Equities analysts expect that First Financial Bancorp (NASDAQ:FFBC) will post sales of $150.53 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for First Financial Bancorp’s earnings. The lowest sales estimate is $149.30 million and the highest is $151.00 million. First Financial Bancorp reported sales of $92.75 million in the same quarter last year, which would suggest a positive year over year growth rate of 62.3%. The firm is expected to announce its next earnings results after the market closes on Thursday, April 25th.
According to Zacks, analysts expect that First Financial Bancorp will report full-year sales of $611.28 million for the current year, with estimates ranging from $606.20 million to $616.10 million. For the next fiscal year, analysts expect that the business will report sales of $632.05 million, with estimates ranging from $626.00 million to $635.00 million. Zacks’ sales calculations are an average based on a survey of research analysts that cover First Financial Bancorp.
First Financial Bancorp (NASDAQ:FFBC) last announced its earnings results on Wednesday, January 23rd. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.58 by $0.03. The business had revenue of $155.46 million for the quarter, compared to the consensus estimate of $152.75 million. First Financial Bancorp had a return on equity of 11.63% and a net margin of 26.81%. During the same period last year, the business posted $0.45 EPS.
FFBC has been the topic of several analyst reports. Stephens downgraded First Financial Bancorp from an “overweight” rating to an “equal weight” rating in a report on Wednesday, March 6th. Barclays reiterated a “sell” rating and set a $26.00 target price on shares of First Financial Bancorp in a report on Friday, January 11th. ValuEngine upgraded First Financial Bancorp from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Zacks Investment Research downgraded First Financial Bancorp from a “buy” rating to a “sell” rating in a report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods downgraded First Financial Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $31.00 to $30.00 in a report on Sunday, February 24th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $29.29.
Shares of NASDAQ:FFBC traded down $0.22 during mid-day trading on Tuesday, hitting $24.75. 247,877 shares of the company traded hands, compared to its average volume of 341,284. The company has a market cap of $2.44 billion, a P/E ratio of 10.86, a PEG ratio of 1.10 and a beta of 1.22. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.91 and a current ratio of 0.91. First Financial Bancorp has a 52-week low of $22.27 and a 52-week high of $33.70.
First Financial Bancorp announced that its board has initiated a stock repurchase program on Monday, January 14th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
Hedge funds have recently bought and sold shares of the business. Bahl & Gaynor Inc. increased its holdings in First Financial Bancorp by 23.5% during the 4th quarter. Bahl & Gaynor Inc. now owns 299,205 shares of the bank’s stock worth $7,098,000 after purchasing an additional 56,863 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in First Financial Bancorp by 157.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 87,693 shares of the bank’s stock worth $2,080,000 after purchasing an additional 53,575 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in First Financial Bancorp by 798.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 74,278 shares of the bank’s stock worth $2,206,000 after purchasing an additional 66,013 shares during the last quarter. Comerica Bank increased its holdings in First Financial Bancorp by 0.5% during the 4th quarter. Comerica Bank now owns 95,739 shares of the bank’s stock worth $2,528,000 after purchasing an additional 495 shares during the last quarter. Finally, Vanguard Group Inc increased its holdings in First Financial Bancorp by 2.1% during the 3rd quarter. Vanguard Group Inc now owns 9,764,366 shares of the bank’s stock worth $290,002,000 after purchasing an additional 197,490 shares during the last quarter. Institutional investors own 75.99% of the company’s stock.
About First Financial Bancorp
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 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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