First Financial Bancorp. (NASDAQ:FFBC) Reaches New 1-Year High – Here’s What Happened

First Financial Bancorp. (NASDAQ:FFBC) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.64 and last traded at $31.7020, with a volume of 54238 shares trading hands. The stock had previously closed at $30.82.

Analyst Ratings Changes

A number of analysts have recently issued reports on FFBC shares. Wall Street Zen raised shares of First Financial Bancorp. from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Truist Financial raised their price target on shares of First Financial Bancorp. from $30.00 to $33.00 and gave the company a “hold” rating in a report on Monday, April 27th. Royal Bank Of Canada raised their price target on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the company a “sector perform” rating in a report on Monday, April 27th. Stephens began coverage on shares of First Financial Bancorp. in a research note on Friday, March 27th. They issued an “overweight” rating and a $33.00 price objective on the stock. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $34.00 price objective on shares of First Financial Bancorp. in a research note on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $33.00.

First Financial Bancorp. Stock Up 0.5%

The company’s 50 day moving average price is $29.95 and its two-hundred day moving average price is $28.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.32. The stock has a market cap of $3.31 billion, a P/E ratio of 11.15 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. Shareholders of record on Monday, June 1st will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, June 1st. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. First Financial Bancorp.’s dividend payout ratio (DPR) is presently 35.34%.

Insider Activity

In other news, CEO Archie M. Brown sold 10,000 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $30.93, for a total transaction of $309,300.00. Following the sale, the chief executive officer directly owned 243,758 shares in the company, valued at $7,539,434.94. This trade represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James M. Anderson sold 4,263 shares of the firm’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $30.00, for a total transaction of $127,890.00. Following the sale, the chief financial officer owned 118,537 shares in the company, valued at $3,556,110. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 41,126 shares of company stock worth $1,255,501 in the last three months. Company insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On First Financial Bancorp.

Institutional investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. increased its stake in First Financial Bancorp. by 137.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank’s stock worth $25,000 after buying an additional 574 shares in the last quarter. First Horizon Corp grew its holdings in First Financial Bancorp. by 56.0% during the 4th quarter. First Horizon Corp now owns 1,526 shares of the bank’s stock valued at $38,000 after buying an additional 548 shares in the last quarter. MAI Capital Management grew its holdings in First Financial Bancorp. by 530.6% during the 3rd quarter. MAI Capital Management now owns 1,545 shares of the bank’s stock valued at $39,000 after buying an additional 1,300 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in First Financial Bancorp. by 38.7% during the 4th quarter. Hantz Financial Services Inc. now owns 1,743 shares of the bank’s stock valued at $44,000 after buying an additional 486 shares in the last quarter. Finally, Smithfield Trust Co purchased a new stake in First Financial Bancorp. during the 4th quarter valued at approximately $50,000. Hedge funds and other institutional investors own 77.23% of the company’s stock.

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.