Legal & General Group Plc raised its holdings in shares of First Financial Bancorp (NASDAQ:FFBC) by 50.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 186,663 shares of the bank’s stock after purchasing an additional 62,346 shares during the period. Legal & General Group Plc owned approximately 0.19% of First Financial Bancorp worth $5,422,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. SG Americas Securities LLC purchased a new stake in First Financial Bancorp during the 1st quarter valued at $120,000. CIBC Asset Management Inc purchased a new stake in First Financial Bancorp during the 1st quarter valued at $207,000. Allianz Asset Management GmbH purchased a new stake in First Financial Bancorp during the 1st quarter valued at $243,000. Xact Kapitalforvaltning AB purchased a new stake in First Financial Bancorp during the 4th quarter valued at $237,000. Finally, LPL Financial LLC purchased a new stake in First Financial Bancorp during the 1st quarter valued at $287,000. Institutional investors and hedge funds own 80.55% of the company’s stock.
In related news, insider Claude E. Davis sold 35,000 shares of the firm’s stock in a transaction on Friday, May 11th. The stock was sold at an average price of $32.23, for a total value of $1,128,050.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John T. Neighbours sold 850 shares of the firm’s stock in a transaction on Tuesday, June 19th. The stock was sold at an average price of $32.50, for a total value of $27,625.00. Following the completion of the transaction, the director now directly owns 8,026 shares in the company, valued at $260,845. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,229 shares of company stock worth $1,841,705. Company insiders own 3.36% of the company’s stock.
FFBC has been the topic of several recent analyst reports. Sandler O’Neill reiterated a “buy” rating and set a $34.00 target price on shares of First Financial Bancorp in a research note on Friday, April 20th. Zacks Investment Research upgraded First Financial Bancorp from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Tuesday, April 24th. ValuEngine upgraded First Financial Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. BidaskClub upgraded First Financial Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, May 9th. Finally, FIG Partners downgraded First Financial Bancorp from an “outperform” rating to a “hold” rating in a research note on Tuesday, May 15th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $31.33.
First Financial Bancorp opened at $31.80 on Thursday, Marketbeat Ratings reports. The firm has a market capitalization of $3.11 billion, a PE ratio of 17.86, a PEG ratio of 1.47 and a beta of 1.10. First Financial Bancorp has a 1 year low of $22.80 and a 1 year high of $33.70. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.82.
First Financial Bancorp (NASDAQ:FFBC) last released its quarterly earnings results on Thursday, April 19th. The bank reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.05. The firm had revenue of $92.75 million for the quarter, compared to the consensus estimate of $93.03 million. First Financial Bancorp had a return on equity of 12.18% and a net margin of 26.91%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. equities research analysts expect that First Financial Bancorp will post 2.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were paid a $0.19 dividend. The ex-dividend date of this dividend was Thursday, May 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.39%. First Financial Bancorp’s dividend payout ratio (DPR) is currently 47.20%.
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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