Bedel Financial Consulting Inc. grew its stake in shares of First Financial Bancorp (NASDAQ:FFBC) by 26.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,412 shares of the bank’s stock after acquiring an additional 5,677 shares during the quarter. Bedel Financial Consulting Inc.’s holdings in First Financial Bancorp were worth $758,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of FFBC. Legacy Financial Advisors Inc. grew its holdings in shares of First Financial Bancorp by 817.2% during the 3rd quarter. Legacy Financial Advisors Inc. now owns 44,895 shares of the bank’s stock worth $1,333,000 after purchasing an additional 40,000 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of First Financial Bancorp during the 3rd quarter worth about $1,013,000. Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of First Financial Bancorp during the 3rd quarter worth about $419,000. Everence Capital Management Inc. purchased a new stake in shares of First Financial Bancorp during the 3rd quarter worth about $402,000. Finally, Ramsey Quantitative Systems purchased a new stake in shares of First Financial Bancorp during the 3rd quarter worth about $329,000. 73.94% of the stock is owned by institutional investors.
FFBC has been the subject of a number of research reports. BidaskClub upgraded First Financial Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, July 11th. Sandler O’Neill reiterated a “buy” rating and set a $35.00 target price on shares of First Financial Bancorp in a report on Friday, July 20th. Barclays decreased their target price on First Financial Bancorp from $32.00 to $31.00 and set a “$31.40” rating for the company in a report on Monday, July 23rd. Stephens reiterated a “buy” rating and set a $35.00 target price on shares of First Financial Bancorp in a report on Monday, July 23rd. Finally, Zacks Investment Research upgraded First Financial Bancorp from a “sell” rating to a “buy” rating and set a $35.00 target price for the company in a report on Tuesday, July 24th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $32.38.
In other First Financial Bancorp news, COO Anthony M. Stollings sold 15,847 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $31.59, for a total value of $500,606.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders acquired 1,143 shares of company stock valued at $31,466. 3.36% of the stock is owned by company insiders.
NASDAQ FFBC opened at $26.45 on Friday. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 1.16 and a beta of 1.05. First Financial Bancorp has a fifty-two week low of $24.05 and a fifty-two week high of $33.70. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.94.
First Financial Bancorp (NASDAQ:FFBC) last released its quarterly earnings results on Thursday, October 18th. The bank reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.01. The firm had revenue of $152.80 million during the quarter, compared to analysts’ expectations of $151.74 million. First Financial Bancorp had a return on equity of 11.70% and a net margin of 25.08%. First Financial Bancorp’s quarterly revenue was up 63.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. As a group, sell-side analysts forecast that First Financial Bancorp will post 2.24 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Friday, November 30th. First Financial Bancorp’s dividend payout ratio is presently 49.69%.
First Financial Bancorp Profile
First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and other banking, and banking-related services to individuals and businesses in Ohio, Indiana, and Kentucky. The company accepts various deposit products, such as interest-bearing and noninterest-bearing accounts, time deposits, and cash management services for commercial customers.
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