Quadrant Capital Group LLC Has $1.89 Million Stake in First Financial Bancorp (FFBC)
Quadrant Capital Group LLC lifted its stake in First Financial Bancorp (NASDAQ:FFBC) by 19,343.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,830 shares of the bank’s stock after purchasing an additional 61,512 shares during the quarter. First Financial Bancorp comprises approximately 0.7% of Quadrant Capital Group LLC’s holdings, making the stock its 27th largest position. Quadrant Capital Group LLC owned 0.06% of First Financial Bancorp worth $1,893,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. US Bancorp DE lifted its holdings in shares of First Financial Bancorp by 22.3% during the 2nd quarter. US Bancorp DE now owns 310,667 shares of the bank’s stock valued at $9,523,000 after buying an additional 56,736 shares during the period. Maltese Capital Management LLC lifted its holdings in shares of First Financial Bancorp by 80.3% during the 2nd quarter. Maltese Capital Management LLC now owns 685,341 shares of the bank’s stock valued at $21,006,000 after buying an additional 305,303 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of First Financial Bancorp by 49.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 622,198 shares of the bank’s stock valued at $19,071,000 after buying an additional 206,658 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of First Financial Bancorp by 21.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 130,830 shares of the bank’s stock valued at $4,011,000 after buying an additional 22,859 shares during the period. Finally, LSV Asset Management bought a new position in shares of First Financial Bancorp during the 2nd quarter valued at $8,111,000. 80.55% of the stock is currently owned by hedge funds and other institutional investors.
In other First Financial Bancorp news, Director John T. Neighbours sold 850 shares of the stock in a transaction on Tuesday, June 19th. The stock was sold at an average price of $32.50, for a total value of $27,625.00. Following the completion of the sale, the director now owns 8,026 shares in the company, valued at approximately $260,845. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vince Berta purchased 1,500 shares of the business’s stock in a transaction on Tuesday, July 31st. The stock was acquired at an average price of $29.95 per share, with a total value of $44,925.00. Following the purchase, the director now directly owns 6,527 shares in the company, valued at approximately $195,483.65. The disclosure for this purchase can be found here. Corporate insiders own 3.36% of the company’s stock.
First Financial Bancorp (NASDAQ:FFBC) last posted its quarterly earnings data on Thursday, July 19th. The bank reported $0.57 EPS for the quarter, topping the consensus estimate of $0.52 by $0.05. The firm had revenue of $152.20 million during the quarter, compared to analyst estimates of $147.77 million. First Financial Bancorp had a return on equity of 12.13% and a net margin of 25.41%. First Financial Bancorp’s revenue was up 77.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 EPS. sell-side analysts expect that First Financial Bancorp will post 2.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Monday, September 3rd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.52%. This is a positive change from First Financial Bancorp’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Thursday, August 30th. First Financial Bancorp’s dividend payout ratio is 47.20%.
FFBC has been the topic of several research analyst reports. Zacks Investment Research cut First Financial Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, April 25th. FIG Partners cut First Financial Bancorp from an “outperform” rating to a “hold” rating in a report on Tuesday, May 15th. They noted that the move was a valuation call. BidaskClub raised First Financial Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, July 11th. Barclays increased their price target on First Financial Bancorp from $30.00 to $32.00 and gave the company an “underweight” rating in a report on Monday, April 23rd. Finally, Hilliard Lyons cut First Financial Bancorp from a “buy” rating to a “neutral” rating and set a $33.00 price target on the stock. in a report on Monday, April 23rd. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. First Financial Bancorp currently has an average rating of “Hold” and a consensus price target of $31.67.
First Financial Bancorp Profile
First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and other banking, and banking-related services to individuals and businesses in Ohio, Indiana, and Kentucky. 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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