Key Points
- CEO Archie Brown sold 5,000 FFBC shares at an average price of $32.93, generating $164,650 and reducing his direct stake by 2.05% to 238,758 shares.
- First Financial Bancorp. reported quarterly EPS of $0.80, topping estimates of $0.78, while revenue rose 16.7% year over year to $264.17 million but fell short of expectations.
- The company increased its quarterly dividend to $0.26 per share, equivalent to a $1.04 annualized payout and a 3.2% yield; analysts’ consensus view is “Moderate Buy” with an average price target of $33.67.
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First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) CEO Archie 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 transaction of $164,650.00. Following the sale, the chief executive officer directly owned 238,758 shares of the company's stock, valued at $7,862,300.94. This trade represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
First Financial Bancorp. Trading Up 0.5%
NASDAQ:FFBC opened at $32.83 on Friday. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 11.60 and a beta of 0.91. The company's 50 day moving average is $33.89 and its 200-day moving average is $31.08. First Financial Bancorp. has a 12 month low of $23.06 and a 12 month high of $36.24. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.32.
First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.02. The company had revenue of $264.17 million for the quarter, compared to the consensus estimate 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 was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 EPS. Equities analysts anticipate that First Financial Bancorp. will post 3.22 EPS for the current year.
First Financial Bancorp. Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.26 per share. This is a boost from First Financial Bancorp.'s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, September 1st. This represents a $1.04 annualized dividend and a dividend yield of 3.2%. First Financial Bancorp.'s dividend payout ratio is 36.75%.
Analysts Set New Price Targets
FFBC has been the subject of several recent research reports. Raymond James Financial boosted their price objective on First Financial Bancorp. from $34.00 to $36.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Wall Street Zen cut shares of First Financial Bancorp. from a "buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Weiss Ratings reissued a "buy (b)" rating on shares of First Financial Bancorp. in a research note on Monday, June 8th. Finally, Truist Financial lifted their target price on shares of First Financial Bancorp. from $33.00 to $35.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $33.67.
Check Out Our Latest Stock Report on FFBC
Institutional Trading of First Financial Bancorp.
Institutional investors and hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. increased its stake in shares of 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. Hantz Financial Services Inc. grew its holdings in First Financial Bancorp. by 38.7% during 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 during the period. Smithfield Trust Co bought a new stake in First Financial Bancorp. in the fourth quarter valued at approximately $50,000. Nykredit A S bought a new stake in First Financial Bancorp. in the second quarter valued at approximately $55,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in First Financial Bancorp. in the second quarter worth $57,000. 77.23% of the stock is owned by institutional investors.
About First Financial Bancorp.
(
Get Free Report)
First Financial Bancorp (NASDAQ: FFBC) is a bank holding company headquartered in Cincinnati, Ohio, and the parent of First Financial Bank. The company provides a comprehensive suite of commercial and consumer banking services through a network of more than 100 full-service banking centers and mortgage offices across Ohio, Indiana and Kentucky. Its core mission centers on delivering personalized relationship banking to businesses, individuals and public sector clients.
First Financial Bank's product portfolio includes deposit solutions such as checking, savings and money market accounts, alongside a range of lending offerings that cover commercial and industrial loans, real estate and construction financing, home mortgages and home equity lines of credit.
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