Patriot Financial Partners GP LP Makes New $10.62 Million Investment in First Financial Bancorp (NASDAQ:FFBC)

Patriot Financial Partners GP LP purchased a new position in First Financial Bancorp (NASDAQ:FFBC) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 433,907 shares of the bank’s stock, valued at approximately $10,620,000. First Financial Bancorp makes up about 3.7% of Patriot Financial Partners GP LP’s portfolio, making the stock its 10th biggest holding. Patriot Financial Partners GP LP owned approximately 0.43% of First Financial Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in FFBC. Parallel Advisors LLC acquired a new position in shares of First Financial Bancorp in the third quarter worth about $25,000. Versant Capital Management Inc lifted its stake in shares of First Financial Bancorp by 109.5% in the third quarter. Versant Capital Management Inc now owns 1,274 shares of the bank’s stock worth $31,000 after acquiring an additional 666 shares in the last quarter. First Mercantile Trust Co. lifted its stake in shares of First Financial Bancorp by 11.6% in the third quarter. First Mercantile Trust Co. now owns 4,057 shares of the bank’s stock worth $99,000 after acquiring an additional 422 shares in the last quarter. Almanack Investment Partners LLC. acquired a new position in shares of First Financial Bancorp in the second quarter worth about $189,000. Finally, Zebra Capital Management LLC acquired a new position in shares of First Financial Bancorp in the second quarter worth about $229,000. Institutional investors and hedge funds own 74.04% of the company’s stock.

In other news, Chairman Claude E. Davis sold 22,420 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $25.40, for a total value of $569,468.00. Following the transaction, the chairman now directly owns 356,517 shares of the company’s stock, valued at $9,055,531.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Claude E. Davis sold 26,657 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $25.32, for a total transaction of $674,955.24. Following the completion of the transaction, the chairman now directly owns 329,860 shares in the company, valued at $8,352,055.20. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

First Financial Bancorp stock traded down $0.03 during midday trading on Friday, hitting $24.27. The stock had a trading volume of 224,900 shares, compared to its average volume of 346,975. The business has a fifty day moving average price of $24.07 and a 200 day moving average price of $23.98. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. First Financial Bancorp has a 12 month low of $22.07 and a 12 month high of $28.59. The stock has a market cap of $2.43 billion, a P/E ratio of 10.64 and a beta of 1.22.

First Financial Bancorp (NASDAQ:FFBC) last announced its earnings results on Thursday, October 17th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.02. First Financial Bancorp had a net margin of 27.72% and a return on equity of 10.13%. The company had revenue of $154.68 million for the quarter, compared to the consensus estimate of $150.98 million. During the same period in the previous year, the business earned $0.58 EPS. On average, equities analysts anticipate that First Financial Bancorp will post 2.13 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Friday, November 29th. First Financial Bancorp’s dividend payout ratio (DPR) is presently 40.35%.

FFBC has been the topic of several recent analyst reports. Royal Bank of Canada set a $24.00 price target on First Financial Bancorp and gave the stock a “hold” rating in a research note on Monday, October 21st. BidaskClub upgraded First Financial Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. Zacks Investment Research cut First Financial Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 17th. Finally, ValuEngine upgraded First Financial Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $27.86.

First Financial Bancorp Profile

First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. 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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Institutional Ownership by Quarter for First Financial Bancorp (NASDAQ:FFBC)

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