 2016 to $1.54 and $1.69 per share, respectively.
Currently, First Financial carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the same industry space include Malvern Bancorp, Inc. MLVF, Middleburg Financial Corporation MBRG and Texas Capital BancShares Inc. TCBI. While Malvern Bancorp and Middleburg Financial sport a Zacks Rank #1 (Strong Buy), Texas Capital holds a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment