First Financial Bancorp. (NASDAQ:FFBC) Sets New 1-Year High – Should You Buy?

Shares of First Financial Bancorp. (NASDAQ:FFBC) reached a new 52-week high on Wednesday . The company traded as high as $32.68 and last traded at $32.6930, with a volume of 27870 shares trading hands. The stock had previously closed at $32.47.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FFBC. Wall Street Zen upgraded First Financial Bancorp. from a “hold” rating to a “buy” rating in a research note on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of First Financial Bancorp. in a report on Monday, June 8th. Truist Financial boosted their target price on shares of First Financial Bancorp. from $30.00 to $33.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. Stephens began coverage on shares of First Financial Bancorp. in a research note on Friday, March 27th. They set an “overweight” rating and a $33.00 price target on the stock. Finally, Raymond James Financial restated an “outperform” rating and set a $34.00 target price on shares of First Financial Bancorp. in a research report 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

First Financial Bancorp. Trading Up 0.8%

The company’s fifty day simple moving average is $30.53 and its two-hundred day simple moving average is $28.60. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 11.59 and a beta of 0.93.

First Financial Bancorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a dividend of $0.25 per share. The ex-dividend date was Monday, June 1st. This represents a $1.00 annualized dividend and a yield of 3.1%. First Financial Bancorp.’s payout ratio is currently 35.34%.

Insider Buying and Selling at First Financial Bancorp.

In other First Financial Bancorp. news, insider Claude E. Davis sold 26,123 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $30.45, for a total value of $795,445.35. Following the completion of the transaction, the insider directly owned 30,410 shares of the company’s stock, valued at approximately $925,984.50. The trade was a 46.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Archie M. Brown sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $30.93, for a total value of $309,300.00. Following the sale, the chief executive officer directly owned 243,758 shares in the company, valued at approximately $7,539,434.94. This represents a 3.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 41,126 shares of company stock valued at $1,255,501. Company insiders own 1.08% of the company’s stock.

Institutional Trading of First Financial Bancorp.

Several hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new stake in shares of First Financial Bancorp. during the fourth quarter worth $936,000. Charles Schwab Investment Management Inc. boosted its stake in First Financial Bancorp. by 3.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,309,205 shares of the bank’s stock worth $32,756,000 after purchasing an additional 42,116 shares during the period. SG Americas Securities LLC increased its holdings in First Financial Bancorp. by 174.7% during the 4th quarter. SG Americas Securities LLC now owns 72,244 shares of the bank’s stock worth $1,808,000 after purchasing an additional 45,943 shares in the last quarter. Bahl & Gaynor Inc. lifted its holdings in shares of First Financial Bancorp. by 47.7% in the third quarter. Bahl & Gaynor Inc. now owns 559,488 shares of the bank’s stock valued at $14,127,000 after purchasing an additional 180,575 shares in the last quarter. Finally, Maltese Capital Management LLC lifted its holdings in shares of First Financial Bancorp. by 171.4% in the third quarter. Maltese Capital Management LLC now owns 142,500 shares of the bank’s stock valued at $3,598,000 after purchasing an additional 90,000 shares in the last quarter. 77.23% of the stock is currently owned by institutional investors and hedge funds.

First Financial Bancorp. Company Profile

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.