First Financial Bancorp. (NASDAQ:FFBC) Sets New 1-Year High – Here’s Why

First Financial Bancorp. (NASDAQ:FFBC)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $32.31 and last traded at $32.44, with a volume of 612335 shares trading hands. The stock had previously closed at $32.30.

Analyst Ratings Changes

A number of research firms have weighed in on FFBC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Financial Bancorp. in a research report on Monday, June 8th. Wall Street Zen downgraded shares of First Financial Bancorp. from a “buy” rating to a “hold” rating in a report on Sunday. Stephens initiated coverage on shares of First Financial Bancorp. in a research report on Friday, March 27th. They issued an “overweight” rating and a $33.00 price objective on the stock. Raymond James Financial restated an “outperform” rating and set a $34.00 target price on shares of First Financial Bancorp. in a report on Monday, April 27th. Finally, Royal Bank Of Canada raised their target price on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the company a “sector perform” rating in a research report on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.00.

First Financial Bancorp. Stock Down 0.4%

The company has a debt-to-equity ratio of 0.32, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a 50-day moving average of $30.11 and a 200 day moving average of $28.27. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 11.40 and a beta of 0.93.

First Financial Bancorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. First Financial Bancorp.’s dividend payout ratio (DPR) is currently 35.34%.

Insider Buying and Selling

In related news, insider Claude E. Davis sold 26,123 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $30.45, for a total transaction of $795,445.35. Following the transaction, the insider directly owned 30,410 shares in the company, valued at approximately $925,984.50. The trade was a 46.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James M. Anderson sold 4,263 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $30.00, for a total transaction of $127,890.00. Following the sale, the chief financial officer directly owned 118,537 shares in the company, valued at $3,556,110. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 41,126 shares of company stock worth $1,255,501. Insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On First Financial Bancorp.

Several hedge funds have recently bought and sold shares of FFBC. AQR Capital Management LLC grew its holdings in First Financial Bancorp. by 55.0% during the first quarter. AQR Capital Management LLC now owns 97,727 shares of the bank’s stock worth $2,441,000 after purchasing an additional 34,676 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in First Financial Bancorp. by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,205 shares of the bank’s stock valued at $1,404,000 after buying an additional 2,458 shares during the period. Millennium Management LLC lifted its position in shares of First Financial Bancorp. by 3.9% in the first quarter. Millennium Management LLC now owns 589,799 shares of the bank’s stock valued at $14,733,000 after buying an additional 22,227 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of First Financial Bancorp. by 571.4% in the first quarter. Jones Financial Companies Lllp now owns 7,412 shares of the bank’s stock valued at $185,000 after buying an additional 6,308 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First Financial Bancorp. by 6.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 318,298 shares of the bank’s stock worth $7,951,000 after acquiring an additional 17,911 shares during the period. 77.23% of the stock is currently owned by institutional investors and hedge funds.

About First Financial Bancorp.

First Financial Bancorp (NASDAQ: FFBC) is a bank holding company headquartered in Cincinnati, Ohio, and the parent of First Financial Bank. The company provides a comprehensive suite of commercial and consumer banking services through a network of more than 100 full-service banking centers and mortgage offices across Ohio, Indiana and Kentucky. Its core mission centers on delivering personalized relationship banking to businesses, individuals and public sector clients.

First Financial Bank’s product portfolio includes deposit solutions such as checking, savings and money market accounts, alongside a range of lending offerings that cover commercial and industrial loans, real estate and construction financing, home mortgages and home equity lines of credit.