First Financial Bancorp. (NASDAQ:FFBC) Releases Earnings Results, Misses Expectations By $0.01 EPS

First Financial Bancorp. (NASDAQ:FFBC) released its earnings results on Tuesday. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01), FiscalAI reports. First Financial Bancorp. had a return on equity of 11.09% and a net margin of 20.92%.The business had revenue of $264.17 million during the quarter, compared to analysts’ expectations of $270.29 million.

First Financial Bancorp. Stock Up 0.5%

Shares of FFBC stock traded up $0.19 during mid-day trading on Tuesday, hitting $35.67. The company’s stock had a trading volume of 1,478,581 shares, compared to its average volume of 974,108. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 12.60 and a beta of 0.92. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.84 and a current ratio of 0.84. First Financial Bancorp. has a 52-week low of $23.06 and a 52-week high of $36.24. The business has a 50-day moving average price of $32.21 and a 200 day moving average price of $29.69.

First Financial Bancorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.25 dividend. The ex-dividend date was Monday, June 1st. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. First Financial Bancorp.’s payout ratio is currently 35.34%.

Insider Activity at First Financial Bancorp.

In other First Financial Bancorp. news, CEO Archie M. Brown sold 10,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $30.93, for a total transaction of $309,300.00. Following the transaction, the chief executive officer owned 243,758 shares in the company, valued at approximately $7,539,434.94. This represents a 3.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Claude E. Davis sold 26,123 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $30.45, for a total transaction of $795,445.35. Following the sale, the insider directly owned 30,410 shares in the company, valued at approximately $925,984.50. The trade was a 46.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 41,126 shares of company stock valued at $1,255,501 over the last ninety days. Insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On First Financial Bancorp.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its holdings in First Financial Bancorp. by 194.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,248,076 shares of the bank’s stock valued at $31,227,000 after acquiring an additional 824,920 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of First Financial Bancorp. by 67.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 907,478 shares of the bank’s stock worth $22,705,000 after purchasing an additional 364,597 shares during the period. State Street Corp boosted its holdings in shares of First Financial Bancorp. by 7.9% in the fourth quarter. State Street Corp now owns 4,851,427 shares of the bank’s stock worth $121,383,000 after buying an additional 354,833 shares during the last quarter. Jane Street Group LLC bought a new stake in First Financial Bancorp. during the first quarter valued at approximately $5,714,000. Finally, Cubist Systematic Strategies LLC grew its position in First Financial Bancorp. by 110.5% during the second quarter. Cubist Systematic Strategies LLC now owns 324,852 shares of the bank’s stock valued at $7,881,000 after buying an additional 170,540 shares during the period. Hedge funds and other institutional investors own 77.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Stephens began coverage on shares of First Financial Bancorp. in a report on Friday, March 27th. They issued an “overweight” rating and a $33.00 price objective on the stock. Truist Financial boosted their price target on First Financial Bancorp. from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Raymond James Financial upped their price target on First Financial Bancorp. from $34.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Wall Street Zen cut First Financial Bancorp. from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada increased their target price on First Financial Bancorp. from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Monday, April 27th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, First Financial Bancorp. presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.67.

About First Financial Bancorp.

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.