State of Alaska Department of Revenue trimmed its stake in First Financial Bancorp. (NASDAQ:FFBC – Free Report) by 43.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,747 shares of the bank’s stock after selling 16,488 shares during the quarter. State of Alaska Department of Revenue’s holdings in First Financial Bancorp. were worth $680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also made changes to their positions in the company. First Trust Advisors LP boosted its holdings in shares of First Financial Bancorp. by 557.5% during the first quarter. First Trust Advisors LP now owns 2,042,913 shares of the bank’s stock worth $56,956,000 after purchasing an additional 1,732,223 shares during the period. Bank of New York Mellon Corp acquired a new position in First Financial Bancorp. in the 2nd quarter valued at approximately $40,815,000. Dimensional Fund Advisors LP increased its stake in First Financial Bancorp. by 6.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,617,522 shares of the bank’s stock valued at $184,493,000 after buying an additional 374,373 shares during the period. Bank of America Corp DE lifted its position in First Financial Bancorp. by 29.7% in the 1st quarter. Bank of America Corp DE now owns 1,236,781 shares of the bank’s stock worth $34,481,000 after buying an additional 283,306 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in First Financial Bancorp. in the 1st quarter worth approximately $7,592,000. 77.23% of the stock is currently owned by institutional investors and hedge funds.
First Financial Bancorp. Stock Performance
Shares of FFBC opened at $32.47 on Friday. The company’s fifty day moving average is $32.16 and its 200-day moving average is $32.01. First Financial Bancorp. has a 12 month low of $23.06 and a 12 month high of $36.24. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 11.47 and a beta of 0.93. 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 released 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. First Financial Bancorp. had a net margin of 20.77% and a return on equity of 11.13%. The business had revenue of $264.17 million for the quarter, compared to the consensus estimate of $270.29 million. During the same quarter last year, the firm earned $0.74 EPS. First Financial Bancorp.’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts expect that First Financial Bancorp. will post 3.18 EPS for the current fiscal year.
Analyst Ratings Changes
A number of equities research analysts have issued reports on FFBC shares. Weiss Ratings reissued a “buy (b)” rating on shares of First Financial Bancorp. in a research note on Friday, September 4th. Truist Financial raised shares of First Financial Bancorp. from a “hold” rating to a “buy” rating and upped their price target for the stock from $35.00 to $37.00 in a research note on Thursday, September 24th. Wall Street Zen downgraded shares of First Financial Bancorp. from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Finally, Raymond James Financial increased 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. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.00.
Get Our Latest Stock Analysis on FFBC
Insider Buying and Selling at First Financial Bancorp.
In other First Financial Bancorp. news, CFO James M. Anderson sold 4,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $33.73, for a total transaction of $134,920.00. Following the transaction, the chief financial officer directly owned 114,537 shares in the company, valued at $3,863,333.01. This trade represents a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Archie M. Brown sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $32.93, for a total value of $164,650.00. Following the transaction, the chief executive officer owned 238,758 shares in the company, valued at approximately $7,862,300.94. This trade represents a 2.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 27,788 shares of company stock valued at $919,006. 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 organizations.
First Financial Bank offers commercial and consumer lending, deposit accounts, treasury management, cash management and other traditional banking products. Its services also include wealth management, investment services and mortgage-related solutions, helping customers manage borrowing, deposits, payments and longer-term financial needs.
The company serves communities primarily in Ohio, Indiana and Kentucky through a network of banking offices and digital banking channels.
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