Wall Street analysts expect First Financial Bancorp (NASDAQ:FFBC) to announce sales of $151.05 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for First Financial Bancorp’s earnings, with the lowest sales estimate coming in at $150.20 million and the highest estimate coming in at $152.00 million. First Financial Bancorp reported sales of $83.95 million in the same quarter last year, which indicates a positive year-over-year growth rate of 79.9%. The firm is scheduled to announce its next earnings results after the market closes on Thursday, October 18th.
On average, analysts expect that First Financial Bancorp will report full year sales of $548.63 million for the current fiscal year, with estimates ranging from $545.80 million to $550.40 million. For the next financial year, analysts anticipate that the company will post sales of $619.38 million, with estimates ranging from $607.30 million to $632.80 million. Zacks’ 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 posted its earnings results on Thursday, July 19th. The bank reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.05. First Financial Bancorp had a return on equity of 12.13% and a net margin of 25.41%. The firm had revenue of $152.20 million during the quarter, compared to analyst estimates of $147.77 million. During the same period in the previous year, the company earned $0.37 EPS. The company’s revenue for the quarter was up 77.0% on a year-over-year basis.
A number of brokerages have recently commented on FFBC. BidaskClub lowered First Financial Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 30th. Zacks Investment Research lowered First Financial Bancorp from a “hold” rating to a “sell” rating in a report on Friday, June 22nd. Stephens reiterated a “buy” rating and set a $35.00 price target on shares of First Financial Bancorp in a report on Monday, July 23rd. DA Davidson upgraded First Financial Bancorp from a “neutral” rating to a “buy” rating in a report on Thursday, July 26th. Finally, Sandler O’Neill reiterated a “buy” rating and set a $35.00 price target on shares of First Financial Bancorp in a report on Friday, July 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $32.13.
Shares of FFBC stock opened at $27.33 on Friday. First Financial Bancorp has a 12 month low of $25.00 and a 12 month high of $33.70. The company has a market cap of $2.91 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.32 and a beta of 1.05. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.92.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Monday, September 3rd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, August 30th. This is a positive change from First Financial Bancorp’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.93%. First Financial Bancorp’s payout ratio is 49.69%.
In other news, Director Vince Berta acquired 1,500 shares of the stock in a transaction dated Tuesday, July 31st. The shares were acquired at an average cost of $29.95 per share, for a total transaction of $44,925.00. Following the completion of the transaction, the director now owns 6,527 shares in the company, valued at approximately $195,483.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Anthony M. Stollings sold 15,847 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $31.59, for a total value of $500,606.73. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 2,143 shares of company stock worth $64,236. 3.36% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FFBC. Wells Fargo & Company MN increased its position in shares of First Financial Bancorp by 13.3% during the first quarter. Wells Fargo & Company MN now owns 193,508 shares of the bank’s stock valued at $5,679,000 after purchasing an additional 22,746 shares during the period. SG Americas Securities LLC bought a new stake in shares of First Financial Bancorp during the first quarter valued at approximately $120,000. California Public Employees Retirement System increased its position in shares of First Financial Bancorp by 5.1% during the first quarter. California Public Employees Retirement System now owns 112,303 shares of the bank’s stock valued at $3,296,000 after purchasing an additional 5,458 shares during the period. Citigroup Inc. increased its position in shares of First Financial Bancorp by 56.1% during the first quarter. Citigroup Inc. now owns 10,148 shares of the bank’s stock valued at $298,000 after purchasing an additional 3,647 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of First Financial Bancorp during the first quarter valued at approximately $357,000. Institutional investors and hedge funds own 73.84% of the company’s stock.
First Financial Bancorp Company Profile
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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