Anchor Capital Advisors LLC reduced its holdings in shares of First Financial Bancorp (NASDAQ:FFBC) by 3.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 75,374 shares of the bank’s stock after selling 2,560 shares during the period. Anchor Capital Advisors LLC’s holdings in First Financial Bancorp were worth $2,239,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Legacy Financial Advisors Inc. lifted its position 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 buying an additional 40,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in First Financial Bancorp in the third quarter valued at about $1,013,000. Tokio Marine Asset Management Co. Ltd. bought a new position in First Financial Bancorp in the third quarter valued at about $419,000. Everence Capital Management Inc. bought a new position in First Financial Bancorp in the third quarter valued at about $402,000. Finally, Ramsey Quantitative Systems bought a new position in First Financial Bancorp in the third quarter valued at about $329,000. Institutional investors and hedge funds own 73.94% of the company’s stock.
Several equities analysts have commented on the company. BidaskClub upgraded First Financial Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research downgraded First Financial Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Barclays dropped their target price on First Financial Bancorp from $31.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, October 22nd. Keefe, Bruyette & Woods upgraded First Financial Bancorp from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $34.00 to $32.00 in a research report on Sunday, October 21st. Finally, ValuEngine downgraded First Financial Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. First Financial Bancorp presently has an average rating of “Hold” and a consensus target price of $32.38.
First Financial Bancorp stock opened at $26.61 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 1.16 and a beta of 1.05. First Financial Bancorp has a 12 month low of $24.05 and a 12 month high of $33.70.
First Financial Bancorp (NASDAQ:FFBC) last issued its quarterly earnings results on Thursday, October 18th. The bank reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.01. The company 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%. The business’s quarterly revenue was up 63.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 earnings per share. On average, research analysts anticipate that First Financial Bancorp will post 2.24 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.01%. First Financial Bancorp’s payout ratio is 49.69%.
In other news, COO Anthony M. Stollings sold 15,847 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $31.59, for a total value of $500,606.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders bought 1,143 shares of company stock valued at $31,466. Insiders own 3.36% of the company’s stock.
About First Financial Bancorp
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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