First Financial Bancorp. (NASDAQ:FFBC) Sees Significant Increase in Short Interest

First Financial Bancorp. (NASDAQ:FFBC) was the target of a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 1,580,000 shares, a growth of 5.3% from the August 31st total of 1,500,000 shares. Based on an average daily trading volume, of 429,200 shares, the days-to-cover ratio is presently 3.7 days. Approximately 1.7% of the company’s stock are sold short.

Analyst Ratings Changes

Several brokerages have recently weighed in on FFBC. Keefe, Bruyette & Woods lifted their target price on shares of First Financial Bancorp. from $25.00 to $27.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Royal Bank of Canada boosted their price target on First Financial Bancorp. from $25.00 to $29.00 and gave the stock a “sector perform” rating in a research note on Monday, July 29th.

Insider Transactions at First Financial Bancorp.

In other First Financial Bancorp. news, insider Claude E. Davis sold 29,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $26.60, for a total value of $771,400.00. Following the completion of the sale, the insider now owns 53,576 shares in the company, valued at $1,425,121.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.04% of the company’s stock.

Institutional Trading of First Financial Bancorp.

A number of hedge funds have recently added to or reduced their stakes in FFBC. Vanguard Group Inc. grew its holdings in shares of First Financial Bancorp. by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 10,939,804 shares of the bank’s stock worth $259,820,000 after purchasing an additional 91,126 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of First Financial Bancorp. by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,732,162 shares of the bank’s stock valued at $149,587,000 after acquiring an additional 60,612 shares during the period. First Financial Bank Trust Division lifted its holdings in shares of First Financial Bancorp. by 17.8% during the 1st quarter. First Financial Bank Trust Division now owns 1,038,758 shares of the bank’s stock valued at $23,289,000 after acquiring an additional 157,190 shares in the last quarter. Norges Bank purchased a new stake in First Financial Bancorp. during the 4th quarter worth $15,348,000. Finally, Bahl & Gaynor Inc. increased its holdings in First Financial Bancorp. by 6.8% in the 1st quarter. Bahl & Gaynor Inc. now owns 625,822 shares of the bank’s stock valued at $14,031,000 after purchasing an additional 39,870 shares in the last quarter. 77.23% of the stock is owned by institutional investors and hedge funds.

First Financial Bancorp. Price Performance

FFBC stock traded down $0.86 on Tuesday, reaching $24.37. The company had a trading volume of 342,849 shares, compared to its average volume of 366,215. The company’s fifty day moving average is $25.50 and its 200 day moving average is $23.47. The company has a market cap of $2.33 billion, a P/E ratio of 9.83 and a beta of 0.99. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.93 and a current ratio of 0.93. First Financial Bancorp. has a 1 year low of $17.23 and a 1 year high of $28.25.

First Financial Bancorp. (NASDAQ:FFBC) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. First Financial Bancorp. had a return on equity of 10.69% and a net margin of 19.67%. The firm had revenue of $314.22 million during the quarter, compared to analysts’ expectations of $203.50 million. During the same quarter last year, the business posted $0.72 EPS. On average, research analysts forecast that First Financial Bancorp. will post 2.58 earnings per share for the current year.

First Financial Bancorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 2nd were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date was Friday, August 30th. This is a positive change from First Financial Bancorp.’s previous quarterly dividend of $0.23. First Financial Bancorp.’s dividend payout ratio is currently 38.71%.

First Financial Bancorp. Company Profile

First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. The company offers checking, savings, and money-market accounts; and accepts various deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers.