$88.30 Million in Sales Expected for First Financial Bancorp. (FFBC) This Quarter
Wall Street analysts forecast that First Financial Bancorp. (NASDAQ:FFBC) will announce sales of $88.30 million for the current quarter, according to Zacks. Three analysts have made estimates for First Financial Bancorp.’s earnings, with the highest sales estimate coming in at $89.90 million and the lowest estimate coming in at $86.70 million. First Financial Bancorp. reported sales of $85.77 million during the same quarter last year, which would suggest a positive year over year growth rate of 2.9%. The company is scheduled to announce its next earnings results after the market closes on Thursday, October 19th.
According to Zacks, analysts expect that First Financial Bancorp. will report full-year sales of $88.30 million for the current financial year, with estimates ranging from $346.10 million to $357.40 million. For the next year, analysts expect that the firm will report sales of $563.40 million per share, with estimates ranging from $527.30 million to $598.30 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for First Financial Bancorp..
First Financial Bancorp. (NASDAQ:FFBC) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.01). The firm had revenue of $85.97 million for the quarter, compared to analysts’ expectations of $89.52 million. First Financial Bancorp. had a net margin of 24.28% and a return on equity of 10.65%. During the same period in the previous year, the company posted $0.36 earnings per share.
Several research firms have weighed in on FFBC. Stephens raised First Financial Bancorp. from an “equal weight” rating to an “overweight” rating and set a $31.00 target price for the company in a research report on Wednesday, July 26th. BidaskClub cut First Financial Bancorp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Zacks Investment Research cut First Financial Bancorp. from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reiterated a “hold” rating and issued a $28.00 price objective on shares of First Financial Bancorp. in a research note on Friday, September 8th. Finally, Piper Jaffray Companies set a $28.00 price objective on First Financial Bancorp. and gave the company a “hold” rating in a research note on Friday, October 6th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $28.29.
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The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 1st were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Wednesday, August 30th. First Financial Bancorp.’s payout ratio is presently 45.03%.
In related news, insider C Douglas Lefferson sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $25.69, for a total transaction of $1,027,600.00. Following the completion of the sale, the insider now owns 74,170 shares in the company, valued at $1,905,427.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have purchased 801 shares of company stock valued at $20,054. 1.88% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of FFBC. UBS Asset Management Americas Inc. lifted its stake in First Financial Bancorp. by 56.1% during the first quarter. UBS Asset Management Americas Inc. now owns 33,870 shares of the bank’s stock worth $930,000 after purchasing an additional 12,169 shares during the last quarter. Karp Capital Management Corp purchased a new stake in First Financial Bancorp. during the first quarter worth approximately $695,000. Sei Investments Co. lifted its stake in First Financial Bancorp. by 85.0% during the first quarter. Sei Investments Co. now owns 27,761 shares of the bank’s stock worth $762,000 after purchasing an additional 12,757 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in First Financial Bancorp. by 5.2% during the first quarter. Ameriprise Financial Inc. now owns 328,421 shares of the bank’s stock worth $9,017,000 after purchasing an additional 16,288 shares during the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in First Financial Bancorp. during the first quarter worth approximately $139,000. Hedge funds and other institutional investors own 74.23% of the company’s stock.
First Financial Bancorp. Company Profile
First Financial Bancorp. (First Financial) is a regional bank holding company. First Financial is engaged in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank, National Association (the Bank). The range of banking services provided by First Financial to individuals and businesses include commercial lending, real estate lending and consumer financing.
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