First Financial Bankshares (FFIN) PT Lowered to $34 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Will Jones lowered the price target on First Financial Bankshares (NASDAQ: FFIN) to $34.00 (from $35.00) while maintaining a Market Perform rating.

The analyst commented: "Another strong, steady quarter from FFIN with NIM expansion (+1 bp), accelerating loan growth (9% LQA), solid operating leverage, and a 1.9% ROA. AOCI was an expected headwind with TBV dipping 10% LQ, though we remain confident in robust capital levels (+10% TCE) and believe FFIN is a higher-for-longer beneficiary where we will continue to see the value of its strong core deposit base. Consistency of EPS growth and margin stability are attractive in this environment and support a premium valuation, in our view, though at ~3.0x TBV, MP feels like the appropriate rating. We are modestly tweaking estimates and bring our PT down to $34."

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