First Financial Bancorp. $FFBC Stake Decreased by First Financial Bank Trust Division
by Scott Moore · The Cerbat GemFirst Financial Bank Trust Division cut its holdings in shares of First Financial Bancorp. (NASDAQ:FFBC – Free Report) by 4.4% during the third quarter, HoldingsChannel.com reports. The fund owned 799,255 shares of the bank’s stock after selling 36,880 shares during the period. First Financial Bancorp. accounts for about 1.9% of First Financial Bank Trust Division’s holdings, making the stock its 13th largest holding. First Financial Bank Trust Division’s holdings in First Financial Bancorp. were worth $25,033,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of FFBC. Rockefeller Capital Management L.P. raised its holdings in First Financial Bancorp. by 137.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank’s stock valued at $25,000 after acquiring an additional 574 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of First Financial Bancorp. during the 2nd quarter worth approximately $47,000. Nykredit A S acquired a new position in shares of First Financial Bancorp. during the 2nd quarter worth approximately $55,000. Public Employees Retirement System of Ohio purchased a new stake in shares of First Financial Bancorp. in the second quarter valued at approximately $57,000. Finally, Hantz Financial Services Inc. grew its position in shares of First Financial Bancorp. by 38.7% in the fourth quarter. Hantz Financial Services Inc. now owns 1,743 shares of the bank’s stock valued at $44,000 after purchasing an additional 486 shares in the last quarter. Hedge funds and other institutional investors own 77.23% of the company’s stock.
First Financial Bancorp. Trading Up 0.6%
NASDAQ FFBC traded up $0.19 during trading hours on Thursday, reaching $31.51. The company had a trading volume of 894,102 shares, compared to its average volume of 943,993. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $3.31 billion, a P/E ratio of 11.13 and a beta of 0.91. The stock has a 50-day moving average of $32.98 and a 200 day moving average of $31.55. First Financial Bancorp. has a 1-year low of $23.06 and a 1-year high of $36.24.
First Financial Bancorp. (NASDAQ:FFBC – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $264.17 million during the quarter, compared to analysts’ expectations of $270.29 million. First Financial Bancorp. had a net margin of 20.77% and a return on equity of 11.13%. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the business earned $0.74 earnings per share. As a group, research analysts anticipate that First Financial Bancorp. will post 3.22 earnings per share for the current fiscal year.
First Financial Bancorp. Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.26 dividend. This is a boost from First Financial Bancorp.’s previous quarterly dividend of $0.25. The ex-dividend date was Tuesday, September 1st. This represents a $1.04 annualized dividend and a yield of 3.3%. First Financial Bancorp.’s payout ratio is 36.75%.
Analyst Upgrades and Downgrades
FFBC has been the topic of a number of analyst reports. Truist Financial upgraded First Financial Bancorp. from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $37.00 in a research report on Thursday, September 24th. Raymond James Financial upped their target price on First Financial Bancorp. from $34.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Financial Bancorp. in a research note on Friday, September 4th. Finally, Wall Street Zen lowered First Financial Bancorp. from a “buy” rating to a “hold” rating in a report on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.
Get Our Latest Analysis on First Financial Bancorp.
Insider Activity at First Financial Bancorp.
In other news, Director Thomas O’Brien sold 16,088 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $32.77, for a total transaction of $527,203.76. Following the completion of the transaction, the director directly owned 30,392 shares in the company, valued at $995,945.84. This trade represents a 34.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Archie M. Brown sold 5,000 shares of First Financial Bancorp. stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $32.93, for a total value of $164,650.00. Following the completion of the sale, the chief executive officer directly owned 238,758 shares of the company’s stock, valued at $7,862,300.94. The trade was a 2.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,788 shares of company stock worth $919,006 over the last quarter. Company insiders own 1.08% of the company’s stock.
First Financial Bancorp. Company Profile
First Financial Bancorp. is a bank holding company headquartered in Cincinnati, Ohio. Through its principal subsidiary, First Financial Bank, the company provides banking and financial services to businesses, individuals and institutions.
First Financial Bank offers commercial and consumer lending, deposit accounts, treasury management, cash-management services and mortgage banking. Its services also include wealth management, investment management, trust and estate administration, and other financial solutions designed for businesses, municipalities, nonprofit organizations and individual customers.
The company serves communities across Ohio, Indiana and Kentucky through a network of banking offices and digital banking channels.
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