First Financial Bancorp. (NASDAQ:FFBC) Price Target Raised to $38.00

First Financial Bancorp. (NASDAQ:FFBC) had its target price boosted by Truist Financial from $37.00 to $38.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other equities research analysts have also weighed in on FFBC. Raymond James Financial restated an “outperform” rating and issued a $37.00 target price on shares of First Financial Bancorp. in a report on Thursday, October 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Financial Bancorp. in a report on Friday, September 4th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $34.33.

First Financial Bancorp. Price Performance

Shares of NASDAQ:FFBC opened at $33.39 on Monday. First Financial Bancorp. has a fifty-two week low of $23.16 and a fifty-two week high of $36.24. The business has a 50-day moving average of $32.06 and a two-hundred day moving average of $31.05. The stock has a market capitalization of $3.50 billion, a P/E ratio of 11.72 and a beta of 0.95. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.85.

First Financial Bancorp. (NASDAQ:FFBC) last released its quarterly earnings results on Tuesday, October 27th. The bank reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. The company had revenue of $273.91 million during the quarter, compared to the consensus estimate of $270.97 million. First Financial Bancorp. had a return on equity of 11.44% and a net margin of 20.80%. During the same quarter in the prior year, the company posted $0.76 EPS. On average, equities research analysts predict that First Financial Bancorp. will post 3.23 EPS for the current fiscal year.

First Financial Bancorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, December 1st. First Financial Bancorp.’s dividend payout ratio (DPR) is presently 36.49%.

Insider Buying and Selling

In related news, CEO Archie M. Brown sold 5,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $32.93, for a total value of $164,650.00. Following the completion of the transaction, the chief executive officer directly owned 238,758 shares in the company, valued at approximately $7,862,300.94. This represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas O’Brien sold 16,088 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $32.77, for a total value of $527,203.76. Following the completion of the transaction, the director directly owned 30,392 shares of the company’s stock, valued at approximately $995,945.84. This trade represents a 34.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On First Financial Bancorp.

A number of institutional investors have recently bought and sold shares of the business. Root Financial Partners LLC acquired a new position in First Financial Bancorp. during the third quarter worth $26,000. Rockefeller Capital Management L.P. grew its holdings in First Financial Bancorp. by 137.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank’s stock worth $25,000 after acquiring an additional 574 shares during the last quarter. USA Financial Formulas acquired a new stake in First Financial Bancorp. in the 3rd quarter valued at about $39,000. Integrated Wealth Concepts LLC acquired a new stake in First Financial Bancorp. in the 2nd quarter valued at about $47,000. Finally, Nykredit A S acquired a new stake in First Financial Bancorp. in the 2nd quarter valued at about $55,000. Institutional investors and hedge funds own 77.23% of the company’s stock.

About First Financial Bancorp.

First Financial Bancorp. is a bank holding company headquartered in Cincinnati, Ohio. Through its principal subsidiary, First Financial Bank, the company provides banking and financial services to businesses, individuals and organizations.

First Financial Bank offers commercial and consumer lending, deposit accounts, treasury management, cash management and other traditional banking products. Its services also include wealth management, investment services and mortgage-related solutions, helping customers manage borrowing, deposits, payments and longer-term financial needs.

The company serves communities primarily in Ohio, Indiana and Kentucky through a network of banking offices and digital banking channels.