Royal Bank Of Canada Reiterates Sector Perform Rating for First Financial Bancorp. (NASDAQ:FFBC)

Royal Bank Of Canada reaffirmed their sector perform rating on shares of First Financial Bancorp. (NASDAQ:FFBC) in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $27.00 price target on the bank’s stock.

A number of other research firms also recently issued reports on FFBC. Truist Financial assumed coverage on shares of First Financial Bancorp. in a report on Tuesday, May 13th. They set a “hold” rating and a $27.00 price objective on the stock. Keefe, Bruyette & Woods cut their price target on shares of First Financial Bancorp. from $31.00 to $30.00 and set a “market perform” rating on the stock in a report on Monday, April 28th.

First Financial Bancorp. Stock Performance

Shares of FFBC opened at $24.35 on Wednesday. The firm has a market capitalization of $2.33 billion, a P/E ratio of 10.10 and a beta of 0.97. First Financial Bancorp. has a 52 week low of $21.10 and a 52 week high of $31.18. The stock has a 50 day moving average price of $23.95 and a two-hundred day moving average price of $25.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.91 and a current ratio of 0.91.

First Financial Bancorp. (NASDAQ:FFBC) last announced its earnings results on Thursday, April 24th. The bank reported $0.63 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.63. First Financial Bancorp. had a return on equity of 10.44% and a net margin of 18.65%. The company had revenue of $201.59 million for the quarter, compared to analysts’ expectations of $214.80 million. During the same quarter in the previous year, the firm earned $0.59 earnings per share. First Financial Bancorp.’s quarterly revenue was up 2.6% on a year-over-year basis. Equities analysts forecast that First Financial Bancorp. will post 2.64 earnings per share for the current fiscal year.

First Financial Bancorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $0.24 per share. The ex-dividend date was Monday, June 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.94%. First Financial Bancorp.’s dividend payout ratio (DPR) is currently 39.83%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FFBC. HighTower Advisors LLC raised its stake in shares of First Financial Bancorp. by 0.7% during the 1st quarter. HighTower Advisors LLC now owns 58,585 shares of the bank’s stock worth $1,463,000 after purchasing an additional 415 shares during the period. PNC Financial Services Group Inc. increased its holdings in First Financial Bancorp. by 4.0% during the first quarter. PNC Financial Services Group Inc. now owns 10,923 shares of the bank’s stock worth $273,000 after buying an additional 424 shares during the last quarter. CWM LLC raised its position in First Financial Bancorp. by 24.4% in the first quarter. CWM LLC now owns 2,201 shares of the bank’s stock worth $55,000 after acquiring an additional 432 shares during the period. Commonwealth Equity Services LLC boosted its stake in First Financial Bancorp. by 3.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 12,269 shares of the bank’s stock valued at $330,000 after acquiring an additional 453 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of First Financial Bancorp. by 43.9% during the 1st quarter. GAMMA Investing LLC now owns 1,522 shares of the bank’s stock valued at $38,000 after acquiring an additional 464 shares during the period. Hedge funds and other institutional investors own 77.23% of the company’s stock.

First Financial Bancorp. Company Profile

First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. The company offers checking, savings, and money-market accounts; and accepts various deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers.